If you want to live and work on the West Coast, you’ll need to find a suitable residence that meets your design and style requirements. The famous towns of Los Angeles and San Francisco are home to some of the most expensive real estate in the world. However, the price tag of property in the greater Los Angeles area is well worth the investment.
The West Coast of the United States provides a lifestyle experience that only a select few will ever get to experience. Long summer days and warm nights, with little rainfall and bright. Blue, sunny skies.
If you’re thinking about relocating to the Western seaboard, read through these 5-tips for buying a home on the West Coast.
- Choose the Community that Suits Your Lifestyle
The most popular areas of the West coast are undoubtedly the cities of Los Angeles and its surrounding areas, as well as the tech hub of San Francisco. If you’re involved in the tech industry, San Francisco will be your first choice. However, the property prices in this region are astronomically high, with the average 1-bedroom apartment fetching north of $1-million.
It’s better to consider moving to a more cost-effective part of town, such as Santa Monica or the suburbs of Los Angeles. California is the cultural hub of the United States, and there’s plenty of activities and social groups that offer an alternative lifestyle.
- Challenges with Escrow
Traditionally, California real estate deals would use a 30-day escrow when preparing to close a real estate deal. However, in recent years, a 45-day period is more common.
A 45-day escrow means that you have less stress about the property deal and allows both parties to get their paperwork sorted out before the transfer of ownership.
- Cash is King
As with any other area of the United States, “cash is king,” for property deals on the West Coast. An all-cash offer will give you the prime choice of property on the market.
Along with your choice of property comes the ability to negotiate a significant discount for an all-cash offer. Many homeowners are desperate to sell their property quickly, with an all-cash offer, you might be able to land the deal of a lifetime.
- Complete a Thorough Inspection
It’s vital that you complete a property inspection on the residence you intend on buying before finalizing the deal. Make sure you have a professional assessor look at the property’s wiring, water system, and structure.
Uncovering problems in any of these areas after the deal closes could cost you a fortune to repair, and there’s no way of recovering the costs from the previous owner. Make sure that you take care with your due diligence and perform a thorough inspection of the property before submitting your offer.
- Close Before You Furnish
There is always a chance that your deal may not close as expected. Denial of loan applications, issues with the homeowner’s association, and problems with escrow are a few examples of circumstances that may ruin your deal. Therefore, it’s critical that you don’t purchase furnishings for your new residence before the deal closes.