Final Walk-through of Luxury Home: Things to Keep in Mind

 

 

 

 

 

The final walk-through of a home is oftentimes the end of a long journey. You’ve jumped through hurdles in order to decide what home is the best investment for you and your family, shopped and compared multiple agents, negotiated with the seller, and delivered all the paperwork necessary. Yet before you get ready to put your feet up and settle in, consider these last important elements when doing a final walk-through of a luxury home.

The purpose of a final walk-through is to check that everything is in the same condition it was when you made the offer. Your objective is to check to make sure everything that was agreed upon in the home is still there, including fancy faucets and showerheads, art, built-in speakers, furniture, appliances, chandeliers, and window coverings.

• Be sure to check for damages the seller and/or movers completed whilst moving out for you are entitled to the cost of fixing such issues.
• Check under rugs for damage to tile (Source). Were there any other defects that the seller tried to conceal?
• Bring your phone and charger to the walk-through and test all the outlets. It’s a quick and easy way to make sure all the outlets work. (Source).
• Run all the appliances as if you were using them - for you will be using them in the very near future.
• Flush all the toilets and observe any leaks.
• Run the hot water as well as the air conditioning.

If anything is found, Beverly Hills real estate agents and Malibu realtors - some of the best realtors in the business - highly recommend that you fill out and sign a walk-through-inspection-form. Put your requests in writing and notify the seller of the changes that need to be made. This form, which should be signed by both parties, as well as the realtors involved, is to document how the items should be returned or repaired.

It can be difficult to restrain one’s excitement, especially when the sought after luxury home is finally in front of you. Not being vigilant and thorough enough at the final inspection is one of the biggest mistakes new homebuyers make. However, holding on a little bit longer, and making it through inspection day with a wary and watchful temperament will ensure that you are receiving the full home you signed and paid for.

Housing Trends in 90210: Beverly Hills

 

During the summer months, real estate markets are often their most active. This has been the case for Beverly Hills real estate agents selling Los Angeles real estate to would-be Angelenos. The active summer season continued to draw in HNWI sellers and buyers of residential property in Beverly Hills.  

Average Price Per Transaction: Luxury Beverly Hills Homes

This report, courtesy of Westside Estate Agency, lists the housing market trends for July 2016. The average price per transaction for a Beverly Hills luxury home reached an all-time high of $7,189,327 in July 2016. Just a year before, it was more than $1 million less, with a value of $6,126,597. This represents a 17 percent increase between July 2015 and July 2016.

One can compare this $7 million + price to a low of $5,638,235 (which was the average price per transaction in July 2014) and find that Beverly Hills luxury property is experiencing an upswing in value in Los Angeles.

Average Number of Sales

WEA’s July 2016 report showed lower sales when compared to the same month in the previous year. In 2015 there were 31 houses sold in the famous 90210 zip code, compared to 26 houses sold in July 2016. Still, this is an increase over the July 2014 numbers (17 homes), July 2010 (10 homes) and July 2007 (9 homes).

Final Word

Although the housing prices continue to steadily rise, co-founder Stephen Shapiro encourages sellers not to overprice their homes. “Homes that are priced too high stay on the market for much longer, have multiple price reductions, and risk getting stale due to market time,” says Shapiro (Source). The best bet for Angelenos wishing to sell their home with a Beverly Hills real estate agency: “begin with a lower list price,” that way there will be multiple offers, and there will be competition among buyers to purchase your home. Comparably, buyers are urged to remain patient and dedicated throughout their search.

Housing Trends in 90027: Los Feliz

 

Los Feliz is a vibrant and diverse community located east of Hollywood Hills, and situated under the historical Griffith Park at the foot of the Santa Monica Mountains. Los Feliz is a walkable neighborhood with a trendy business district, and access to one of the largest urban parks in the United States. Read below for May 2016 market data information on Los Feliz real estate.

As of May 2016, the average price for a home in the zip code of 90027 was $1,422,900. This is a decrease of 4 percent from the May 2015 average price of $1,488,389. However, between May 2014 to May 2015, there was a 29 percent increase and the average price of a Los Feliz home went from $1,150,542 to $1,488,389. The highest number of sales ever recorded by WEA’s June Marketing report occurred in May of this year. There were 15 sales in May 2016, 9 in May 2015, 12 in May 2014, and 5 in 2010. The Los Angeles Times reported that renters occupied 75.5 percent of the housing stock, with owners occupying the rest.

The mansions that dot the hillside south of the Santa Monica Mountains are being sold for well over the $2,000,000 mark. Homes on the flatter land at the base of the hills can be found around $1,500,000 or less, although these deals are becoming harder and harder to find. HouseHunt.com reports that the average time a Los Feliz home stays on the market is just 22 days (Source). For the month of May, it certainly looked like a seller’s market, although the difference between listing prices and closing prices caused a majority of homes to remain on the market for longer than expected.

Redfin.com reports that the number of homes for sale has decreased 6.6 percent (Source). Malibu realtors and Beverly Hills real estate agents that choose to work in the quaint and charming neighborhood of Los Feliz note that, as usual, Los Angeles real estate demand exceeds supply. The trend is likely to continue, especially as the amount of new residents continues to outpace the number of new homes developed and the number of listings placed on the market.

So You’re Flipping a Luxury Home

Ask any real estate agent in Los Angeles and they’ll tell you there are only two rules when it comes to house flipping: 1) Buy Low. 2) Sell High. It’s that simple. But what does it all mean, and where do most inexperienced house flippers go wrong when trying to renovate and resell a home for a profit? This article examines the mindset that’s necessary when flipping a luxury home.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Buy Low

The most experienced renovators have real estate experience, particularly in the geographical region in which they are looking to flip. For example, a Beverly Hills real estate agent who has worked out of the Los Angeles area will be able to procure better deals than an inexperienced buyer or a realtor from another region. By being knowledgeable in the real value of a region, one can make a sound investment and obtain a property well below market value.

Likewise, estimating the cost of repairs is key. Less experienced renovators end up breaking even; they often make the mistake of underestimating material and labor costs, and overestimating the selling price of the completed home. You want the listing price of the renovated home to be well above what you paid for it. Give yourself wide margins to pay off fees and taxes, and other costs along the way that may cut into your final listing price.

Sell High

Keep in mind that most aesthetic repairs don’t pay for themselves. If you think slapping a new coat of paint on a home will make you a house flipper you should think again. While a new coat of paint may add value to your home, the real profit margin in house flipping (especially in upscale homes) lies in structural repair. This means you’ll need the know-how of a fully licensed contractor. To turn a real profit, you’ll need to understand what pipes to replace, what walls to tear down and put up, and what architectural finishings are needed.

A fixer upper is a great project to undertake and even if you do it as a hobby, you’ll still likely want to turn a profit. A scenario that typically happens is a new buyer will purchase a home and flip it, without making a profit. They may make their money back, but not much more if they make a profit at all. In order to avoid this common mistake, we recommend gaining the knowledge needed in order to undertake such a task, or work with industry professionals that can help you buy low and sell high.

First-Time Homebuyer Tips for Buying a Luxury Home in Beverly Hills

 

In a recent survey, 74 percent of Americans said homeownership was part of achieving their personal American Dream. Owning a home can be more rewarding than renting because you know that with each monthly payment you are getting closer to owning something that’s truly yours. Here are some tips for first time home buyers looking to achieve their personal dream of buying a luxury home in Beverly Hills.

Get Your Finances in Order. Preparing for homeownership requires the first time homebuyer to take an in-depth stock of finances and expectations. Find out the taxes, bills, homeowners association costs, closing fees, and regulations you’ll have to follow through on. Be comfortable with the financial commitment you are making.

Get A Good Agent. Just like you would let a professional accountant handle your taxes or an attorney defend you in court, you too should rely on a qualified real estate agent. Make sure the agent is reliable by asking how long they’ve been in business and how many homes they’ve actually sold. You want someone who understands California’s complex real estate law. And a collaborator who genuinely wants to place you in the right home.

Conduct A Thorough Home Inspection. Contract a knowledgeable home inspector and go along with them as he or she inspects the home. Make sure the building passes all local codes and ordinances. Remember, most houses you buy are sold as is: for the good and the bad. Know the value of your investment.

Don’t Fall In Love Too Quickly. This is the hardest piece of advice to give new homeowners because we see it happening all the time. Pre-qualification is not the same as pre-approval! The pre-approval process is more thorough, and it lets your bank and Beverly Hills real estate agent know that you are serious. It is important for home buyers to go through both steps. You don’t want to fall in love with a house that you can’t pay for, or worse, stretch your budget too tight because you feel pressured to buy.

Beverly Hills Luxury Homes for Sale: Your Best Option in the LA Area. You can get more first time homebuyer tips by speaking with a real estate agent in the Beverly Hills area. Westside Estate Agency, a top real estate agency in Los Angeles, California has homes available for you to see. Call (310) 456-1171 to match with a real estate agent today!

Location Factors That Make a Property More Desirable

 

Many factors contribute to enhancing a home’s desirability and beauty, especially location. There are several factors to consider when purchasing property. These include the location and homes of other relatives and acquaintances, work and job place location, and nearby amenities. Below are some factors that you should consider while purchasing a home.

Job Place Accessibility

A home that is closer to your workplace provides a unique opportunity to serve your clients and customers better. You can reach the work place easily and in less time, and can also use the most ecofriendly modes of transportation (like a bicycle or electric vehicles) for traveling between the two destinations.

Tax Rates

Some houses have city taxes and some county taxes. As the taxes vary, there can be a huge tax saving if you can choose wisely. It is better to browse through a range of properties before making a buying decision. Know more about the zoning and local tax laws, to make a more precise decision. Another factor to consider are issues relating to restrictive covenants, and you will want to be well informed about the restrictions that apply to a particular living zone.

Noise Levels

City places have immense levels of noise that comes from automobiles and business and commercial industries. An air-flight pattern over your residence can also be a cause of concern. Miami luxury homes located further away from the city center are often less affected by noise levels.

Pollution

Pollution is one major factor to consider with a house purchase. You spend significant amounts of time in your living spaces and home, and pollution can have a major impact on your health. Be attentive in order to choose a community that is best for your health standards. An added bonus would be a nearby community park or garden.

Public Transportation

Accessibility to other areas of the city is important. Easy access to your workplace, schools, hospitals, shopping zones, and other clubs and recreation spots add to the ease of everyday life.

A calm living location with serene environments and natural tranquility is one of the best locations for any home. Browse through a range of properties offered by the Malibu real estate agents before making the purchase.

Surprising Benefits for Home Buyers

 

The one characteristic that belongs to all sellers in a seller’s market is that they all want a fast sale without issues. While Beverly Hills realtors like WEA Homes can fast track your home-sale process, buyers often seem to find ways to delay the sale process. Sometimes sellers are willing to offer more incentives so that their property receives more attention compared to the competition. Then, there are the inevitable market slumps, when sellers have to find ways to speed up the process.

If you have an old or new home that you want to sell, and you think it might not be sold easily, there are some tips that can expedite your home-sale process. These tips can enhance the deal for the buyer and you can use them during negotiation or as advertising tools.

 

Insider Information About Interest Rates

Many homeowners purchase a home on the basis of the mortgage. The loan offered by the bank has an Equated Monthly Installment (EMI), which is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month, so that over a specified number of years, the loan is paid off in full. Further, the EMI depends on the interest rate at which the bank has offered the customer. Buyers are always willing to pay “points”, upfront fees, which can enable the loan to be locked at a lower interest rate EMI. Home sellers can also do the upfront spending for the buyer, which is called a “buying down rate”.

Inclusion of Home Accessories

Some Beverly Hills luxury homes look especially good when they are staged for sale with attractive furniture. Upscale homeowners typically furnish their homes with quality furniture that matches the appearance of the home perfectly. In addition, the home décor process typically takes time and requires effort. When you include the existing furniture as part of the home when you sell it, the buyer frequently sees it as a better deal.

Provide Buyers Non-Recurring Closing Costs

Buyers sometimes return to the seller asking for minor renovations and repairs of the home. These might include the replacement of windows, patching of roofs and repairing of dry rot. Sellers don’t want these minor tasks to delay the sale process and repairs can delay the closing of the home sale. When facing this situation, you can offer the buyer a non-recurring closing cost that is suitable and goes straight to the buyer’s pocket when the sale is closed.

You can also offer buyers incentives like the equivalent of the commission amount of the broker as a credit and incentive for closing the sale within a given time period.