Platinum properties are getting more expensive, and not just for a limited time.
The average price of a luxury home has jumped more than 50% since last year, while the average price for a single-family home has risen almost 75%.
Here are some reasons to avoid buying a platinum property in 2018.
It’s Not Worth the Money Platinum properties, like the homes pictured here, can be a bargain if you can afford them.
But it’s not worth the money if you’re living paycheck to paycheck.
The median price of one of these properties was $2.4 million in the third quarter of 2018, according to Zillow.
That’s up nearly 40% from the third-quarter of 2017, when the median price was $1.6 million.
Even if you have to pay a mortgage, you’ll still end up paying far more than if you buy a condo or townhouse.
The cost of living in a luxury condo or apartment can top out at about $15,000, according, Zillotix.
Even a one-bedroom condo at a cost of $750,000 can cost $2,000 a month.
So, if you want to save for a down payment, it might be worth investing in a more expensive property.
Even the best of the best properties in this price range cost more than $2 million, according the Real Estate Board of Greater Los Angeles.
So if you don’t want to spend the cash on a luxury property, you might want to consider renting out a place.
But if you do, you’re better off taking a step back from the mortgage and renting a smaller, more affordable home.
It Could be a Nightmare If you want a bigger home, a smaller home, or both, you need to take a closer look at your property’s location.
For example, the property pictured here is on a hill overlooking a lake in California’s Central Valley.
If you’re in the market for a large, sprawling property, look at the properties in the Los Angeles area, like this one.
It comes with a 6-bedroom, 1.2-bathroom home.
The house is on an open lot in a city that’s just south of downtown.
It Needs to be Right-of-Way If you live in a lot with other lots or in a suburb, there’s a good chance that the property you’re considering is right-of, or within a right-path.
This is a common rule in urban areas where many lots are built right-side up, according Zillowitz.
The more your property is right of way, the less expensive it will be.
The Los Angeles-area median home price for 2018 was $7.9 million.
If the median home value for your neighborhood is $8 million, you’d need to rent a home that was $3.2 million or more to get by.
The most expensive property in the area was this one, which sold for $9.9 and cost $3 million.
It Doesn’t Pay to Buy It might be tempting to buy a home with a big deposit and a big mortgage, but that’s not always a good idea.
Most homes in this area are on the market with a $500,000 deposit and are worth just $300,000.
That means you’d have to make $1 million in monthly payments.
And you could be paying about $10,000 more in taxes than you would if you bought the home outright.
If that’s your plan, consider moving to a lower-priced neighborhood or staying put for a while.
But, if it’s worth it, consider buying a smaller property instead.
It Can Cost Too Much If you buy this property, the seller might end up making you pay more in interest over the life of the loan.
Zillotses estimate of the average mortgage for a home in Los Angeles County is $2-3 million, and Zillos says that’s because of the interest payments.
A $100,000 mortgage would cost $1,800 a month, according and Zills calculations.
If this is your first investment, you can save money by taking a shorter-term loan, like a one or two-year loan.
That way, you won’t have to worry about paying down the loan in the future.
It Might Be Worth it for You You might be tempted to sell your home to pay for a major down payment.
But Zillows estimates that you’d be better off buying a property that’s in a neighborhood where lots are relatively close together.
You might save money if the property is on the ground floor of a multi-unit building, in a town, or in an industrial area.
If your goal is to build a nice home, you could even consider buying it in a high-end neighborhood, like an area with a good arts district.
But that’s probably not a great option if you just want to buy something for a weekend. 7