Beverly Hills is a renowned city in the western region of Los Angeles County, California. This city is famous for so much more than just its zip code — from its luxurious lifestyle and extravagant fashion to its world-class restaurants and spectacular landscapes. The community is highly welcoming, providing an excellent environment for locals to thrive professionally and personally. Beverly Hills promises a host of exciting activities and attractions, including the famous Greystone Mansion, the scenic hills of Franklin Canyon Park, the retail oasis of Rodeo Drive, and cultural events at the Los Angeles County Museum of Art.
Deciding to buy a Beverly Hills home depends on many lifestyle and financial factors. It is a decision that requires careful consideration and preparation to ensure that you make the right choice for your needs so that you can look forward to a successful future. Before jumping into the home-buying journey, there are several things you need to know to make the process seamless. From understanding your finances to finding the right real estate agent, read on for a comprehensive home-buying guide from top-producing Realtor Timothy Di Prizito.
What to consider before you purchase a home
How much can you afford to spend on a home?
If you are purchasing a home with a mortgage loan, there are several factors to consider. To determine your financial reliability, lenders will assess your income, credit score, debt, and employment history. They will evaluate your debt-to-income ratio to ensure that you are not over-leveraged. It is important to be aware of these factors beforehand so that you have a clear understanding of what you can afford. Remember that you may be pre-approved for a significant mortgage loan, but you are not required to spend the entire amount on a property.
Unless you are prepared to make a cash offer on a home, pre-approval is a necessary starting point. This way, you’ll have a grasp on the mortgage you are eligible for and what you can spend on a home. Sellers are also much more willing to consider offers from buyers with secure financial backing to eliminate the risk of the sale falling through.
Do you have a down payment saved?
Saving for a down payment can be challenging, especially with such high prices on the luxury housing scene. There are several strategies you can use to achieve your goal sooner, such as automating your savings and cutting back on discretionary expenses. With a robust down payment, you will be better equipped to secure a beautiful Beverly Hills home.
What type of home suits your lifestyle?
In Beverly Hills, you’ll find contemporary mansions with distinguished architectural features, picturesque landscaping elements, swimming pools, expansive yards, grandiose fountains, and other unique components to an opulent way of life. North of Sunset Boulevard, you’ll find genuinely amazing residences designed by the finest in architectural names. The homes here are astonishingly unique, promising spacious living areas, entertainment spaces, gourmet kitchens, and endless natural light. As you begin your home search in Beverly Hills (or anywhere, for that matter), focusing on the features that are essential to you will ensure a precise search effort that aligns with your specific needs.
Go through the process with an expert real estate agent
Search for homes online and in person
It’s also important to note that in highly prestigious areas like Beverly Hills, many sellers choose not to list their properties publicly. Therefore, you can only achieve access to these elusive properties through your agent, who has the connections that count.
Make a solid offer based on local market conditions
Through every phase, every victory, and every challenge, you can find your way through the ups and downs of the real estate journey with a local professional like Timothy Di Prizito. Timothy is a trusted Relator of luxury real estate in Beverly Hills and founder of The Di Prizito Group, bringing his clients nearly 20 years of experience. He is a top-producing agent, a distinguished mentor, and a dependable real estate guide for his clientele. Reach out today.
*Header photo courtesy of Shutterstock