It's great that you are exploring both options. A good diagnostic indicator for buying is talking with a mortgage planner. This will help you determine what you are comfortable paying. Once you discover this, you can run the numbers on what it would cost to rent vs. buy in your preferred areas.
To determine what area you like...what do you do for work? is commuting okay? do you have any hobbies? do you like the beach? do you prefer a planned community or a more artsy/ecclectic area? do you need to be in a good school district?
Answering these will help you determine the best area for you. A good agent in L.A. can pick the area that would fit your lifestyle & habits/hobbies.
Hope that helps & welcome to L.A.
LA is great, ask your friends, workmates where they think is best. The best neighborhoods are sometimes the more expensive ones. Ask around for information about emerging neighborhoods. I advise my buyers to look in the neighborhoods bordering the better ones, I call them fringe neighborhoods, because they will eventually spill out over into the fringe areas. And voila you are in the trendy best neighborhood. Good move on your part! Keep my advice a secret though!
Broker Associate/EcoBroker Certified
May daughter moved to LA a year ago. She is not going for a second lease. Unless you have a ful-time job and will be able to sustain yourself for 6 months if suddenly you become unemployed, a rental would be the best way to start. Once you feel confident in your new surroundings, you can go from there!
Hope this helps....
ERA Van Syckel, Weaver & Lyte
1701 Route 22 West
Bridgewater, NJ 08807
Serving the north central NJ market since 1865
It is a great time to buy...if you are moving here for a job, do you want to work close to where you live? Moving here for family...same question..make a list of what is important to you in the area...church, schools, shopping, restaurants,close to transportation, freeways, etc. and figure out what you can afford..you might be able to figure out where you want to live by reviewing your lifestyle and finances. L.A. is diversified as far as areas and it is spread out. If you cannot figure out where to live..city, suburbs, beach area, funky area, then do a short term rental. Prices are great now as well as interest rate..and I do not think anyone has that crystal ball on home prices or interest rates ..wish I did. Remember now is a good time to purchase..however please ask yourself how long do you want to live in an area? If it is not a good time to sell it...will you be able to rent the property.
To Your Success
I would connect with a local realtor to help introduce you to the community and areas that might fit what you are looking for. Your agent can send you automatice email alerts about new listings so your can get familiar with your market in a no pressure way. Then, I would take time on my own to visit open houses, talk to locals, walk around neighborhoods and get to know the vibe for yourself. In 3-6 months, you will have a much better idea of what you want and then your agent can help you in finding a great house.
Good luck :)
It is just like redecorating. You need to live in a place and get a feel for what your needs are before you start tearing thing up. I would definately recommend renting first. LA is a big city with many different neighborhoods that appeal to different types of personalities. Come here... because of the market, many landlords are offering shorter term leases so you are not locked in for a long period of time and then start to explore. LA is an amazing city and being a native, I still am amazed in this business, I stumble onto an area I never knew existed. The market is going to float along on the bottom for a while, so you have plenty of time to find the right area and the right property. Happy to assist.
Richard "RJ" Kas (SFR, SRES)
"Representing the finest properties from Los Angeles worldwide"
KAS Properties - Coldwell Banker Previews International - Beverly Hills East
9388 Santa Monica Blvd, Beverly Hills, CA 90210
310.859-5334 office - 310.488.9826 mobile - 310-273-0670 fax ATT: RJ
RichardKas@gmail.com - http://www.RJforLA.com - DRE: 01352771
Sellers Buyers Investors Leasing Consulting
Home ownership sometimes lasts a lot longer than this or that job. Granted, it's a terrible commute from the Westside to Burbank... but the flipside living in Burbank when you'd rather be on the Westside could be worse. I appreciate your dilemma.
Here's a link to a blog that I just wrote about affordable housing in Venice and the Marina which may help you as well.
Please feel free to contact me through my profile or website if you have questions or need more information about specific areas which may suit your needs. Best of Luck.
By all means, wait.
LA and the surrounding area is huge. Settle in somewhere and then start exploring. Even neighboring towns are different. Find one that suits you. You can't do that immediately. It will take some time. ..... Best wishes, Rudi
Los Angeles can be tricky for a novice. I think it would be in your best interest to lease a property for the first six months to a year. In that amount of time, you will get to know our city pretty well, and you will be able to make an informed decision on where you would like to live.
Everyone does it differently. Some people move here and buy before they make the move, while others rent and wait a bit. There are pros and cons to each choice.
Renting will certainly allow you the flexibility to live here and get your bearings before making a more permanent home choice. I would consider a month to month tenancy or a furnished "corporate" style housing. The downside is that you have to make a double or triple move, which can be costly and unsettling. If you have children, it can be twice as hard. Perhaps you should consider placing things into storage until you find a permanent home, to save on moving costs.
Buying immediately is certainly difficult if you haven't narrowed down the area. A good agent can assist you, using criteria such as price, distance from work or school, commute time, amenities, etc. Since we do this every day, we can help you locate the right place. The interest rates and prices right now are extremely favorable for buyers.
Regardless of the choice you make, an Accredited Buyer Representative (ABR) can represent you in arranging your lease/ rental or your purchase. All the better if they are a member of the Real Estate Buyer's Agent Council (REBAC) as well. This way, you are assured that your agent is representing your interests, not the landlord or seller's, in ant transaction.
Make sure, also, that you choose an agent who has lots of experience and can tell you, not only about general areas, but about micro-areas as well.
Best of luck,
DRE LIC #00588885
Blogging at http//:thebremnergroup/news
Also are you familiar with the LA area? LA is of course very large, with a wide variety of different neighborhoods and areas. Either way, you'll want to be sure to visit and get a feel for the areas and find out what each area offers, to decide where you will best fit in and be happy.
Feel free to contact me with questions at any time - I work in many areas around Los Angeles so am very familiar with the market here and would be happy to help you out.
Keller Williams Realty
#1 Buyer Agent KW Los Angeles Region
When It Comes to Real Estate
"LEAVE IT TO WEAVER"
Citizen's Choice Mortgage
I would suggesst you rent for some time. Try to get a month to month lease in an area you can afford and feel comfortable in, then see what else is out there. Los Angeles is huge and the diversity in neighborhoods is intense. When you get to LA, get the book "Walks in Los Angeles" or " Walking in Los Angeles" (I've lent my copy to a client and can't really remember the exact title) and read through it. Go for some of the suggested walks. It's a great book in that the authors direct you right to the heart center of various neighborhods so you really get a sense of the neighborhood "vibe". I find that people who give themselves some time to explore the different parts of the city can really find the place they feel most comfortable and have a great experience living here.
I hope this helps you. Feel free to ask me any questions:323-219-4480 or firstname.lastname@example.org
Welcome to LA!!!