Many locations within Los Angeles allow for a comfortable home to live in or a high rental rate for an investment property. When selecting where to purchase your property, consider if it is for you to live in or if it will be a rental or a flip, how far the location is from you or from where you want to live, and the surrounding community.
Choosing Property to Live in
When choosing a property that you will live in, look for your ideal location. Other factors about a home can be changed and adjusted while the location remains permanent. Select a neighborhood that has access to all the things you need and that has a comfortable feeling. It must fit within your budget for the mortgage and the utilities and taxes.
Choosing Property for a Rental
Selecting a property to rent to others may have different considerations than where you would live. Rental properties should be easy to care for and located in areas near businesses and large employers. As it will not be for your own family to live in, any size of home can be a good investment. However, a rental property near your own home may be easier to care for, and it should be priced so that rental income can cover the expenses without being too high for the area. For most of us, choosing the right property, in the right location within Los Angeles is challenging. What some might consider mid-sized homes can cost a fortune, and affordable housing often places you in areas where crime rates are higher. You can either hire an agent to help you navigate the search, become an agent yourself, or attend one of those real estate investing seminars Los Angeles hosts every few months. At those seminars you will often meet agents, and people like yourself that are trying to figure out how to buy, sell, or choose a property for a rental.
Popular Places in LA To Purchase Property
Whether you are buying property to live in or rent to others, it is essential to find a home that is within your budget, can be maintained and offers a desirable location. A safe neighbourhood that can provide a community feel or a quiet respite.
Some of the most popular areas in Los Angeles to purchase property are Inglewood, Westwood, Silver Lake, and other high-end neighbourhoods. These will be a larger purchase price but offer higher rental income to offset that investment.
Other popular neighbourhoods include Wrigley Heights, Val Verde, Ocean Park, and Wilshire/Montana. These offer the best-rated public schools for families and a sense of community to become a part of. The homes may need renovations or upgrades to get the best return, but many opportunities are within.
Ocean Park and La Canada Flintridge offer a quiet and quaint location for restful nights and neighbourhoods well suited to a Sunday afternoon stroll. The schools are excellent, and they provide a wonderful place for raising a family, making them well suited for both renting to reliable families that will look for long-term rentals or for moving your own family in.
Once you have determined the location where you want to buy property, your search can begin in detail. View a few homes or properties before making your selection and choose the one that is the best fit for your situation and needs.