This And That About Taxes When Buying A House

February 15, 2019

This And That About Taxes When Buying A House
One of the first steps people tend to take after deciding to buy a new home is hiring a real estate broker. They can assist a person in finding a top-notch property that is in their price range. Regardless of where you want to live, the real estate broker has you covered.
  • Leimert Park, Pasadena, Los Feliz
  • West Adams, Downton Los Angeles, Echo Park
  • Koreatown, Hancock Park, Silver Lake, Or Jefferson Park
  • San Fernando Valley, Studio City, Santa Clara
We will put their best foot forward to find you the home of your dreams. Before a client goes down this road, they need to think about a few things though. So, read further to learn a little bit about this and that.

Don’t Forget About Taxes

Sometimes, land and school taxes are included in mortgage payments. However, on other occasions, a large lump sum is due at the beginning of each year. It is super important for the buyer to check on this aspect. If you fail to do so, you may wind up being forced out of your home by getting behind on taxes. Discuss the matter with your real estate broker and loan officer to ensure that you don’t find yourself in a bind.

Los Angeles County Tax Landscape

The average county tax rate is just under 1.25%, and the median is just over 1.11%. Doing your due diligence and calculating your tax payment should be a major factor in figuring out what you can afford. Work on it with your mortgage broker and then figure out if you want to save for these taxes on your own or fold it into your mortgage payment. The latter can be a handy tool and will allow you to make your budget based on one monthly payment.
Stay tuned for a post about tax opportunity zones in Los Angeles.

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