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Does Location Matter When Buying A Home In Los Angeles?

Written by Posted On Sunday, 26 August 2018 19:11
Does Location Matter When Buying A Home In Los Angeles? Pexels

Northeast Los Angeles is already famous for several reasons. However, when you are narrowing down your choices to a specific neighborhood, then it helps to know what to look out for. Just a few years ago, the Northeast Los Angeles (NELA) initiated the city's first bike-friendly business district or BFBD in the neighborhood of Eagle Rock. The BFBD designation's goal is to promote better bike infrastructure on streets. Businesses along those streets hope to benefit as much as retailers in Long Beach and other cities which have seen bikers prove to be good buyers. Aside from transportation questions, there are several other location questions that a homebuyer in NELA should consider:

What is the worst home in the best neighborhood? Historically, what is your best chance for buying a home that will increase in value, this is to find the little fixer-upper in the pricier zip code That is still true if you're a fixer-upper kind of person. Doing the opposite, to buy the impressive house in a dicey area, might leave you with buyer's remorse and few buyers when it comes time to sell. However, if you want a move-in ready property that stacks up well with your neighbors, expect to pay full price for this benefit.

Are there businesses located within walking distance? Then younger buyers express an interest in a walkable neighborhood, with some consulting Walkscore.com to compare different homes and communities. Some studies have shown that the proximity to Starbucks, Target, and Whole Foods is generally associated with a higher value increase over the past two decades. However, perhaps what matters most is the individual: If you are a bowler, you might love the exercise of a ten-minute walk down to a bowling alley. There is also research that challenges the notion that proximity to strip clubs and marijuana dispensaries can hurt a home's value (early research in Colorado, in particular, suggests the very opposite). Furthermore, with the use of the internet, it is very easy to access the best CBD oil reviews, so that you can do all of your CBD purchases online.

Buy-low while the neighborhood's value is on the rise? This is mirroring the "buy-low sell-high" axiom of investing. Moreover, there is much truth to it: when a large number of homes are being renovated in a mature neighborhood, it generally speaks to positive price increases. The goal is to get in at the earlier stages of these trends. However, there are some things to look for which provide hints: is the neighborhood adjacent to other areas that are hot today? Is the existing housing stock "historic," meaning 50+ years old and in its original design? Midcentury modern without a 1990s renovation would work, as would 1910 Victorian with the original gingerbread trim. A collection of independent restaurants, art galleries, and hipster coffee shops also are precursors to neighborhood gentrification (hot tip: check out Hermon, Garvanza and Glassell Park).

Concerns about environmental issues? California laws require disclosure of lead and known toxins in the soils. However, if a gas station or dry cleaner was in the vicinity in decades past, you might hire an environmental investigation firm to study a specific property.

School districts - and property taxes? Good school districts almost always translate into higher property values. However, with these schools districts tend to bring with them higher property taxes. Empty nesters might also look outside the box if the quality of schools does not affect them personally, however a Starbucks down the street should.

In conclusion, the location does matter - but there are many factors that define the value of a property.

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Frank Coutinho

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