Buying real estate in the Bay Area is not only about just finding a house to live in. It is a way of wealth creation that continues to grow in popularity. More and more people are starting to realize what a viable investment vehicle realty really is.
As the market grows steadily in San Francisco, people are now starting to realize that there is great potential in investing in condominiums. Apart from being much easier to maintain, they are very practical and are one of the safest bets in investing. Since the terms for acquiring a unit are flexible, even young buyers are finding it easier to acquire their first unit.
Owning a condo is not just having a place to call your own but also owning a viable financial asset that can benefit you in the future. So if you have thought about investing in San Francisco Real Estate and you hadn’t considered a such property, these tips seeks to shed more light on condos as an investment opportunity.
You only need to pay a small maintenance fee to be used in maintaining the building’s amenities. Compared to how much you would spend on maintaining a house on its own, it is much lower. One of the advantages of owning or living in a condo is that you access first-class facilities at great bargains.
As the rental market continues to grow in San Francisco, you can get really competitive returns by renting out your condominium. Most people prefer renting a unit to avoid the hassle of having to travel long distances to get to and from work or school daily.
The resale value is influenced by inflation, location, prestige and the overall improvements of the property. With a good property location in the Bay Area, you can rest assured that you will get a competitive resale value once you decide to sell.
Young investors or first-time home buyers are likely to get better deals at condominiums than they would if they decided to invest in any other real estate property, especially the initial down payment. The difference in the initial down payments is money that can be used to quicken the process of eventually owning the property.
Today it is not uncommon for a business to be housed in a condo-unit. This is due to the fact that most of them are situated near city centers making them very practical to convert into office spaces.
Since the complex is shared by many people, you feel more secure when you live in these housing complexes. Almost all units use lock entries and have security personnel assigned to them. So if security is your main concern, living in one of these properties will definitely give you peace of mind.
Although opportunities abound in real estate in San Francisco, investing is much more complicated than, say, investing in stocks or bonds. There are a lot of factors that need to be taken into consideration before any decision is made.
Buying or selling properties/homes in the city means serious meticulous planning. It’s not just about buying the first property you come across. You need to look at all the different considerations before making a decision.
Before acquiring that first property, determine your expectation from the investment. What do you aim to achieve? Don’t be afraid to take some time to understand your future goals. Once you understand them every investment takes you a step closer to achieving them.
It’s not about grabbing the first property you come across. Also don’t pick a property merely because it looks nice. Since it is an investment and not a property for you to live in, don’t be swayed too much by your own personal preferences. Take a number of options and then use your own criteria to narrow them down to the best.
Most inexperienced investors fall into the trap of thinking there is a better deal around the corner. This kind of thinking can lead to you losing out on a great deal as you hold out for a better one. Although it is understandable that you want to get your first one right, it is important to know that perfect deals almost don’t exist.
Although studying is important before venturing into realty, collecting information is not the endgame. Don’t be stuck in the research phase and forget to take action. Let the lessons learnt from every venture be used in the next.
If you are more motivated to buy than the seller is to sell, you are unlikely to get a price that is in line with your financial goals. You can tell when a seller is not really interested in selling the property. For example if he is not interested in reducing his asking price even after being on the market for a year or more, it may mean he is not really interested in selling.
You have to be smart when choosing an agent. The process becomes much simpler when the agent can move quicker. With an aggressive agent, you have a definite advantage over other buyers when rushing to close a deal. Contact one of our agents to see whats available in todays market.
Owners have several benefits from the US Tax code. Depreciation deductions and mortgage interest are some of the ways you can get some relief from taxation.
When there is inflation, prices generally go up. Real estate investment prices have a high correlation to inflation.
Realty has always appreciated in value more than most investment types. Any improvements to the property also add to its value.
Realty has a high intrinsic value. An investor will be secure in the knowledge that he owns an asset that can potentially earn income whether the existing tenants stay or leave.
Although pride of ownership cannot be measured in financial terms, it ranks highly as a benefit of owning property. It’s always a great feeling when you own a property that produces income.