Manhattan Beach Real Estate Blog

The 8 Steps to Buying A Home In Manhattan Beach

If you're considering making Manhattan Beach your home, understanding the buying process is crucial. In this guide, we'll walk you through the 8 essential steps to buying a home in Manhattan Beach, ensuring a smooth and successful experience.

Step 1: Finding the Right Agent and Real Estate Team: The DOMO Real Estate Advantage

Embarking on the journey of purchasing a home requires expert guidance. Choosing the right real estate agent and team can make all the difference. The DOMO Real Estate Group, renowned for its expertise in the Manhattan Beach market, can be your compass in navigating the intricacies of the local real estate landscape. Their seasoned professionals bring a wealth of knowledge, ensuring you make informed decisions throughout the buying process.

Step 2: Getting a Pre-Approval with a Lender

Before diving into the Manhattan Beach real estate market, it's crucial to determine your budget. Securing a pre-approval with a reputable lender, such as one recommended by the DOMO Real Estate Group, provides you with a clear understanding of your financial capabilities. This step not only streamlines your search but also positions you as a serious and credible buyer in the eyes of sellers.

Step 3: Exploring Manhattan Beach Neighborhoods: Sand-Section, Tree-Section, and Hill-Section

Manhattan Beach offers a diverse array of neighborhoods, each with its unique charm. The Sand-Section...

Manhattan Beach Homeownership Costs

Nestled along the sun-kissed shores of the Pacific, Manhattan Beach is not just a coastal haven; it's a lifestyle. If you're considering making this vibrant community your home, it's crucial to be well-informed about the total cost of homeownership. Beyond the initial purchase price, prospective residents need to factor in various ongoing expenses to ensure financial stability and peace of mind. In this blog, we'll dissect the different facets of Manhattan Beach home ownership costs, emphasizing the importance of a comprehensive budget.

Mortgage

The cornerstone of homeownership, the mortgage is the monthly payment that covers the cost of your home. In Manhattan Beach, where real estate is highly sought after, mortgages can be a significant part of the total cost. It's crucial to explore various loan options and secure favorable interest rates to keep this expense manageable. Here's a breakdown of approximate numbers:

  • Median Home Price in Manhattan Beach: $2,500,000
  • Down Payment (20%): $500,000
  • Loan Amount: $2,000,000
  • 30-Year Fixed Mortgage Rate: 7%
  • Monthly Mortgage Payment: $13,322

Utilities

Manhattan Beach enjoys a temperate climate, but utility costs can still make a dent in your budget. Electricity and gas are common utility options, and it's essential to factor in these ongoing expenses when planning your monthly budget. Additionally, consider water and sewer costs, which may vary based on the property size and landscaping. Here's a breakdown of approximate numbers:

  • Electricity and Gas: $150 - $200 per month
  • Water and Sewer: $50 - $100 per month

HOA Fees

Many residential communities in Manhattan Beach are part of homeowners' associations (HOAs) that manage shared amenities and enforce community guidelines. HOA fees contribute to the maintenance of common areas, security services,...