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6 Important Considerations When Buying Your First San Diego Condo

real estate agent touching San Diego building miniature

Nothing can beat the urban convenience of living in a condominium. With the abundance of luxury high-rise condos in downtown San Diego, it is easy to be spoiled with the number of options the area provides.

The process of buying a condominium is not quite the same as buying a single-family property. There are many factors to be considered.

The list below details these factors:

Luxury High-Rise Condominiums are Actually More Affordable when Compared to Single Family Homes

The median price of a 1,000 -1,400 square foot 2 bedroom, 2 bathroom condo in one of San Diego’s luxury buildings currently averages around $750,000 – $1.2 million. At first, glance that might seem like a high number, but when you consider that a rather small single-family home in the same area can cost upwards of  $800,000, condos are often more reasonably priced. In fact, a $750,000 – $1.2 million dollar condo in San Diego is considered a great value in comparison to other coastal cities in Southern California

Condos Offer a Carefree Lifestyle

The readily available amenities and ‘lock and leave’ lifestyle are arguably the biggest draw for purchasing a luxury condominium property. Just think—you can go to the gym, spa or swimming pool anytime you want to, and it takes a few second elevator ride to get you there. On top of it all, you don’t have to worry about maintaining those facilities yourself, as the condo staff does all that for you. If you are looking to socialize, it’s easier to do so when your neighbors are just a few floors away. If high-rise living is a new concept to you, it doesn’t take very long to realize the value of paying the monthly HOA fees, especially when you take advantage of the wonderful perks that come with living in a prime condo building.

Condos Make for Sound Investments

What makes condominium a sound investment?  It is quite simple – the common area maintenance and upkeep are the property manager’s responsibility, not the individual owners. Meticulous maintenance of a property certainly influences its future value which in turn generally increases the confidence level of a buyer when determining the type of property and location of where they will likely spend their money.

Families Can Enjoy Condo Living, Too

People generally believe that condos are too cramped for families to reside in. This notion simply does not apply in all cases. Just like single-family homes, mid-rise and high-rise condominiums are available in all different size ranges and layouts; in fact, many are designed with families in mind, whether it is for a weekend gathering or full-time residency. Not to mention, most upscale buildings offer residents the use of a fully fitted in-house guest suite for those that prefer a little more privacy and space when entertaining overnight company.

Location is the Key

Many of the mid-rise and high-rise residences that are available for sale in San Diego are positioned in prime locations near shopping centers, dining establishments, educational institutions and the like. This accessibility allows you to reduce and even eliminate travel time and costs. Of course, you’ll need to find the property that is located in the area best suited for your lifestyle. That way your long-term property investment can truly work in your favor.

Make Sure all Agreements are Amenable to You

Condo ownership is a little bit more complicated than single-family properties, mainly because you are actually purchasing a percentage of air space within a tower. With multiple units having different owners, it’s important to know exactly what’s yours and what’s not.

You need to ask several important questions. Does your condo come with a reserved parking spot or storage room? Is parking covered and secure? What exactly do the association fees cover? Review the stipulations of the agreement you are signing and make sure you understand them all. If you don’t, ask.  Consult with an experienced real estate agent, especially one who specializes in San Diego’s finest luxury high-rise and mid-rise market.

The Bottom Line

Taking all these considerations into account can help you make a more informed decision when purchasing a condominium. Whether you plan to snap up a property as an investor, resident or vacationer (San Diego is a prime secondary home market in the States), luxury condo properties are definitely something that you should consider as an option.

If you are considering purchasing a premium high-rise residence in San Diego, I can be of service to you. It would be my pleasure to introduce you to the San Diego market and to provide you with all the guidance and assistance you need for a positive real estate experience. Feel free to contact me at 619-980-8385 or via email Max(at)SanDiegoHighRises(dotted)com.

I sincerely look forward to a hearing from you and allowing me to introduce you to San Diego’s prime mid-rise and high-rise real estate market.