Let’s talk about condos!
Please note that this blog post does not apply to apartments in major vertical living cities such as Paris and New York. This article applies to cities like Los Angeles that mostly comprise of single-family dwellings.
Condos are a mainstay of the real estate industry. Whether you are downsizing, purchasing a second home, or just moving to a new city, condos provide a stable, more affordable style of living.
However, there is a lot of confusion when it comes to buying condos, which means that buyers don’t always come out ahead on their purchases.
In Los Angeles, condos are a great alternative to rising home prices, and they can either be a very prudent
So now what is the value of this property? It's whatever the land is worth. The land is what appreciates over time and in Beverly
This is important to
While some buildings age very well, others don’t, and
Many of my clients argue, “but Josh, we won’t live there for very long!”
Everyone believes they are going to make more money next year, or that their career is going to take off, however you shouldn’t buy based on those predictions.
Instead, when you are spending a lot of money you should always make a wise investment that can actually earn you money in the future, instead of settling for something in the interim.
When considering your future investment in the property, keep in mind that it’s always more valuable to purchase a house then a condominium.
With the purchase of a
The higher up you go in the building, the more valuable the condo becomes because the view is essentially what creates the value.
One thing to keep in mind, however, is that buildings are hot and fashionable for a brief time, and then they become old and something better comes on the market.
So of course if you’re getting older in years and you are just looking to downsize to a condominium after owning a house and you’re not interested in resale value, a condominium is just great.
If your heart is set on owning a condo, then
So always go for the view, unless of
Keep in mind that if you’re buying something at the peak of the market, the first properties to decrease in value are always secondary homes such as those in Malibu, and condominiums.
Single-family primary residences are always the last ones to drop and usually drop by a much smaller percentage than secondary homes or condominiums.
Remember these tips the next time you think about buying that dream condo. Always think RESALE!
Below I have included my top picks for condominium living in Los Angeles