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Saturday, January 31, 2009

Tips on Buying Los Angeles Condominiums

By A. Kim

Prices of Los Angeles condominiums have declined in recent years with the financial crisis. Greater Los Angles can be broken down to several areas such as Beverly Hills, downtown LA, Hollywood, Anaheim, Culver City, and more. With rents going for over $2,000 a month in downtown LA, and condo prices declining as much as over 50 percent it might e the right time to buy a Los Angeles condominiums.

When looking for Los Angeles condominiums, take into consideration your commute and the amount of money you can afford to pay. Many commute to downtown LA for work, which is known for having some of the worst traffic in the country. So unless you can afford to live there, you'll be joining the traffic, too. Culver City and Anaheim are known for having some of the best prices in the area, while downtown has the highest. Check out the tips mentioned below to help you find the right deal for you.

Do your own research first. Than contact a professional Realtor or someone experienced in this area. Make sure you check the background and get references to be sure. Remember agents work on commission and they tend to want to sell you the highest prices Los Angeles condominiums, so that the commission will be maximized. Don't get swayed by the sales people, what you researched should be what you should look at.

Visit the property, many people today only use Internet to do the research, but check out the property. Unofficially visit the property and talk to the neighbors, even better if you have friend in the neighborhood ask them for advice. Of course never commit to anything unless you are sure about your purchase.

Be wary of "pre-construction deals." The most recent housing boom showed a huge upswing in the amount of owners purchasing properties that had yet to be built. When the market began to sharply decline, construction projects were stalled or even canceled, leaving potential homeowners to fend for themselves and fight for their money back. So many projects were abandoned in this area especially, and even more went from condos to apartment projects. Don't sign up for something you've never seen.

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