The gorgeous state of California has much to offer its residents and visitors. The state features a plethora of
natural attractions along with world renown food and shopping centers. With so much to offer, the real estate market
in California is booming as folks make their way to find their dream home.
Despite the restless real estate market and competition, following the right steps can help homebuyers navigate these
hectic waters.
Budget for property taxes
Before moving to California, it’s essential to start budgeting for annual property taxes. The tax rate is capped at 1
percent of your home’s property value. This amount is fair, however some communities pay an additional tax called
the Mello–Roos tax.
This extra fee helps to cover schools, fire and police services, public parks and more. Speak with your real estate
agent as you explore luxury homes to see which communities have differing tax laws.
Check for seller’s disclosure
In the state of California, sellers are obligated to disclose an expansive amount of information about their property
when it’s listed on the market.
This can include any recent deaths on the property, if it’s located in an area prone to fire or flood, insurance
requirements and more. Knowing this information can help you prepare for possible perils, or may be the deciding
factor for you to search elsewhere else for a home.
Consider hiring a real estate attorney
Many states require the homebuyer to hire a real estate attorney to oversee a fair closing of the home purchase.
However, in the state of California, hiring a real estate attorney is not required.
It may be tempting to forgo having an attorney to save money, but hiring an attorney gives you a valuable resource to
make sure the purchase contract is fair and with good terms for both parties involved.
Even though California real estate moves quickly, taking time to slow down and examine your resources is valuable.
Speak with your real estate agent to learn more about steps needed to get your dream luxury California home.