5 Things to Consider When Purchasing Real Estate in La JollaJune 3, 2020
5 Things to Consider When Purchasing Real Estate in La Jolla
So you think you’re cut out for The Jewel of America’s Finest City, you’re ready to stake your spot in La Jolla, California. Well before you purchase real estate in La Jolla, take these five things into consideration.
Location – Where Will You Live
All of La Jolla is not like the other. La Jolla is made up of four different areas all with their own unique personality.
The central and main area of La Jolla is known as “The Village” or downtown La Jolla. Here you will find shops, restaurants, hotels, and La Jolla Cove. The Village is a great blend of living at the beach and a walkable entertainment sector. Do beware though during tourist season The Village can get quite busy, coastal walkways and parking fill up quickly.
South La Jolla as its name suggests is just south of The Village and just north of an area called Bird Rock. South La Jolla is made up of quiet streets lined with family houses and spotted ocean lookouts. Though you may need to take a car or golf cart to nearby restaurants and attractions it is typically a little less frequented by tourists.
North of The Village you will find the La Jolla Shores and UTC. The Shores consists of family houses and a beautiful sprawling beach. The Shores even has its own center of restaurants and cafes. UTC on the other hand is where you will find large apartment buildings, stores, malls, and workspaces. It is the work and shopping center of La Jolla.
Loans – How Are You Going to Pay For it
It’s safe to guess you’re going to need to purchase your new real estate property and it is not going to be handed to you. It’s also likely, unless you just had a major business exit, that you are going to be financing it with a home loan. Consider contacting local loan advisors in the area. They will be knowledgeable about the area and better able to assist you. If this is your first home purchase consider an FHA loan and if you are one of our honorable service members make sure you take advantage of VA loans in San Diego.
Housing Style – What Abode are You Looking For
The living unit you’re looking for will largely dictate your search. If you want a smaller condo with little maintenance required you will likely look in The Village. If you would like a stand alone house with a unique character, you will likely look in South La Jolla. If you desire new construction without having to tear down an existing structure, you will likely be looking in the UTC area.
Real Estate Value – You Get What You Pay For
The price for real estate in La Jolla is higher than that of the national average. However, it is important to remember, a higher real estate investment upfront in a desirable area typically leads to higher equity growth, in the country’s most valuable zip codes you always want to own the worst house on the block. That way, you will see your property value rise quicker in La Jolla than you will in less desirable parts of the country.
Long Term – Plan and Think a Few Years Down the Line
It’s safe to say, once you move into La Jolla you’re not going to want to leave. So make sure you take your time and plan well enough down the line that you are content for years to come. Make sure your property aligns with your work and family plans.
There it is, the five things you need to consider when buying real estate in La Jolla, California. Now I challenge you to go out and claim your spot on the coast. I wish you smooth sailing, La Jollan.