Hello I am buying my first property and I am panicking a little. I am buying a property in El sereno, close to CSULA. I am not sure if this area will appreciate over time. I am planning on living there for 5 years and then probably get other house. Is it a good investment compare to other areas of LA or close to LA. I also wanted to go to La Habra or Roland heights but those areas tent ti be a little more expensive. Thank you for your time.
When investing in real estate, I'm a big advocate of buying just outside of a desirable area.
El Sereno is that type of area. As people get priced out of competing markets, they have to go somewhere. That's where you come in.
Plus generally speaking most properties will appreciate over time. It just depends on how long you intend on keeping it. If you are thinking 1-2 years, you likely won't see the appreciation you want unless you added significant value (additions, remodels, ADUs, etc).
Are you planning on selling after five years? Or rolling it into a rental? I have tremendous confidence in that area long term but only planning on holding something for five years is riskier, given interest rates are high and you'd likely make little progress on the principal / not build up a ton of equity before selling (meaning it would have to appreciate quite rapidly for you to come out ahead).
When investing in real estate, I'm a big advocate of buying just outside of a desirable area.
El Sereno is that type of area. As people get priced out of competing markets, they have to go somewhere. That's where you come in.
Plus generally speaking most properties will appreciate over time. It just depends on how long you intend on keeping it. If you are thinking 1-2 years, you likely won't see the appreciation you want unless you added significant value (additions, remodels, ADUs, etc).
You'll benefit from knowing the area--El Serena will absolute appreciate if you're careful to avoid the higher crime areas (Southwest El Sereno, especially near Huntington Drive, the train tracks corridor, and around Locke Avenue/Guardia Park.) even if it means a paying a bit more on the front end.