This is part of our larger guide on buying apartments. Back to Buying an Apartment USA.

The City of Angels – Buying an Apartment L.A.

Los Angeles, where dreams come true. The home of celebrities, hollywood, a sprawling cityscape, beach and surf, and everything else you can imagine. From Malibu to Bel Air, Silver Lake and Venice Beach. It’s worth the traffic and chaos of the metropolis, to experiennce the unique atmosphere of this city. So you want to live in Los Angeles, but don’t know where to start? It’s certainly not easy wrapping your head around where and how to live. Do you choose Mid City or and a retail paradise, or Silver Lake, and hang out with the young students? We give you the full run-down below. Some people buy a house in L.A., but no doubt, buying an apartment is a good decision.

Los Angeles Economy – Overview

Los Angeles has a massive economy, third largest in the world behind Tokyo and New York. Its strength is of course the creative sector. Hollywood is the world’s largest film production area, and countless stars and starlets have their villas and mansions in the city. This does not paint the full picture though. It is also home to a booming high-tech industry with a surge of startups heading to the seaside city. There is also a strong aerospace and transportation industry, as well as, perhaps unexpectedly, the nation’s largest international trade industry.

• GDP: 941,06 bil.
• Creative, high-tech & aerospace industries

If you’re looking to invest in real estate, it’s probably good to think about forming an LLC, an S corporation, or a limited partnership!

Los Angeles Drone – How Beautiful it can Be

Los Angeles has a ton to offer in visual pleasure. Sundown by the ocean, beaches, and skyscrapers. Take a look at Los Angeles drone footage:

Full L.A. Guide – Hot Neighbourhoods + More

Buy or Rent? Calculation Explained

Whether to buy or rent, you’re going to be paying a high price in L.A. Whether to buy or rent depends on the classic ‘break-even point’. How long you would have to pay rent in order to break even the amount which you would need to pay off a house. E.g. in Los Angeles, a median-priced home is around $630.000, and you may be paying rent around $2.000. That means, once you’ve lived in your residence for 6 years, you would have paid as much rent, to have been able to buy it. In short, whether to buy or rent depends on this: Assuming you live in a residence for at least five years, your rent needs to be lower than $2.600 in order to make renting more viable.

Also, in Los Angeles, it may be even better to buy than in other places, considering manageable property taxes in L.A. That means owning real estate is not a high recurring investment.

• Buy if your rent > $2.600

Is it a Good Time to Buy an Apartment in Los Angeles?

Maybe. At the moment, high vacancy rates mean low rent prices. That means it may be more beneficial to rent at the moment. Considering the growing market though, it may be clever to invest at the moment, where high vacancy rates may have more landlords selling their property at higher rates than usual, driving down prices. That means, when the market inevitably recovers, you’re likely to make profit quickly.

What state has the highest property tax rate? Ranking

• Property Tax Rates by State – List

Los Angeles Real Estate Market – Explanation

The Los Angeles real estate market, like so many of U.S.’ super cities, is doing well. For example, the year-over-year amount of sales of single-family homes increased by 23,2%. The median home price is at a strong $630.000, showing just how exclusive properties are here. Los Angeles is neither a sellers nor a buyers market. There are just as many real estate listings as there are sales. Combining this with the high increase shows the strong turnover, and ripe investment opportunities. Prices are also increasing, taking single-family residences, by over 16%.

Real Estate Price Development

Home prices in the metropolitan area of Los Angeles increase by about 13% annually, with the number of sales also increasing over the past year. The median price of an apartment is now $667.000. On top of this, rental prices have been steady in the past years, when looking at average rent.

• 2017: 2.281 $/m²
• 2018: 2.385 $/m²
• 2019: 2.516 $/m²
• 2020: 2.524 $/m²

What you have to know About L.A. Areas

Los Angeles is a massive city, spanning multiple counties. It’s near impossible to decide where to live. Generally, there are those that want to live in the famous residential areas of Bel-Air or Beverly Hills, there are also people who want the tumult of downtown LA, or younger people, and those looking for a more comfortable atmosphere will head to e.g. Silver Lake or Mid City. In general, for Los Angeles, it’s a good choice to rent, as opposed to buy. With purchases prices being comparatively high.

• Lowest rent: Jefferson Park $1.355
• Highest rent: North of Montana $4.690

How to Buy an Apartment

It’s of course a long and arduous process to buy an apartment, and takes a lot of time as well as financial investment. From beginning to end, there are irreplacable steps which, if you miss them, could be costly. If you’re not sure what real estate you should invest in, start here:

• Type of Real Estate – Which to Buy

Checklist – Things to do Before Buying

How to prepare for buying an apartment. Before buying real estate, you need to do these 5 things:

• Get knowledgeable about your finances
• Get together documents about your finances
• Speak to your possible mortgage broker
• Decide on the type of financing
• Find an attorney, real estate agent, and home inspector

When buying any property, you will need to pay a downpayment on your mortgage. In L.A., with comparatively high real estate prices, your downpayment should be at least 20% in order to avoid the likely very high mortgage interest rates.

Buying Apartment – Process from Negotiation to Close

To buy the apartment finally, you will want to start negotiating.

Make an Offer – How to Negotiate Sales Price

So you decide that this is your dream apartment. What now? Well now it’s time to make an offer. That means approaching the seller with an offer. There are two sides on which to negotiate, and you must pick one or the other. Either you try to reduce the size of the sale price. I.e. buying a property for $800.000 as opposed to $850.000. The other option is to negotiate the closing costs, e.g. agreeing on the sales price, but asking the seller to pay some of the additional costs, including real estate purchase taxes. These tactics of course mean either having more money in your bank account at that moment, or reducing the amount of montly costs in the future. You can typically expect to negotiate 5%-10% of the sale asking price.

Next Steps – Building Inspections

Your lender will most certainly require you to have an inspection of the apartment building, as well as the unit itself. This usually shows slight flaws, such as necessary maintenance in the future, or e.g. structural flaws.

Reducing Sales Price on Real Estate

Now you can renegotiate. You have found flaws in the building, and now have a strong negotiation stance. Let the seller know your concerns, and they will likely be more lenient in their negotiation.

There’s also a ton you can save on the many slight additional costs which come up when buying real estate, we give you the full guide

• All Additional Costs when Buying a Home

Final Important Step! Walk-through

Don’t forget the walk-through! This is one of the most frequent beginner mistakes. After moving out, things may change, the previous owner may have broken something, or a cabinet may have been covering up a flaw. Not doing a final walk-through can be your number one regret later on. It doesn’t take that long, and will most certainly be worth it, at least for the peace of mind.

What’s Different in Los Angeles?

There’s of course some caveats to buying an apartment in L.A. as opposed to elsewhere in the U.S. That means a few things to keep in the back of your mind when considering your purchase of an apartment. Of course, the normal process takes place, you buy a unit using a downpayment as part of your mortgage, pay closing costs, then taxes, and then move in.

Popular Types of Properties in L.A.

In L.A., there are a few different types of popular properties. The most popular being, as in most other suburban areas, single-family homes, duplexes, and condos. These are popular because they allow for a fairly private space, without the hassle of neighbours which are door-to-door with you. Note, duplexes (or even triplexes) are typically hard to own for the resident, as investors tend to buy these and rent them. Other types of property are townhomes, small lot homes (advantage: no homeowners’ association!), coops, much like the apartment market in New York, TICs (Tenancy in Common), and of course the infamous vacant lots, where you just buy a piece of empty land.

• Single-Family Home
• Duplex
• Condo
• Townhome
• Small-lot Home
• TICs
• Vacant Lots

Before – Buying Apartment Preparation & Planning

In L.A., it’s just as important, if not more important to get pre-approved. That means having your loan provider provde certification that you will be able to finance the mortgage on your home.

• Get Mortgage Pre-Approval!

Negotiation – Paying too Much on your House

In L.A., strong changes in price as a result of negotiation are rare. The vast majority of properties are sold at or around listing price. Meaning there is little to no negotiation, and when, this negotiation takes place in small degrees.

Taxes – Extra Real Estate Costs

Of course there’s different taxes in Los Angeles than elsewhere in the country. It’s important to be in the know about the unique taxes, from property taxes to transfer taxes in California if you’re looking to own property in Los Angeles.

Pretty much everyone pays too much in taxes. It’s especially easy to save on real estate taxes. Learn how:

• Saving on Real Estate Taxes – Easy How-to

Insurance – Expensive Additional Cost

Not to forget is that you will have to pay homeowners insurance. Los Angeles has a broad span in homeowners’ insurance amounts. In some parts you can pay as little as $837, with L.A.’s average amount being $1.116.

• $1.116/year homeowner’s insurance

Tips to Save Money – Lower your Homeowners Insurance!

These are the number one tips to reduce the amount you’ll have to spend on homeowners insurance.

• Install a safety system for your home that includes fire, smoke and carbon monoxide alarms
• Convert your older house to comply with earthquake regulations
• Replace your roof with fireproof materials
• Inquire with your insurance agent if you qualify for discount programs
• Repair and replace wiring and plumbing to bring it into line with current building codes

Where to Live in L.A. – Best Neighborhoods

You’ve probably heard of Compton, Inglewood, Hollywood, and the like. You also probably have some preconception about how dangerous or safe it is here, whether you’d like to live here or not. We give you a full-researched list of the worst neighborhoods to live in Los Angeles.

Homes for the Ultra-Rich

Of course, some of the super-rich of the USA have ultra-luxury houses in L.A. Among them, superstars from all over, and pretty much every film star has at least one residence in Los Angeles. Below we have one of these ultra high-end properties, worth $50 mil. Of course, you’ll find it in the legendary Bel-Air neighborhood.

Worst Neighbourhoods in Los Angeles – Danger, Crime, Low Standard of Living

You’ve probably heard of Compton, Inglewood, Hollywood, and the like. You also probably have some preconception about how dangerous or safe it is here, whether you’d like to live here or not. We give you a full-researched list of the worst neighborhoods to live in Los Angeles. Best to keep in mind, L.A. is more dangerous roughly everywhere east of Broadway.

• Skid Row
• Fashion District
• South Central L.A.
• Compton
• Central City
• Jefferson Park

The Places to be in Los Angeles

There are a few neighborhoods you can’t miss. These are the classics like Hollywood or Bel Air. The top neighborhoods in Los Angeles to invest are the famous ones of course, but there’s a few ones to keep in mind if you’re looking to be in the place to be. Hip neighborhoods are plenty in L.A., like Culver City or Silver Lake. Some that you may have missed include Echo Park, Frogtown, and Tujunga.

Classics: Hollywood, Beverly Hills/Bel-Air, Downtown

Hip: Fairfax, El Segundo, Chinatown, Culver City

Outside Call: Echo Park, Frogtown, Tujunga

You want more info. Where to buy an apartment in Los Angeles? We tell you everything you need to know

• Best Neighborhoods to Buy – Los Angeles

Best School Districts Los Angeles

Thinking about moving to L.A.? These are the best school districts, taking into account quality of education, safety, and more.

• Hermosa Beach City Elementary
• Newhall
• South Pasadena Unified
• Palos Verdes Unified
• San Marino Unified
• Walnut Valley Unified
• LA Canada Unified
• Temple City Unified
• Manhattan Beach Unified
• Arcadia Unified

Should I Rent a Co-op Apartment?

Co-ops are probably more famous and more popular in New York than anywhere else. Still you’ll find them from time to time in Los Angeles.Co-ops are slightly more challenging to get, with a complicated and time-consuming process, but the time investment is worth the reward, with typically lower property taxes, the possibility to build equity, and more.

What is a Co-op Apartment? Real Estate Corporation

A co-op apartment is an apartment which is administrated by a housing cooperative. If you buy a co-op apartment, you are not actually buying the property, i.e. the four walls which you intend to live in. Rather, you are buying a share in a legal entity. The shares you buy entitle you to use a specific part of the building. Therefore, you are not the owner of real property, but rather a membership which allows you to use the apartment you live in. This also means of course that you do not take out a mortgage, but rather share loans, i.e. a loan to pay for the shares.

• You buy shares, not property

Why you Should choose a Co-op – Explanation

Because you are not the owner of the property itself, you do not have to pay property taxes. Rather the cooperative pays the property taxes for the whole building, and these are divided among the members, i.e. residents. The main advantage of a co-op is that it is cheaper. The property taxes which each resident pays are lower, and any additional fees are also lower, because the co-op is not intended to make profit. Lastly, residents in co-ops, despite not actually owning the property, are entitled to many tax deductions which real estate owners are entitled to.

• Cheaper

How to buy a Co-op Apartment in Los Angeles – Step-by-Step

There are a few steps to go through before buying into the cooperative. Before approaching a co-op, or identifying an apartment which you are interested in, you have to gather an attorney, a mortgage broker, and an engineer. Although this is not necessary, it greatly increases your chances of getting the apartment you want. This is because, once you’ve identified the apartment you want, you apply. Your application is decided upon by the board. This board obviously wants the best possible residents, therefore it’s important to present yourself as a serious buyer. All co-ops have a certain list of requirements, which include the amount of downpayment you need to pay, and how much financial reserves you have. Following this, you contact the seller, begin the title search and mortgage application, and close the purchase.

Buying an Apartment Los Angeles – Checklist

If you want to buy an apartment in L.A., these are the most important things to do and keep in mind.

1. Decide! Rent or buy?
2. Prepare! Visit the city, research the market
3. Lawyer Up! Find your attorney
4. Choose affordable! Sponsor units, coops, or up-and-coming neighborhoods

Der Beitrag Buy an Apartment Los Angeles – Everything to Know Explained, Easy Guide erschien zuerst auf ℄ Real Estates.

This is part of our larger guide on buying apartments. Back to Buying an Apartment USA.

Living the Dream in NY – Buying an Apartment

New York, the city of dreams. You too can live your dream of owning real estate, many people dream of buying an apartment or buying a house in New York, one of the top cities worldwide in everything from fashion to finance to art and food. Buying an apartment in New York certainly isn’t the easiest of tasks, but one that is likely to leave you happy you took the risk.

The Money’s Flowing? New York Economy Overview

In regards to economic developments, New York is seeing a surge. So in a city where money is everyhwere anyways, it’s flowing even more now. Currently it is the city with the second highest economy in the world, ahead of Los Angeles. In recent years, multiple top companies from digital sectors have moved headquarters or opened offices in the city. This means increased investments in multiple sectors, along with higher demand for rentals in the inner city, housing workers. The general real estate market has weakened over recent times, meaning the classic investments of earlier years like TriBeCa or Soho where high square meter prices dominate, are currently clever investments for buying as the market is likely to recover, and these parts are likely to gain back value.

• Economy likely to grow

The Beauty of the City – New York Drone

New York City is known worldwide for its massive skyscrapers and epitome of big-city atmosphere. Take a view at the Metropolis from above:

Buy or Rent? Calculation Explained

When deciding whether to buy or rent, of course the low property taxes suggest you should buy. But as always, it depends where you want to live, and how long. If you’re looking at the downtown core, like Manhattan, it’s near-impossible to buy, and rent is comparatively cheap. So here, you would be good to rent, and invest your money elsewhere.

Neighborhoods like Bushwick, or even Chelsea, give you better buying options. Buying in Bushwick carries the same financial load as renting for three and a half years. That means buying here is much better than renting. You’re likely to leave a few years later with a strong return on your investment, along with financial equity.

• Depends on which neighborhood

Why it’s Good to Buy in New York City

In New York, it’s especially advantageous to buy, because New York property taxes are quite low. Thanks to fairly high income taxes, the state does not require to set high property taxes, which allow homeowners to save money. These taxes are at 0.86% in New York City, much lower than in the vast majority of U.S. States.

Low property tax rate in New York City means owning is worth it!

What state has the highest property tax rate? Ranking

• Property Tax Rates by State – List

New York’s Real Estate Market – Explanation

So what do you have to know about buying real estate in New York?

Properties are becoming increasingly large. Accordingly, there is an increase in purchases of properties valued at more than $1 mil. In New York, real estate is all about location though. On average throughout all of New York City, one-bedroom apartments can be had for $2.810/month, or two-bedroom apartments at $3.576/month. In e.g. East Brooklyn, the average rent is at $1.250/month, demonstrating the large chasm in where you pay and how much you pay. This is quite different from when you buy an apartment in Los Angeles, where no matter what part of the city you go to, you’re going to be paying hefty sums.

• Apartment Median price: $916.000
• Price per square meter: $7.244/m²

Important Facts – Property Investment in New York

There are a few things the experts swear by. If you want to invest in rental properties or generally non-owner-occupied real estate, these are the things you should keep in mind when thinking about investing in New York real estate:

• How long do you want to own the property?
• How do sales compare with the rent you will likely take in
• Find the right neighborhood
• Should you buy a Multi-Family or a single unit?
• Get your attorney to look over the building
• Buy the most bedrooms per most square footage
• Keep an eye out for tax abatements

How to Buy an Apartment

It’s of course a long and arduous process to buy an apartment, and takes a lot of time as well as financial investment. From beginning to end, there are irreplacable steps which, if you miss them, could be costly. If you’re not sure what real estate you should invest in, start here:

• Type of Real Estate – Which to Buy

Checklist – Things to do Before Buying

How to prepare for buying an apartment. Before buying real estate, you need to do these 5 things:

• Get knowledgeable about your finances
• Get together documents about your finances
• Speak to your possible mortgage broker
• Decide on the type of financing
• Find an attorney, real estate agent, and home inspector

Buying Apartment – Process from Negotiation to Close

To buy the apartment finally, you will want to start negotiating.

Make an Offer – How to Negotiate Sales Price

So you decide that this is your dream apartment. What now? Well now it’s time to make an offer. That means approaching the seller with an offer. There are two sides on which to negotiate, and you must pick one or the other. Either you try to reduce the size of the sale price. I.e. buying a property for $800.000 as opposed to $850.000. The other option is to negotiate the closing costs, e.g. agreeing on the sales price, but asking the seller to pay some of the additional costs, including real estate purchase taxes. These tactics of course mean either having more money in your bank account at that moment, or reducing the amount of montly costs in the future. You can typically expect to negotiate 5%-10% of the sale asking price.

Next Steps – Building Inspections

Your lender will most certainly require you to have an inspection of the apartment building, as well as the unit itself. This usually shows slight flaws, such as necessary maintenance in the future, or e.g. structural flaws.

Reducing Sales Price on Real Estate

Now you can renegotiate. You have found flaws in the building, and now have a strong negotiation stance. Let the seller know your concerns, and they will likely be more lenient in their negotiation.

There’s also a ton you can save on the many slight additional costs which come up when buying real estate, we give you the full guide

• All Additional Costs when Buying a Home

Final Important Step! Walk-through

Don’t forget the walk-through! This is one of the most frequent beginner mistakes. After moving out, things may change, the previous owner may have broken something, or a cabinet may have been covering up a flaw. Not doing a final walk-through can be your number one regret later on. It doesn’t take that long, and will most certainly be worth it, at least for the peace of mind.

What’s Different in New York?

There’s of course some caveats to buying an apartment in New York as opposed to elsewhere in the U.S. That means a few things to keep in the back of your mind when considering your purchase of an apartment. Of course, the normal process takes place, you buy a unit using a downpayment as part of your mortgage, pay closing costs, and then taxes, and then move in.

Property taxes vary from county to county, if you’re investing in New York,

• Property Taxes NY Explained

Before – Buying Apartment Preparation & Planning

The people which are required to be at your side are of course the same all over the U.S., but in New York there is one specific requirement. When buying an apartment in New York you are required to have an attorney on hand. That means you need to get one sorted (preferably with real estate specialization) before even starting your search.

• Mandatory to have an attorney

Taxes – Extra Real Estate Costs

Of course there’s different taxes in New York than elsewhere in the country. New York is one of the states which, along with the real estate transfer tax, requires a mortgage tax. Like for example the mansion tax, which kicks in when buying a property worth more than $1.000.000, or the flip tax, which is actually not much of a tax because it is private. The property taxes, how much they are and how they’re calculated is of course also unique in the Big Apple.

Pretty much everyone pays too much in taxes. It’s especially easy to save on real estate taxes. Learn how:

• Saving on Real Estate Taxes – Easy How-to

Insurance – Expensive Additional Cost

Not to forget is that you will have to pay homeowners insurance. In New york this can run around $2.000 a year.

• $2.000/year homeowner’s insurance

Sponsor Units – Affordable Apartments Trick

Sponsor units are only available in New York. They are a special types of apartments. These typically exist in multi-residential buildings which the developer or co-op have mostly rented out or sold. Yet, often these developers or cooperatives keep a few units to themselves for private use. These are often later turned into rentals or sold on. The advantage, in co-ops, the new resident will not be required to have to submit a financial package. Sponsor units are also usually cheaper to buy than other type of units.

• Cheaper
• Easier to get
• Rare

Rent Control? Stabilization? NYC Real Estate Law

Is it even worth it to buy an apartment? New York has rent-controlled and rent-stabilized apartments. These differ from the typical apartments in that they have much lower rent. But, because they are extremely rare and nearly impossible to find, it’s better to focus on rent stabilized apartments.

Rent Stabilizing – Meaning & Definition

Rent-stabilized apartments are apartments who’s rent cannot increase heavily. The yearly increase is regulated by the government. This protects you as a tenant. It also makes you lucky to live in such an apartment. Meaning that if you are at the moment living in a rent-stabilized apartment, you are likely to be paying less than many others. Therefore, buying an apartment is perhaps at the moment not the best idea.

• Rent stabilized = government-controlled rent increase

Where to Live in NYC – Best Neighborhoods

There’s the five boroughs, Bronx, Queens, Manhattan, Brooklyn and Staten Island. But within these, countless neighbourhoods, some world famous like Harlem, Upper West Side, Greenwich Village, Williamsburg, and the list goes on. So where should you move? Most everyone, we included will suggest you to get to know the city a bit first, research, and also just walk around the neighbourhoods and see which atmosphere fits you best.

Ultra-Luxury Penthouses & Lofts

Of course, some of the super-rich of the USA have ultra-luxury apartments in New York. Among them Superstars like Jay-Z & Beyonce and Justin Timberlake. One of the most impressive though has to be Jeff Bezos’ $80 million apartment in Manhattan.

Worst Neighbourhoods in NY – Danger, Crime, Low Standard of Living

The worst neighborhoods in New York are decided by how dangerous it is, how good they are to live in, and more. And if you think that you can make a clever deal by moving to one of these areas you are mistaken, as none of these neighborhoods are especially cheap.

• Woodlawn-Nordwood
• Hunts Point
• Brownsville
• Fordham
• Mott Haven
• Fordham
• Bedford Park
• Downtown

New York’s Hippest Neighborhoods – The Places to be in New York

There are a few neighborhoods you can’t miss. These are the classics like SoHo or TriBeCa. The top neighborhoods in New York City to invest are the famous ones of course. Think Greenwich Village or Williamsburg. The other famous ones, Astoria (Queens), Bushwick (Brooklyn), or Greenpoint (Brooklyn) are also safe bets, especially for younger or more culture-oriented movers. Some ones to keep an eye out for are Chelsea, where the nearby Hudson Yards project is driving down prices of top and up-and-coming real estate, or Bedford-Stuyvesant the prodigal son of hip New York neighborhoods, and lastly Park Slope, which will likely see a sharp increase in prices over the next years, meaning investment now is likely to pay off.

Classics: SoHo, TriBeCa, Greenwich Village, Midtwon

Hip: Astoria, Bushwick, Greenpoint

Future Stars: Chelsea, Bedford-Stuyvesant, Park Slope

You want more info. Where to buy an apartment in New York City? We tell you everything you need to know

• Best Neighborhoods to Buy – New York City

Best New York Neighbourhoods List

The best New York neighborhoods are difficult to pin down. Everyone has their own preferences, and their own needs. Making it impossible to say definitively what the best are. Below are what are considered some of the top New York neighborhoods.

1. TriBeCa
2. Gramercy
3. Battery Park City
4. Nolita
5. SoHo
6. Dumbo
7. Financial District
8. Murray Hill
9. NoHo
10. Kips Bay
11. Prospect Heights
12. Brooklyn Heights

Should I Rent a Co-op Apartment?

Co-ops are probably more famous and more popular in New York than anywhere else. Here, they make up almost half of all residences. Co-ops are slightly more challenging to get, with a complicated and time-consuming process, but the time investment is worth the reward, with typically lower property taxes, the possibility to build equity, and more.

What is a Co-op Apartment? Real Estate Corporation

A co-op apartment is an apartment which is administrated by a housing cooperative. If you buy a co-op apartment, you are not actually buying the property, i.e. the four walls which you intend to live in. Rather, you are buying a share in a legal entity. The shares you buy entitle you to use a specific part of the building. Therefore, you are not the owner of real property, but rather a membership which allows you to use the apartment you live in. This also means of course that you do not take out a mortgage, but rather share loans, i.e. a loan to pay for the shares.

• You buy shares, not property

Why you Should choose a Co-op – Explanation

Because you are not the owner of the property itself, you do not have to pay property taxes. Rather the cooperative pays the property taxes for the whole building, and these are divided among the members, i.e. residents. The main advantage of a co-op is that it is cheaper. The property taxes which each resident pays are lower, and any additional fees are also lower, because the co-op is not intended to make profit. Lastly, residents in co-ops, despite not actually owning the property, are entitled to many tax deductions which real estate owners are entitled to.

• Cheaper

How to buy a Co-op Apartment in New York – Step-by-Step

There are a few steps to go through before buying into the cooperative. Before approaching a co-op, or identifying an apartment which you are interested in, you have to gather an attorney, a mortgage broker, and an engineer. Although this is not necessary, it greatly increases your chances of getting the apartment you want. This is because, once you’ve identified the apartment you want, you apply. Your application is decided upon by the board. This board obviously wants the best possible residents, therefore it’s important to present yourself as a serious buyer. All co-ops have a certain list of requirements, which include the amount of downpayment you need to pay, and how much financial reserves you have. Following this, you contact the seller, begin the title search and mortgage application, and close the purchase.

Buying an Apartment NYC – Checklist

If you want to buy an apartment in New York, these are the most important things to do and keep in mind.

1. Decide! Rent or buy?
2. Prepare! Visit the city, research the market
3. Lawyer Up! Find your attorney
4. Choose affordable! Sponsor units, coops, or up-and-coming neighborhoods

Der Beitrag Buy an Apartment New York – Everything to Know Explained, Easy Guide erschien zuerst auf ℄ Real Estates.

The True North Strong

Booming Economy, growing metropolises, cultural offering without end. Canada is one of the quickest growing countries worldwide in terms of economy, popularity, and much more. Its citizens are welcomed worldwide, as shown by the fact that it is one of the most liked countries in the world according to WorldAtlas. It is famous for its aboriginal history, its massive nature and the Rocky Mountains, as well as its famous metropolises like Toronto and Montreal.

• Most Loved Country in the World

Is Canada a Good Place to Live?

In its ranking of the most livable cities in the World, Canada has three cities in the top 10 (#5 Calgary, #6 Vancouver, #7 Toronto). Ahead of popular neighbour New York. More than any other country. Much more than this though, it also ranks high in other statistics. Its education system is considered among the best in the world, its cities are becoming increasingly new tech, and modern oriented. Meanwhile it is also one of the most multicultural and globalized countries worldwide, often considered a leading example for good integration. Which may be part of the reason its citizenship offers one of the most powerful passports worldwide. In regards to future-orientation, Vancouver and Montreal are regularly ranked as some of the best cities for green transportation.

• Three of the Ten Most Livable Cities
• Best Cities for Green Transportation

Canada’s Nature

Canada’s nature is unparalleled worldwide, and people from all over the world know to appreciate its vast expanses of untouched nature. The rocky mountains offer some of the best skiing in the world, Banff is a regal mountain town surrounded by the wild, and the luxury hotel fairmont Lake Louise is found on postcards on fridges all over. Below a peak at what western Canada’s riches include.

What about the Hard Facts?

Canada is home to 38 mil. inhabitants. With 9,984,670 km2 it is the second largest country in the world, yet also one of the most sparsely populated. This area is divided into provinces or territories (the equivalents to USA’s states). Due to the colonial past, the official languages are English and French, with French being commonly spoken only in the large eastern province of Quebec. It is also comfortably a part of the G7 summit every year, and counts to one of the most powerful political countries in the world. In terms of culture and traditions, Canada (at least the anglophone part) is very similar to its southern neighbours the USA. Its capital Ottawa is only the fourth largest city in the country, following (in order):

• Toronto – 2,93 mil.
• Montreal – 1,78 mil.
• Calgary – 1,02 mil.

No More Oil – The Canadian Economy

Canada has strongly de-oriented from its former oil-based economy. Despite this, its economy is still growing (see below), with 1,9% GDP growth in 2018. Its GDP of xx means it is the 10th largest economy worldwide. According to forecasts by Canada’s largest banks, Canada’s economy is set grow at an annualized rate of 36% in the third quarter of 2019. This is compared to 20% for the United States. In fact, it is easy to draw comparisons to the USA due to its market-oriented economic system. Leading sectors include the automotive and other industries, forest products, minerals and petroleum. This is also reflected in its largest trading partner is the United States, with the country receiving some 75% of Canada’s exports.

Of the state’s total income, taxes make up 32.2%. This is made up partially of income and corporate tax. Federally, these rates are 33% and 15% respectively. Yet these differ with respect to provinces, where each province has their own tax rates. Lastly, they are also staggered, with higher income corresponding to higher tax rates.

• Federal Corporation Tax: 33%
• Federal Income Tax: 15%

Taxes in Canada – Explained

Taxes in Canada are quite simple to understand, but often misunderstood. They are said to be very high, but this is not necessarily the case. The tax system in Canada is very much unlike its southern neighbours, of the U.S.A.

You want to learn more about how real estate taxes work in the U.S.A.?

• All Taxes when Buying a House

Income Tax

Income tax is levied by the state as well as by the individual provinces. The individual provinces have different tax rates. Therefore, as in the U.S., where state and county tax the same items, Canada also has e.g. federal and provincial income taxes. However, the federal share is the largest share. The structure of Canada’s income tax is in several stages. The federal tax rates are approximately 15-29%. The top tax rate of 29% starts with an income above CAD128,800. In addition, there are a few percentage points of provincial taxes. In addition to income tax, some provinces levy other taxes on wages and salaries, such as Medicare.

• Federal Income Tax: 15-29%

Goods-and-Services Tax

Regarding VAT (value-added-tax), there is again the dual system of the federal tax (GST) and a provincial tax (PST). It is due, for example, on the sale of goods and real estate as well as on services. The federal government levies 6% VAT and the individual provinces can levy up to an additional 6%. Residents of Vancouver, in British Columbia, for example, will be charged an additional 6%, while in Calgary, Alberta there is none.

• Federal VAT: 6%

Wealth Tax, Inheritance Tax, etc.

Investors will also be pleased to hear: Canada has no wealth tax, no inheritance or gift tax, and no church tax.

• No Wealth Taxes
• No Inheritance Taxes

Booming Business – Canadian Real Estate

Canada’s rapid economic growth is down to large decreases in unemployment and high spending, but largely housing and real estate sales.

Overview of Real Estate Market

Ottawa, with healthy economy, population growth, attractive labor market and strong demand for condominiums, has developed into a dynamic Canadian housing market. Toronto and Montréal remain classic sales markets. In eastern Ontario and Quebéc, property prices continue to rise and British Columbia is expected to stabilize.

Someone who moves to Canada after selling their house in countries with higher real estate prices can often purchase houses with a significantly reduced mortgage. With the exception of the metropolitan areas, rental housing in Canada is relatively inexpensive. The average price per square meter to buy an apartment in a city centre is CAD5.921, with outside the city costing CAD4.090.

House Prices – List

The median house price gives a good indication of how expensive and luxurious properties are in cities. When taking these in proportion to the median income, one arrives at a factor indicating how strong the market is, and how affordable property is for people working normal jobs in the city. The higher the factor, the more difficult it is to buy a house with a normal income. Below are selected cities, with median house price, and the factor.

• Toronto: 686.000 – Factor 8.3
• Edmonton: 353.000 – Factor 3.6
• Montreal: 306.000 – Factor 4.6
• Vancouver: 942.000 – Factor 12.6
• Winnipeg: 279.000 – Factor 3.7
• Halifax: 261.000 – Factor 3.5

What about Taxes on Real Estate?

To invest in property, you do not have to be a Canadian citizen or even live in the country, and property taxes and interest expenses are tax deductible. Property taxes are at 1% on CAD200.000, and 2% on average. Also note, different from U.S. taxes, Canadian real estate is subject to the goods and services tax. It is important to be aware of the tax implications for all phases of the investment though, from owning the property, to living in or renting it, to selling it.

The real estate transfer tax, which applies to real estate purchases, is not regulated uniformly throughout Canada, with individual provinces again deciding their own rates. It is between 0.5% and 2% and depends on the purchase price of the property. Some provinces do not levy any tax at all.

• Property Tax: 2%
• Transfer Tax: .5%-2%

The Key Details

Houses in Canada are built in a simpler way than e.g. traditional Central European houses. The power supply in the houses is generally designed for 110 volts. Internet is available practically throughout the country, including in rural areas, via telephone line, fiber optics or satellite. The average Canadian spends CAD53 on water utilities a month, using 25 cubic meters of water. This translates to CAD2.12 per cubic meter of water utility.

• CAD53 a month for water

Economy in Canada – Graph

Below a graph of the two main Canadian Stock Exchanges, S&P/TSX.

One Year

Three years

Der Beitrag Real Estate Canada – Where to Buy, Property, House, Capital Investment erschien zuerst auf ℄ Real Estates.

Celebrities, Surf, and Tech

Los Angeles is quintessential for America, and along with New York, perhaps the poster city for the United States. This city is unique for its mix of young, laid-back and progressive people, as well as the glamour of Los Angeles, and big-city downtown. Home to the world’s most famous movie production area with Hollywood, as well as countless cultural icons, this is the city to see and be seen. It is home to some of the most luxurious and high-end real estate in the world, such as this 35$ million Hollywood mansion.

Los Angeles has many neighborhoods, districts and counties within its broader metropolitan area. There are 15 so-called districts which are named 1 through 15, all of which are situated in two counties (Los Angeles County, Orange County). Yet similarly, there are 72 neighborhoods, including Westwood, Venice, or Bel Air. Some divide the metropolitan area into 4 districts: Beverly Hills, Santa Monica, Hollywood, Anaheim, and Los Angeles proper.

Already know you want to move to L.A.? Let us help you with our guides

• Buy Apartment: Los Angeles
• Buy House: Los Angeles

Los Angeles Facts

It has a population of 3.99 million, meaning it makes up 9.9% of California’s massive 39.51 million inhabitants. According to a large sample surveyed, 37% of inhabitants from Los Angeles rated their health care system as good or very good, ranking it 9th in the World, ahead of other Metropolises like Montreal and Berlin. Los Angeles Airport (LAX) is the third busiest airport in the world, and reported a 0.8% increase in the past two years. The housing market is massive in Los Angeles, and popular among real estate investors. Learn more: Luxury Realtor Los Angeles.

Bird’s Eye View of Los Angeles

Want to see how Los Angeles looks from the sky? Check out these drone shots of the City of Angels.

Map of L.A. and Surroundings

Real Estate Investment Los Angeles

Los Angeles is a massive city, spanning multiple counties. It’s near impossible to decide where to live. Generally, there are those that want to live in the famous residential areas of Bel-Air or Beverly Hills, there are also people who want the tumult of downtown LA, or younger people, and those looking for a more comfortable atmosphere will head to e.g. Silver Lake or Mid City. In general, for Los Angeles, it’s a good choice to rent, as opposed to buy. With purchases prices being comparatively high.

• Lowest rent: Jefferson Park $1.355
• Highest rent: North of Montana $4.690

Buy or Rent?

Los Angeles, what type of investment should you make here? You would likely be best served with the choice of a rental property. The median home price somewhere around $630.000, with a 3.5% downpayment translates to monthly mortgage payments of over $3.000, compared to the average renta price for a three-bedroom of $2.600 a month. Although, this calculation turns with time, where if you live in a property longer than four years, ownership is cheaper than renting.

Our full rundown on L.A. real estate investment:

• Real Estate Investment Los Angeles

Is Real Estate Expensive in Los Angeles?

Home prices in the metropolitan area of Los Angeles increase by about 13% annually, with the number of sales also increasing over the past year. The median price of an apartment is now $667.000. On top of this, rental prices have been steady in the past years, when looking at average rent.

• 2017: 2.281 $/m²
• 2018: 2.385 $/m²
• 2019: 2.516 $/m²
• 2020: 2.524 $/m²

Property Taxes – How Much to Pay

California property taxes are not bad compared to the national average. Especially Los Angeles county is good regarding real estate taxes. The property taxes of counties surrounding Los Angeles, of Orange County Los Angeles County, and Fresno county are as follows:

• LA County: 0.75%
• Orange County: 0.68%
• Fresno County: 0.84%

Most Popular Los Angeles Neighborhoods

Everyone knows the luxury of 90210, the Bel Air bluffs or Venice Beach. There are more neighbourhoods in L.A. apart from these.

Culver City – Brooklyn of Los Angeles

Silver Lake, often described as the “Brooklyn of Los Angeles,” is much more than just a hipster’s paradise. This popular downtown L.A. neighborhood has transformed its image over the years from rough and tumble to upscale chic. Today, celebrities, artists, professionals and more and more families live here. Silver Lake is characterized by its diversity and versatility, but above all by its authenticity. It offers one of the best residential locations in L.A.

Silver Lake – Home of Artists

Silver Lake is located east of Hollywood and is one of the hippest neighborhoods in town . It’s hipster like out of a picture book. The place is packed with great bars, hot restaurants, wine stores, one or three art galeries, and it’s teeming with young people, both professionals and artist types. If your idea of a good time includes lots of coffee, cocktails and unique dining experiences and doesn’t include quiet, relaxing nights at home, then Silver Lake is for you. A current average selling price of $1,144,000 for houses means this area is high-end real estate.

Glendale – Best Place to Raise a Family

Glendale is one of the safest areas in LA. If you’re looking for a place where you know you can raise your kids with confidence, safety is more important than anything else. Just a few miles from downtown Glendale, you’ll find the LA Zoo, the Norton Simon Museum, Travel Town, hiking trails in the San Gabriel Mountains and many other places to relax. Glendale is probably best known for its Brand Boulevard, a famous shopping street where a variety of businesses have gathered. Here is The Americana at Brand, a huge outdoor shopping complex. Zillow classifies the Glendale housing market as “very hot”.

Monrovia – Small-Town Charm

This growing city of nearly 40,000 inhabitants differs from other communities by its dynamic small-town charm and the accumulation of high-tech industry. Many amenities are available here: Everything, from world-class cultural facilities and wonderful recreational opportunities to world-class education and health care, is directly available to residents. This is an up-and-coming area with steady growth and many opportunities, meaning it’s the perfect palce for young families. The average list price in Los Angeles is almost $750,000, in Monrovia closer to $650,000 dollars. Monrovia is a good place to buy at the moment.

North Hollywood – Stress-Free Area

North Hollywood is located in the San Fernando Valley, north of the Ventura Freeway and Universal Studios. Here you will find the vibrant NoHo Arts District, a hip enclave where theater – not film – is the big star. What’s great about NoHO – and unusual for the area – is the fact that everything is within walking distance, easy and stress-free. The district is full of local stores, pubs and nearly a dozen performing arts theaters. Call NoHo at home if you want to be surrounded by retro-inspired cocktail lounges, craft beers, vintage stores and casual cafes.

Highland Park – Next Silver Lake

Highland Park is a bit like the up-and-coming, soon-to-be Silver Lake. Since 2013, it is one of the most up and coming neihgborhoods in the whole of the US. Prices for real estate here are skyrocketing. It is also one of the oldest neighbourhoods in Los Angeles, and is inhabited by a very diverse ethnic mix of people.

Venice Beach – Classic and Iconic

This unique beachfront town in Los Angeles County has sand, surf, and a lot of local color, as well as a booming tech scene. This area has earned the title of “Silicon Beach”, but is also home to the stereotypical Californian beach lifestyle. It is known for its community of artists and quirky stores as well as perhaps the most famous street in the country, Venice Beach Boardwalk. Thanks to the booming LA tech scene, the neighborhood is full of young professionals. Rental prices are comparable to those in West Hollywood, and since the beach is within walking distance, the price tag is well worth it.

Special – Buy Apartment Los Angeles

Los Angeles, where dreams come true. The home of celebrities, hollywood, a sprawling cityscape, beach and surf, and everything else you can imagine. From Malibu to Bel Air, Silver Lake and Venice Beach. It’s worth the traffic and chaos of the metropolis, to experiennce the unique atmosphere of this city. So you want to live in Los Angeles, but don’t know where to start? It’s certainly not easy wrapping your head around where and how to live. Do you choose Mid City or and a retail paradise, or Silver Lake, and hang out with the young students? We give you the full run-down below. The Los Angeles real estate market, like so many of U.S.’ super cities, is doing well. Los Angeles is neither a sellers nor a buyers market. Prices are also increasing, taking single-family residences, by over 16%.

We take care of all questions you could have in our full guide on buying an apartment in Los Angeles

Buy Apartment Los Angeles – Full Simple Guide

Der Beitrag Los Angeles: Buy Property! Neighborhoods to Invest – Beverly Hills, Hollywood & Co erschien zuerst auf ℄ Real Estates.

Selling Property in New Development Areas

Extremely relevant factors for the sale of apartments in new construction are the equipment of the apartment itself, but also the equipment and technology in the communal areas and in the house itself. The market value assessment of apartments is generally more complex than for owner-occupied homes, which is why you should definitely aim for a professional value assessment for planned sales in new construction.

Influence of Location and Structure

In many cities, new development areas are emerging in the form of fully developed neighborhoods on the outskirts and in up-and-coming neighborhoods. For potential buyers, the location is as relevant as the structure of the area in which the apartment is offered. You have just planned a new development area and are looking for owners who are interested in your project as investors or want to buy the newly built apartment for their own use? It is common practice for developers to offer apartments in new development areas not only after completion. Since the equipment and all environmental factors of the new development areas are already determined in the planning phase, you can already at this point in time hire an experienced real estate agent who is familiar with new development areas and have the offer presented.

Real Estate as Capital Investment: Special

• Part 1: Classical or exotic investment – Which real estate is suitable as capital investment?
• Part 2: Real estate as capital investment – What do I have to pay attention to?

In practice, it has been shown that new development areas designed with green spaces and a good infrastructure are highly attractive and ensure that all apartments are sold quickly. The offer price is determined on the basis of your construction and planning costs, the data relevant to the property and the comparison prices of similarly located and designed new development areas. Would you like to sell your apartment in a new development area and avoid losses when selling it? If so, you should opt for a professional sale and hire real estate agents who are well versed in new construction and who offer you comprehensive service in all phases of the sale.

Apartments or Houses for Capital Investors

With apartments in new buildings you address two different target groups. On the one hand, a newly built apartment is a good and high-yield capital investment and on the other hand, more and more families are looking for an apartment for sale in a newly developed residential area. In addition to condominiums, new construction areas with owner-occupied homes or terraced and semi-detached houses are also interesting and popular. If you would like to offer a property or an apartment in a newly developed area, you should definitely hire an estate agent and in this way ensure the greatest interest in your offer. The exposé for investors requires a different structure and density of information than the presentation of the apartment to be sold to owner-occupiers. You want to achieve the best price and gain the certainty that your offer will sell immediately in the new development area.

With Lukinski, you decide, in addition to professional brokerage, for a full service support, which includes the examination of the solvency of buyers and prevents unrealizable sales contracts. The completeness of all documents and an exposé geared to the target group are sales-promoting. Especially if you want to address professional buyers in the form of capital investors, your sales appearance should be characterized by professionalism and expertise.

New not More Expensive than Old: The Facts

Many prospective buyers assume that the costs of apartments and houses in new construction areas are much higher than in old buildings. Certainly, the asking price is usually higher than the amount you have to pay for an existing property or a condominium in a second occupation. But the purchase price is only one cost factor and therefore not the only factor when it comes to deciding between an old building and a new building.

In the new building area you acquire a modern apartment in which no costs are incurred for renovation. Newly built areas are state-of-the-art and offer a high quality of living. For you as a potential owner, this means that with the purchase you acquire an apartment ready for occupancy and therefore only invest the purchase price and the costs for interior design work. For existing properties and apartments in old buildings, extensive modernization measures may be necessary and increase your costs to the actual purchase price. It is therefore always worthwhile to weigh up concretely and calculate the purchase on the basis of the market value assessment and the necessary renovation measures. In the end, your decision to move to a new development area or an older property will of course also be based on your own preferences and the idea of your new home or a profitable capital investment.

Move to a New Development?

Tips for potential condominium buyers – Anyone who wants to buy an apartment or house and move in immediately, without renovation and modernization, will generally focus on a new development area. Are you looking for a new building and want to save yourself a lot of time with your own research? At Lukinski, we not only look after owners, but are also happy to support you in your search for a new apartment or house. Tell us your explicit wishes and have a look around our portfolio where we might already have an offer for you. If you decide to buy an apartment in a new development area that is only just being planned, you have a lot of leeway for organizing the financing.

We will be happy to advise you and help you find a favorable real estate loan for your apartment and complete the purchase without complications. Since we at Lukinski work for various owners and developers, we have some attractive new development areas in our portfolio. Furthermore, we already know before construction where new development areas will be built and which target group the apartments should reach.

Der Beitrag Investing in Development Areas: Buying, selling, capital investment?! Costs, Procedure and Help erschien zuerst auf ℄ Real Estates.