Buying any real estate is an involved process, and if you don’t go in with a good plan, it’s easy to end up dissatisfied with your end result. Here are a few things to consider to make sure you take the right steps to buying real estate in Malibu.

Location, Location, Location

First, you need to think about what type of property you’d like, whether it’s beachfront property, a mountain retreat with acres of surrounding land, or simply a house in a good location.

If you have a family, being near a reputable school is a must. All Malibu schools have high ratings, but some offer specialized curriculum, such as Point Dume Marine Science Elementary School. There’s only one middle and high school in Malibu, and that is located in the city’s northwestern end.

While some people prefer to live remotely, and don’t mind driving miles to a store, others may prefer to be walking distance to shopping areas. You might consider buying real estate in Malibu that’s near Cross Creek Road. Retail stores, restaurants, and the city’s only movie theater are within walking distance of Serra Retreat, which has wonderful homes.

If you want solitude, up in Carbon Canyon there are homes as well as Malibu land for sale. Homes in Latigo Canyon can offer a mixture of both solitude, and being within a few minutes drive to the PCH for anything you might need.

Fixer Upper, or Move-In Ready?

Secondly, you should consider what state you’d like the house to be in. Do you want to be able to walk in the door and have everything set out perfectly like a model home, or would you prefer to have a fixer upper that you can put your own stamp on?

The downside to a fixer-upper of course is that you’ll need extra funds on-hand to do any renovations or repairs. If you don’t have any extra available cash, there are several types of loans, including the FHA 203K and the Fannie Mae HomeStyle Renovation mortgage, that are tailored for renovations and repairs to a newly purchased home.

Price it Right

Finally, you must work out an ideal price range. This is a good thing to do with any large purchase, but especially with real estate, since it is so easy to fall in love with something outside of your price range, only to regret it later.

Remember you’ll need at least 20% down, and that there will be closing costs. Make your credit score is top-notch, and that your debt-to-income ratio is no higher than 36%. Also factor in costs such as home insurance, property taxes as well as maintenance costs.

Reach out to your Malibu real estate agent to help you find a qualified lender.

In Summary

Though this is a very simple guide to buying real estate in Malibu, it encapsulates the basics. As long as you take the time to make a basic plan, your experience of buying a Malibu home will be quick, easy, and even enjoyable.

If you’d like more information regarding buying real estate in Malibu, send us a message or call Russell Grether at 310.994.4247