You’ve been saving your hard earned dollars for what seems like an eternity, and are finally ready to make one of the largest financial investments of your life – buying your first place. As a young professional or couple, you’ve also decided on condominium living. Now the only question that remains, are you really ready to buy a condo?
When people are looking to buy their first condo, they have certain ideas of what life will be like. Many picture luxury living in first-class buildings with stunning views, but often overlook some of the less interesting aspects of condo living, which are often very different than living in an apartment complex or a home in the suburbs. The following are a few things to consider to make sure that buying a condo in Downtown San Diego is right for you.
The average cost of a condo in downtown San Diego is $779,433 and the average HOA fee for a condo with no on-site staffing is $400 a month. For a building that provides staffing, it increases to $800 a month for a two-bedroom unit. The fees are also subject to increase as the maintenance needs of the property change. In addition, you can expect to pay 2 percent of the purchase price in property taxes every year.
In other words, there are a lot of costs associated with buying a Downtown San Diego condo, some of which may not arise until after you’ve purchased the unit. It’s important that you are honest about your ability to pay these costs in the early stages to prevent financial problems in the future.
Privacy and Noise
Sharing walls and living below someone means the potential for a lot of noise and less privacy. If you have never lived in a building with shared walls, it may take some time getting used to hearing a loud conversation between neighbors or a toddler’s running footsteps. When condo shopping, inquire about soundproofing and whether the building has any rules regarding carpeting. Some buildings stipulate a percentage of the living area must be carpeted to minimize noise.
Condo living best suits singles and couples who live busy lives, and individuals who would prefer to skip doing any maintenance personally. Therefore, if you love outdoor space and are looking to have your own private yard or patio, a condo likely won’t be the right choice for you. It’s also important to look at your current lifestyle, and where you plan to be a few years down the road. Ask yourself if a condo will be the right fit for your lifestyle both now and in the future.
All downtown areas have their own issues regarding parking, and San Diego is no different. While many condo buildings offer parking spaces for residents (sometimes at additional per month costs), spaces are limited and buyers or couples with two cars may have to resort to street parking for one vehicle. There are generally two types of parking, spot assignment and deeded parking. Spot assignment is determined by the condo board and is subject to change, which means your prime spot might not always be yours, while deeded spots belong to you at the time of purchase.
Still have a few questions about condo living in Downtown San Diego? No problem! Reach out to 92101 Urban Living today at 619-649-0368. We specialize in the Downtown San Diego area, selling condos in Columbia District, Core, Gaslamp, Little Italy and more. Trust our real estate experts to answer your questions and help you find the right condo for your needs, lifestyle and budget. ')}