If you are reading this article, allow me to congratulate you because it means you are one step closer to buying your dream luxury home in Beverly Hills. It may be a very exciting time for you but before you sign your “X” on the line on your buyer’s contract and start changing your zip code to 90210, you may want to learn more about the real estate you are purchasing to help you better make the decision. Remember that regardless if you are buying a simple or luxury home, getting one is an important financial decision.
Pros of owning a luxury home in Beverly Hills
There are a number of advantages to owning a luxury home. The first and most obvious one is the exclusivity that comes with owning one. Real estate in Beverly Hills is one of the most sought after in the United States of America or even perhaps the whole world. Others say that owning one here is like being part of the aristocracy. It doesn’t mean that people here are snobbish or snotty but they just belong to an exclusive or even considered an elite group. The cost of a property in Beverly Hills is currently the most expensive not just in the Los Angeles or the whole of Southern California but the whole of America. The clientele or owners of the homes here are not just the affluent but the ones who are hailed as successful in their craft. You will mingle with the celebrities from different fields or industries.
Second advantage that comes with owning a home in an exclusive community will be the prestige that comes with it. Owning a home in Beverly Hills is a definitive status symbol. It speaks a lot about your financial status and even your level of success as a person. It’s not like you have to brag about but when people learn you live in such a place, more often than not, they will be impressed.
The third advantage will be the great value associated with the property. In luxury communities like Beverly Hills, the value of the properties is already established. This means that it is most likely that you will see a steady rise to the value of your home as well. In addition, many of the homes that are sold or resold here have bigger lots and even have more characters. Some of the homes may even offer unique features that may benefit your needs such as elevators, separate villas or suites for guests or even relatives who may come to stay, large covered garages for your car collection, a personal theater to entertain visitors, and many more. That being said, many of the homes here oftentimes have high resale value so you are not just simply buying a house but also getting an investment.
Lastly, for those building a family, Beverly Hills is a great place to do so. You will expose your family to a wonderful community. The best facilities, exclusive clubs, exclusive schools offering the best education, and the opportunity to build a wonderful network or connection given the caliber of the people living in the said community.
Cons of owning a luxury home in Beverly Hills
Beverly Homes is a densely populated area. If you are looking for a quiet, country kind of lifestyle, this is not for you. Although there are many properties in the area being used as a vacation home, this will give you a more commercial appeal rather than that old rustic rural vibe.
Second will be the cost of the property. Since this is an exclusive community, it comes with a price. As mentioned, the price of the real estate here is much more expensive than anywhere else in the country. This also means that there are other associated costs or fees that may also be higher than what you usually expect when buying a property somewhere else. This means that the processing fees, administrative fees, taxes, maintenance fees, insurance, and others will be above the average.
Lastly, many buyers may get caught up in the adrenaline rush of the sale. One may find a beautiful home and jump to buying one without thinking of the associated costs then find themselves going over budget because of it. Some may even be blinded by the history of the home that may be previously owned by a celebrity not considering the cost of the repairs, renovation, or maintenance of such property.
This is the reason why it is important to find a trusted and knowledgeable real estate agent. An expert in luxury home in Beverly Hills can walk you through the process of purchasing one and help you understand the associated costs. This will help you purchase the home that is not just within your budget but also fits your needs.