Living Large: The True Price of Luxury in LA

Friday, October 20, 2023   /   by Fahad Karamat

Living Large: The True Price of Luxury in LA

When the Average Joe thinks about a million-dollar mansion, they might whistle and walk away, knowing it's as out of reach as an Oscar for best actor. But for the elite homebuyer, these architectural marvels are within grasp—though sometimes, they grab back with hidden costs that would make even a celebrity's accountant wince.


You've mastered the stock market, you don't blink at the numbers on your tax return, and you're ready to invest in a sprawling LA estate that would make the Hollywood sign look modest. Welcome to the big leagues of home buying, where the price tag is just the entry ticket, and the real game is played in maintenance and taxes.


The High Life Has Its Price


Once you've crossed the threshold of purchasing a luxe LA County pad, the actual costs start sending you invoices. For example, a backyard turned into an Eden-like garden could cost more than a small role in a blockbuster film. And let's not forget the Oscar-worthy pools, worthy of a scene in "The Great Gatsby," which demand a maintenance crew almost as large as a movie's production team.


Keeping Up with the Cost of Opulence


Don't be surprised if keeping your court in tennis-ready condition has a price tag that could sponsor a local film festival. It's not just the initial costs — the sequels, the never-ending series of expenses that follow the grand purchase.


Under the Roof: The Manager and the Crew


Moving on to luxury comes with a cast: property managers, security guards, household staff, and the occasional cameo of country club memberships. Yes, living the dream in the hills can cost you a 'director's cut' of your income, with property management fees as steep as the hills you live on.


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When Mother Nature Calls for Premium Insurance


Are you considering a beachfront property? Make sure your insurance coverage is more water-tight than the plot of a coastal thriller. And for those properties stage-set in wildfire or earthquake zones, think of insurance as the stunt double for your home—it needs to be robust enough to take a hit.


Laughing All the Way to the (New) Home


Understanding the economics of high-end home ownership is like reading the fine print in a celebrity's prenup. It's there, necessary, and it's better to know what you're signing up for. Remember, in the land of luxury, your home isn't just a residence; it's a lifestyle production where you're the star, but you don't want to end up on the "Most Expensive Home Repairs" reality show.

 

  buying a home, buying land, luxury market, california

California Platinum Realty
Fahad Karamat
6303 Owensmouth Ave 10th Floor
Los Angeles, CA 91367
818-835-0848
CA DRE # 02007521
NMLS # 1597279

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Based on information from the Golden Empire MLS, Inc./Association of REALTORS® as of April 18, 2024. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Information deemed reliable, but not guaranteed. Copyright Golden Empire MLS, Inc. 2021.
Based on information from California Regional Multiple Listing Service, Inc. as of April 18, 2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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