What additional costs should be taken into account when buying in Los Angeles? (im from Ireland)

Asked by Danstowers65, Beverly Hills, CA Wed Apr 27, 2011

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9
Andrea Gomez, Other Pro, San Antonio, TX
Sat May 11, 2013
Dan,

The typical major expenses are closing costs and down payment. The other costs are relatively minor in comparison. But if you have the right agent they can help get a lot of the closing costs covered by the seller..
Shoot me an email email I would be happy to assist you. angela@thelendersnetwork.com
0 votes
Zachary Okyle, Agent, Beverly Hills, CA
Mon May 6, 2013
There are various costs such as escrow fees, appraisal fees, inspections, and reports
0 votes
Endre Barath, Agent, Beverly Hills, CA
Mon Apr 29, 2013
Dan,

There were Many good answers below. Plan for Closing Costs as well. The Escrow Companies Charge a fee to close the transaction. Also you should plan on home inspection and potentially include Sewer Inspection, Roof and possibly Chimney if it has a fireplace. Geological Inspection if it is a hillside property. Looking at the date of the question by now I am sure you are in a home:) never the less this could help someone else who reads your question as well as the comments.

Endre Barath,Jr.
Prudential California Realty
Beverly Hills,CA
homes@endrebarath.com
310.486.1002(m)

I
Web Reference:  http://www.endrebarath.com
0 votes
Zachary Okyle, Agent, Beverly Hills, CA
Tue Feb 26, 2013
Always buy insurance on the subject property. You never know what will happen. Better safe than sorry.
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Brandon Doug…, Agent, Beverly Hills, CA
Sat Jan 14, 2012
I'd be happy to answer any questions you may have regarding living the luxurious and affordable lifestyle in Beverly Hills or the West Hollywood/ Hollywood Hills area.

http://www.trulia.com/blog/brandon_douglas/

All my best,


Brandon Douglas
Coldwell Banker World Famous Sunset Strip
3rd Generation Los Angeles Realtor
2nd Generation Beverly Hills Native
310.801.1333
0 votes
Mike HassanP…, Agent, BEVERLY HILLS, CA
Thu May 12, 2011
Hi Towers 65,

Amongst the costs of home ownership those that are specific to the Los Angeles area include the yearly real estate taxes that run between 1.1-1.25% of your purchase price per year. Some areas have additional "assessments" which add to the real estate taxes. Of course these are in addition to utilities, gardening, phone, and Security service charges.
If you are not planning to live in the house full year, you must consider the cost of having the house looked after during the time you are not hear. Los Angeles does have some secured and gated communities that may be more sensible under these circumstances.
Call me if you wish and we can talk more.
My best regards,
Mike (310) 801-3310
Web Reference:  http://www.mikehassan.com
0 votes
Michael Abram, , Los Angeles, CA
Mon May 9, 2011
From the financing standpoint, do you pay taxes in the US? Otherwise, you may be subject to lending as a foreign national and the only financing options available to you would be ARM products. Granted, ARM rates are very low right now, but it's not as secure as the traditional fixed rate.

If I can be of assistance, please let me know.

Michael Abram
First Capital Mortgage
NMLS #235060
Direct: (310) 434-1718
mabram@firstcapitalmtg.com
0 votes
Ron Escobar -…, Agent, Beverly Hills, CA
Mon May 9, 2011
You should be familiar with FIRPTA... that is a tax withholding the escrow company will do in favor of IRS... you can search on that term, but is the only difference between a foreign and non-foreign buyer (and it only applies when you re-sell the property).

In terms of financing, there are US banks that will finance foreign nationals, but you have to establish a deposit base relationship with them... most of the international buyers I represent buy cash, but some of them finance... with the dollar being relatively low, and real estate prices also low, this is the time to buy!

let me know if I can be of further assistance

Ron Escobar, MBA
Broker
Select Real Estate
468 N Camden Dr #200
Beverly Hills, CA 90210
0 votes
Brent Kluge, Mortgage Broker Or Lender, Baltimore, MD
Thu Apr 28, 2011
Not sure... don't know the area. But I would be delighted to help you with the financing, being a fellow Irishman.

GIve me a ring and perhaps compare.

Best,

Brendan Kluge
Web Reference:  http://www.203kworld.com
0 votes
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