If you’re buying a loft for sale in downtown Los Angeles, you’ll have to keep in mind that you’ll pick up a few added expenses that most renters don’t have – but what are they?
Expenses Homeowners Have That Renters Don’t
- Property taxes
- Homeowners insurance
- HOA dues
When you own a condo or loft, you’ll have to pay property taxes. On average, a U.S. homeowner will pay about $2,100 per year on property taxes – but depending on the value of your home, you could pay more or less.
Your lender will most likely require you to buy homeowners insurance, which protects you (and your lender) against losses from fire, storms or burglary. This insurance may also cover your legal costs if someone gets injured in your home.
As an owner, you can’t call your landlord and ask for repairs and maintenance – you’re responsible for those costs. The amount usually increases as your home gets older.
While not all homeowners have to pay dues to a homeowners association, many of the condos and lofts in downtown Los Angeles require membership. Average HOA fees are between $200 and $400 per month.
Are You Buying a Loft or Condo in DTLA?
Call us at 213-254-7626 or get in touch with us online to start exploring your options when you want to buy a loft or condo in downtown Los Angeles.
While you’re here, check out our:
- DTLA Arts District lofts for sale
- Historic Core lofts for sale
- DTLA Little Tokyo lofts for sale
- Bunker Hill lofts for sale
- City West lofts for sale
- South Park lofts for sale
- Fashion District lofts for sale
- Financial District lofts for sale