Los Angeles is one of the most coveted addresses on the face of the planet. Nothing screams success as having a luxury home or estate in the City of Angels! LA is home to Hollywood and several other lucrative industries such as trade, fashion, transportation, science and technology etc. This is the place where dreams come true.
It is the cultural epicentre of the world. In a sense, LA is a peak of human civilization. Few other cities are as vibrant, lively and beautiful. Owning a Los Angeles Luxury home can be an immensely rewarding experience, provided you make the right choices.
Pros and Cons of having a Los Angeles Luxury Home
1) Most big cities are very detached from nature. This is not the case with LA. It offers exemplary urban living as well as plenty of opportunities to enjoy nature. It is located right by the splendid Pacific ocean and features a plethora of beaches ranging from the upbeat Venice beach to numerous secluded coves. It has innumerable hiking trails which offer spectacular views of the city and its brilliant sunsets.
2) LA has all the amenities of a world class city, such as state of the art hospitals, schools, colleges, universities, speciality food stores, shopping and financial centres, museums, parks, designer outlets, spas, gyms, theatres and a lot, lot more. The city also has an incredible nightlife scene. Unlike small towns which tend to be dreary, boring and intellectually frustrating, LA constantly enthrals and challenges you with its myriad of exhilarating experiences and continual quest for innovation.
3) LA has excellent, consistent weather with downtown LA getting almost 300 days of Sunshine per year. 292 to be precise. It is one of the few places in the world where you can ski and surf on the same day!
4) LA is highly progressive and the people are very open-minded. Instances of racism, sexism, homophobia, religious intolerance etc. are much lower compared to the rest of USA and the world.
1) The greater LA region is the second most populous areas in the United States of America. Hence, the roads can get pretty crowded during peak hours.
2) The city has a moderate crime rate. This can be tackled by using a little of common sense and by installing safety gadgets at your luxury home or estate.
3) The air quality in downtown LA is not particularly good. The quality improves as you move towards the hills or the less crowded coastal areas.
4) Real estate is expensive but then, having a celebrity as your neighbour doesn’t come cheap!
Buying vs. Leasing a Luxury Home in LA
If you plan to stay in your luxury home or estate for more than 5 years, then it is better to buy it instead of leasing. Talk to a financial planner or visit www.smartasset.com for more information on buying and renting. Keep in mind that LA is prone to earthquakes, fires etc. so the home insurance premium may be a little higher than normal. The decision to buy vs. rent is case specific and depends on a lot as factors such as your current income, property cost, loan vs. full payment, real estate market status in the coming years, your own future plans, marital status etc. According to experts, the gap between buying and leasing a residential property in LA is narrowing and will keep on narrowing in the coming years.
How to afford a luxury home in LA?
LA is the place where people like business magnates, CEOs, artists, sportspersons, musicians, film stars, celebs, successful lawyers, engineers and doctors etc. live. These people make exponentially more money than the nationwide average of 30-something thousand dollars per year. Thus, they are able to afford to the high-priced real estate in LA without breaking too much of a sweat. In many cases, people live in big mansions in LA simply because they inherit them. The working class lives farther from the beach and downtown LA, in places such as Palmdale, Pasadena etc. or they simply rent tiny apartments or condos. The financially backward sections reside in ghettos where the quality of life is low and crime rates are high.
The only way to afford a luxury home in LA is to make more money. You can start by leasing a property or renting a flat if you don’t have several hundred thousand dollars to make a down payment. LA has plenty of opportunities for entrepreneurs and talented individuals. You can make a lot of money here is you are unique and hardworking.
Be ready to shell out north of a million dollars to own a decent sized luxury home in LA.
Places to visit in LA
Beverly Hills and Hollywood Hills are home to some of the most expensive estates in the world. Bel-Air road, Pacific Coast Highway (Malibu), North Carol wood, Mapleton Drive (playboy mansion) etc. some places you should consider while house hunting in LA. The prices might give you a heart attack though!
How to get rich?
The immediate thing that you can do to get rich is to start a home based business. This will keep your costs low. You can start with something as easy as your grandma’s secret spice blend. It pays if you have a passion for what you’re getting into. List down three things that you love so much you’ll do them for free. Now, build a business doing what you love!
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