What Are the Hidden Costs of Buying in Beverly Hills?

Buying a home in Beverly Hills is a dream come true—but while the sale price often steals the spotlight, it’s the hidden costs that can catch buyers off guard. Whether you’re buying a $2 million condo or a $20 million estate, it’s crucial to understand the true cost of Beverly Hills homeownership.

Here’s a breakdown of the most common—and unexpected—expenses that come with buying a luxury property in 90210.

1. Closing Costs: More Than You Expect

While closing costs apply to real estate everywhere, in high-end markets like Beverly Hills, they add up fast.

Expect to pay for:

• Escrow and title fees

• Attorney fees (common in luxury deals)

• Recording and transfer fees

• Notary and courier charges

• Home appraisal and inspection

💰 Typical total: 2%–5% of the purchase price
That’s $100,000–$500,000+ on a $10 million home.

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2. Luxury Home Insurance

Homes in Beverly Hills often require custom insurance policies, especially if your property includes:

• High-end finishes or rare materials

• Valuable art, jewelry, or collectibles

• Pools, guest houses, or home theaters

• Smart home systems or security tech

Premiums can range from $10,000 to $100,000+ per year, depending on the coverage.

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3. Property Taxes in Beverly Hills

California’s property tax rate hovers around 1.25%, but for Beverly Hills, that can mean tens or hundreds of thousands annually.

Example:

• $5M home = $62,500/year

• $10M estate = $125,000/year

Some areas may also have special assessments or Mello-Roos taxes depending on the neighborhood.

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4. HOA Fees and Maintenance Costs

If you're buying in a luxury condo development or gated community, expect monthly HOA dues—often starting at $1,000+ and climbing into the thousands.

Other ongoing costs:

• Landscaping

• Pool service

• Private security

• Housekeeping or estate staff

Even a modest estate could cost $5,000–$20,000/month to maintain.

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5. Renovations and Customization

Even multi-million dollar homes may need upgrades—especially if you want to personalize finishes, install smart systems, or modernize older architecture.

💡 Renovation costs in Beverly Hills can range from $300 to $1,000 per square foot depending on the scope and materials.

Also consider:

• Permitting fees

• Architectural reviews

• Historical or zoning restrictions (in select areas)

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6. Private Schools and Lifestyle Expenses

While Beverly Hills boasts some of California’s top public schools, many families opt for private education, which can cost $30,000–$50,000/year per child.

Other lifestyle costs might include:

• Club memberships

• Private security or concierge services

• High-end furnishing and staging costs

Living the Beverly Hills lifestyle comes with its own premium.

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Final Thoughts

Buying a home in Beverly Hills is an incredible investment—but it’s essential to go beyond the listing price. By budgeting for these hidden costs, you’ll avoid surprises and enjoy a smooth transition into your luxury lifestyle.

Ready to Buy Smart in Beverly Hills?

We help our clients navigate every cost, from the first showing to the final wire transfer—so you can focus on the joy of your new home, not the financial stress.

📞 Contact today for a full-cost breakdown and personalized consultation before buying in Beverly Hills.