How to Purchase a Home in Beverly Hills

Dec 21, 2021 Uncategorized

Beverly Hills is a lauded international symbol of grandeur as the land of the rich and famous, where major-league celebrities reside.

Whether it’s the iconic palm-lined Rodeo Drive, the abundant California sunshine, the screenings at Beverly Hills’ own Academy of Motion Picture Arts and Sciences, or being a part of the legendary celebrity community that entices you, buying a home in Hollywood is no easy task. Beverly Hills is well-known for always being at the top of the market. With an average property value of $2 million, if you’re looking for your dream home in Beverly Hills, expect to pay a high price.

We rolled up our sleeves, put our noses to the grindstone, and turned to top-ranked real estate experts the best insider tips on buying a house in Beverly Hills. It’s easy to be taken in. We’re here to keep you calm and make sure you’re fully prepared to navigate the neighborhoods and the posh Beverly Hills landscape! With this comprehensive guide, are you ready to discover the best-kept secrets of the Beverly Hills real estate market?

If you look at the history of Beverly Hills real estate, you’ll notice that the value has steadily increased. It’s important to remember that when you buy a home in Beverly Hills, you’re also making an investment. “It’s a home first and an investment second,”

 There’s a reason why some of America’s wealthiest and sharpest people have bought Luxury homes in Beverly Hills.

 

Beverly Hills is comparable to a blue chip stock. It will always have value, and more often than not, it will continue to rise.”

Over the last ten years, Beverly Hills real estate has increased by 73.06 percent. The national average for annual home appreciation is 3.8 percent, which means that Beverly Hills is, unsurprisingly, in the top 10% for national real estate appreciation.

 

Property taxation

Keep the property tax in mind when budgeting for a home in Beverly Hills. Beverly Hills has an effective property tax rate of 1.1 percent, which results in an annual average of $25,215 in property taxes. While California’s contentious Proposition 13 protects homeowners from large tax increases in the years following the purchase of a home, the new homeowner’s taxes will be determined by the fair market value of the property. However, Proposition 13 limits the amount by which the tax can be raised in the future.

The significance of inspections

While there are certainly futuristic, trendsetting new builds going up in Beverly Hills, there is also a significant amount of older housing stock. These older homes, combined with the high cost of real estate in this city, necessitate having all homes inspected. “When looking to buy a home in Beverly Hills, always make sure to do inspections.” If it’s an older home, make sure to check the electrical and plumbing, then look for termites, mold, water damage, retrofitting — things that are required by code — and earthquake safety.

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