If you are considering buying your first luxury loft in California, you know that it’s going to cost some money. And is that a good choice? If you like lofts, it definitely is. While living in Los Angeles is great, LA lofts are a way to really experience the cosmopolitan life in the City of Angels. However, since lofts are usually quite expensive, you should be informed about what it takes to have one with your name on it.
Buying your first luxury loft in California – what’s to know?
Before buying your first luxury loft in California, you’ll need answers to the most common questions:
- What is the difference between lofts and regular apartments? – The lofts are a trendy alternative to apartments. With wide space and high ceilings, they look very hip and charming. Part of it is due to visible ductwork and bricks, huge windows and the lack of interior walls.
- Are lofts better than apartments? – They have some flows, but if you take precautions when choosing them, they can be reduced to the minimum. They have a lot more daylight and you have a lot of space to decorate as you wish.
- Are they more expensive? – They certainly can be. The reason is that a certain amount of money was invested in remodeling it. After all, the lofts were industrial buildings before, which are now used for residential purposes. So it all depends on the initial state of the particular space.
How to make the process easier?
The first of all, in order to make the whole process easier, you should consider hiring a reliable moving company, such as Verified Movers. Among all of the things you should do when buying your first luxury loft in California, you don’t need to organize the move by yourself. Now that you’ve made the process easier, you need to make your life in this loft easier by paying attention to certain issues.
Since lofts are usually located within warehouses or industrial buildings, it might be that there’s another building under construction nearby. Or even worse, within the same building where your loft is located. Just imagine all of the noise and the dust and the lack of privacy with huge windows… So, unless you don’t mind all of this, you should know that it could be a serious problem that could last from a couple of months to a couple of years. So check the phase of the construction nearby if you want to ensure your piece.
Will you have all that you need nearby?
If not in the center of the city, it might be that your loft is in the industrial part or run-down neighborhood. But, developers usually want to attract people, so the lack of amenities should not be a problem. However, there are key locations that might not be so close. Whether it’s a school, a park, a major road, or access to public transportation, it could take years until you get these close to your loft.
Part of Homeowners Association
Just like condominiums, lofts are usually a part of a homeowners association. Some associations are quite strict, while others not so much. So, you should check the rules about the particular association and its rules related to your property. Also, you should not forget the home association fees that can get quite high.
Searching for loft
The good thing about buying your first luxury loft in California is that usually, the seller buys the broker’s fee. Which is good, since lofts are quite expensive. And this is especially the case in LA, as they are definitely not among the affordable homes in Los Angeles.
Choosing the right one
Before making the choice, take a look at as many lofts as possible. Pay attention to small details, as that might turn out to be a reason for a huge repairment cost in the future. Also, check if you have double-paned windows and tightly sealed doors. Concrete walls and big windows can be the reason for the loft to become cooler or warmer than needed. That’s why you should see if you have this issue or not.
Making an offer
Once you believe the loft is the one, make an offer. The offer is in writing, and it also includes the deposit, the day of access and similar details. When it comes to the deposit, it’s usually 5-10 percent, it’s paid within 3 days. After the offer, the seller’s broker needs to prove if you have the available funds and this “proof of funds” can be a letter from the bank.
After the offer
If the offer is accepted, you have 15 days to do a home inspection. While it’s not required, it’s definitely recommended.
Payment and registration
Special Title Companies handle the process of payment and registration of the purchase. For this reason, you don’t have to present during this process, even though you can. Normally, it takes about a month until you have access to your loft, although it varies.
The purchase costs
Other than the purchase price, there are other costs related to the purchase that the seller needs to be aware of:
- A home inspection can go from 300-500 dollars
- Title Company takes half of the fee, which is around 250 dollars
- Additional minor fees, that are usually from 10-20 dollars
Other costs or fees
On an annual basis, you’ll need to pay property taxes. While it varies from county to county, it’s usually around 1-3 percent.
After buying your first luxury loft in California
Now that you’re done buying your first luxury loft in California, are you really finished? If you’ve never lived in a loft before, it might take some time adjusting after moving. But, with the amazing view from your charming new loft, chances are that adjusting is not going to be such a big issue at all.