Six reasons to buy a home in Los Angeles now
Should you rent or buy a home in Los Angeles? It’s a big question, and one that many of us ask ourselves over and over before we finally reach the point where we just can’t wait any longer to decide. Beyond the key financial benefits, there are numerous other advantages to becoming a homeowner now, especially when you still have an opportunity to purchase a brand new home at a popular, downtown-close community like RiverPark.
Just a few of these spacious and contemporary residences remain, and home shoppers who are on the fence about buying now are encouraged to call (323) 222-0501 or visit soon, before RiverPark is sold out.
When you’re renting a place from someone else, they enjoy the appreciation. When you buy a home in Los Angeles, the benefits of rising home values are all yours. “Owning a home is an investment many people can understand better than buying stocks, because they get the tangible daily lifestyle benefit of living in the home,” said Zillow. “But the financial benefits are also significant, and can be more substantial than stock investing. As a home appreciates, it accrues faster than a stock might because you get the appreciation on the entire home’s value, not just the gain on your down payment cash invested.”
2. Rates are going up
It was inevitable that, at some point, rates would begin marching back up. After hovering around 3% for a few years, the rate for a 30-year fixed mortgage is currently flirting with 5%—the product of continued economic growth. To put the increases in historical context, rates are still exceptionally low. Also, the difference between a 4% rate and a 4.5% rate is next to nothing when you consider the monthly payment. Perhaps most importantly, that amount is likely similar to or less than what your landlord is going to increase your rent at renewal time. “The more buyers wait, the more expensive it will get to buy—not just because of home prices, but because of inflationary pressure,” said Realtor.com. “In other words, if you want in on the American dream, now might be the time.”
3. Rent is going up
Speaking of rent going up…rents in Los Angeles are already among the most expensive in the country. In addition to the price crunch, the unpredictability can be hard to live with. Your landlord could decide to sell the building or could just continue pumping up your payments at every opportunity. Not being in control of your fixed expenses is challenging, which makes having a traditional 30-year mortgage with a payment that’s locked in all the more attractive.
4. Pride of ownership
Yes, it’s a real thing. Buying a home in Los Angeles still represents the American dream and it might surprise you how great it will feel to step through the door of a place that’s all yours.
5. Decorate it how you want it!
This may not seem like a big deal…unless you’ve been living with white walls and Command Strips because your landlord won’t let you paint or hang pictures. The truth is that the freedom to create a space all your own is exhilarating, whether that means painting your bedroom walls deep blue or turning your living room into a post-modern gallery.
6. Buying new means everything new
If you do decide to buy a home in Los Angeles and you opt for something older, chances are you’re going to have to make updates—if only to get the house functioning by modern standards (and let’s not even talk about how much of someone else’s taste you’re going to have to live with or undo). New-home communities like RiverPark have connected with buyers seeking a turnkey solution to their home search.
This exciting L.A. new home community is a limited collection of 95 residences, with private fenced yards and some picturesque park views. Between the convenient, downtown-close, transit-friendly location, the innovative three- to four-bedroom floor plans, the modern, energy-efficient features, and the abundant family-oriented amenities nearby, it’s no wonder these popular homes are almost sold out.
The Los Angeles Times,LA Weekly, and Curbed have all called Cypress Park, home to River Park, one of L.A.’s hottest cities, and RiverPark enjoys all the benefits of its location. Located along the banks of the Los Angeles River in the Taylor Yard Village master plan, the community offers easy access to the 2, 5 and 110 freeways and the Metro Gold Line.
The Regional Connector, a new Metro Rail extension projected to open in 2021, will further improve commutes. The City’s planned restoration of a nearby 42-acre riverfront parcel will only make the neighborhood even more desirable.
RiverPark owners also love being directly adjacent to the Rio de Los Angeles State Park and its countless opportunities for fun and recreation. Great shopping, dining, fitness and entertainment opportunities are also minutes away in Atwater Village, Glassell Park and Highland Park.
Home buyers can visit the furnished models at 2700 E. Chaucer Street, #17, Los Angeles, CA 90065, just off San Fernando Road, between 10 am and 5 pm daily. They can also visit the website, send an email to info@LiveRiverPark.com, or call (323) 222-0501 for more information.