Welcome to San Diego Blog | January 7, 2014

Why Buy a Condo Now in San Diego?

Owning a condo can provide a very attractive lifestyle for prospective buyers. It can free you from some of the usual chores that go along with owning a house like yard and other exterior maintenance. In San Diego, they’re especially popular for young professionals who work downtown and for retirees who want to be able to socialize or take advantage of services in communities that cater specifically to seniors. In Little Italy, the Gary and Mary West Senior Wellness Center offers daily nutritious meals, health services, classes, and other support.

There are lots of reasons that a condo might be a better fit than an apartment or a single-family home, and money is at the top of the list. Condo prices tend to appreciate at a slower rate than single-family houses, making them a more affordable choice in markets where prices are rising. And, compared to renting an apartment, because you actually own your condo, you can claim tax deductions such as the interest on your mortgage.
Many people are concerned that they will not be able to have their garden/yard or a garage anymore if they buy a condo. In San Diego, there are numerous community gardens to join where, in your own plot, you can grow the flowers and veggies of your choice. Ample storage units are usually available as well in each condominium complex to rent.

Lastly, before buying your condo, you should request and read the CC&R documents that apply to the management of the complex. What are the hot button issues for this complex? How well-funded is the reserve fund? How does management deal with resident’s requests and complaints? Does the condominium impose strict rules and guidelines on residents that you would be unhappy with? Go and meet the property manager. You need to get a sense of whether the condominium you are considering is well run, whether the rules and restrictions would allow you to live the lifestyle you desire, and whether the building/complex is experiencing any problems that could hurt your property value.
This is a great time to invest in a condo in downtown San Diego– whether you are going to live in it yourself or use it as investment property. Interest rates are at an all-time historic low and prices are expected to continue to creep up through 2014.

Written by: laura

Categories: Downtown San Diego, Little Italy Real Estate, Market Trends, Real Estate Investment, San Diego Condos

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