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Beverly Hill's Home Buyer Tips

Updated: Dec 11, 2020


Hidden Costs to Avoid in Real Estate.


I had a conversation with a colleague of mine last week in the office, and we were talking about a struggle that one of his clients had in regards to hidden costs. They hadn't really walked through some of the things that can pop up when you purchase a home, and that's something that we always do a powerful job of trying to educate our home buyers and home sellers to understand what type of costs are involved when you actually make a home purchase well there are several things.


That you're going to want to think of because it is not just either the mortgage or the cash purchase, depending on how you're looking at acquiring a property. There are additional costs: property taxes, homeowners insurance closing costs, and then even potential repairs that may pop up in the property taxes and vary state by state. Still, generally, they're going to be a percent and a half of total property value, and that will be an annual expense that can be es-crowed as part of a mortgage but will still be an expense than the less so you want to

factor it into your monthly outlay of expenses. Same thing with property insurance. You have to have property. Insurance in case of tornadoes, theft damage, hurricane anything that could

destroy property or cause damage you want to have insurance on it, and that is an additional cost you're also looking at closing costs. Which generally are a singular part of the transaction, but you'll want to factor in such examples of items as appraisal title company charges recording fees processing or mortgage fees.


Those of you types of things will pop up over the course of a transaction, and last but not.

At least every home is going to age. So there are things that are just going to pop up capital improvements that will happen in maintenance that needs to be done in a property, anything from the roof to the furnace to the cosmetics of flooring or painting or windows and everything in between all of those costs come into the joys of homeownership if you ever would like to see a net sheet or breakdown of what a typical cost structure may be on a home, please feel free to connect with us at any point.

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About Erik

Hilton. Rolls Royce. Versace. Chateau Rothschild.

 

These are not products or services; these are lifestyle choices. You and I can stay at any hotel, drive any car, wear any shirt, or drink wine

But we don’t want to.

 

We want experiential luxury.

 

And you know what? You deserve it.

Luxury living is a state of mind. If you're like me, you expect the best, especially when you buy or sell a home in Los Angeles.

If you are interested in buying or selling a home and appreciate... and deserve... a luxury real estate experience, then click here. Get an idea of the differences.

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Erik Brown

DRE: 01958545

Compass

9454 Wilshire Blvd, Beverly Hills, CA 90212

Los Angeles real estate blog

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All material presented herein is intended for information purposes only. While this information is believed to be correct, it is represented subject to errors, omissions, changes, or withdrawal without notice. All property information, including, but not limited to square footage, room count, the number of bedrooms, and the school district in property listings should be verified by your own attorney, architect, or zoning expert. Equal housing opportunity

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BRE #: 01958545