The recent addition of the $46 million property listing in Trousdale Estates highlights the importance of getting your finances in order before checking into this part of town. Surprisingly, this isn’t even the most expensive property in the area, with the $72 million purchase by the Uber co-founder, Garrett Camp, topping the list. What makes this part of town so exclusive and attractive, is the fact that residents enjoy their privacy. But owning a house in Trousdale Estates is not enough to keep up with the set, and for those looking to live a true Beverly Hills lifestyle, you may want to knock on your banker’s door. (Kevin Bhagat/Unsplash)
Mortgages Unlike Others
It’s not unusual for Beverly Hills residents to finance their expansive pads with mortgages that run into tens of millions of dollars. Beyoncé and Jay-Z approached a mortgagor to finance their Bell-Air home for $52.8 million. One of the most important considerations when taking out a mortgage of this size is noting that a property this size will require tremendous upkeep. This means that it’s important to include maintenance, services, and taxes into the repayments to budget effectively.
Securing A Line Of Credit
While there are specific loans that address the needs of the Beverly Hills crowd, such as yacht finance and supercar loans, there are loans that take care of the rest. This could include that quarts crystal tub in the bathroom, rare art pieces and artifacts, or jewelry that may require an armed escort. For this, a line of credit or a personal loan can keep the budget going. Funding purchases can take many shapes and sizes and it helps to keep your banker on call.
Add A Bit Of Bling
There’s nothing worse than being invited to a Beverly Hills luncheon and you’re still toting around your student credit card that was issued to you years ago. Instead, you may want to consider pulling out your American Express Black or Dubai First Royale Mastercard. These cards are not only exclusive, but they’re also invitation-only. Credit cards are also the most versatile types of finance, as they tend to offer a host of other rewards, perks and bonuses.
Finance in Beverly Hills may look a little different, but it also means keeping an impeccable credit record to enjoy invitation to exclusive deals and have access to high credit lines.