Lofts and Condos in Downtown L.A. Without Costly Mistakes
When moving to a loft or condominium in the most exciting place on earth, buyers want the fun and convenience without the hassles and drawbacks that can often occur for new home buyers and experienced real estate investors alike. #dtla #homebuyer #mistakes To help home buyers get the good while dodging the negatives, here is a list of the top thirteen pitfalls to hurdle when looking into DTLA homes for sale:
- Loft Lending Problems – Most properties in Downtown Los Angeles are in industrial or commercial buildings that have been converted to live/work residential units under the special Los Angeles Adaptive Re-Use Ordinance. Most home lenders are unfamiliar with these rare property types, causing a host of misunderstandings, delays, cost overruns and failed transactions. Loft loans can be a breeze when buyers use a Downtown loft specialist lender.
- Lawsuits and Litigation – More than 25% of homes listed for sale are currently or recently involved in legal issues that may affect purchasability and profitability of the property. Downtown loft specialist realtors have the most knowledge and information on these issues to share with prospective buyers and to ensure a happy home purchase.
- Maintenance Issues – While industrial and commercial lofts generally have superior robust construction, all properties require maintenance that is best done before the inspection process. Buyer also want to be in a building with excellent building maintenance and low HOA dues.
- Low Appraisal – While home prices are above average, reducing the chance of a low appraisal, home buyers and seller should see a full CMA Competitive Marketing Analysis or comps (recently sold comparable properties) before entering into a transaction.
- Out-of-Area Agents – Getting help from a local Downtown loft specialist is the most popular way to prevent errors and omissions that are common when relying on a real estate professional who is not among the most experienced and knowledgable about the complications of Downtown L.A. real estate.
- Insufficient Knowledge – The costliest and most worrisome mistakes are made when buyers and sellers make hasty emotional decisions that are not based on tried and true experience in DTLA real estate. Home buyers and sellers can get free information easily from the LA Loft Blog. | ASK
- Defects and Damage – All properties, buildings and neighborhoods in Downtown Los Angeles have issues that buyers need to know about before going to see properties. In addition to hidden defects, buyers need to know in advance about what is happening in and around the building.
- Loft Issues – In addition to building conversion and architecture issues, buyer need to know about tax status, zoning, live/work status, renter ratio, retrofit inspections and other issues that affect the value and desirability of each different building.
- Downtown Disasters – Urban areas have more going on, both good and bad. With a large homes population, common urban crime, and financial issues of some buildings, buyers need to receive an abundance of disclosures and info.
- Air Quality – Most of Downtown Los Angeles is in a red zone of pollution, noise and other hazards. Prospective Downtowners need to know about all of them.
- Too Many Buyers – The market is great for sellers, and challenging for buyers. When a super deal comes up on a beautiful home, many buyers must compete to try to buy the right place.
- Not Enough Inventory – Home owners are happy with the results of their investment, and few have any reason to sell. The results is a low number of properties for sale on the market.
- Missing Out on the Perfect Place – The #1 fear of buyers is to not see or to be too late when the perfect home does come up for sale. This can be prevented by automatically receiving all of the homes from all real estate companies as soon as they hit the market, including the unlisted homes, along with the best deals that are not on the internet.
While any or several of these issues can really put a damper on the enjoyment and profitability of a Downtown Los Angeles property, solutions exist that can prevent or eliminate any serious problems. Get a free information on Downtown L.A. homes. Fill out the online form:
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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.