Almost any direction you look when in Downtown San Diego you will see new condo construction. Whether recently finished or near completion, these projects give buyers access to units that have never been lived in, impressive tax deductions, and more. It is important to note, however, that purchasing a condo brand new has both benefits and drawbacks. Taking a careful look at each of these is essential for making informed purchasing decisions why you’re ready to buy a Downtown San Diego condo, loft, or penthouse.
The Pros
- One of the greatest benefits of living in a new condo is the fact that the unit will be absolutely free wear and tear, and there should be relatively little maintenance for the first few years thanks to new appliances.
- Builder-backed warranties will still be in place, so if or when things do go wrong, buyers will have a reasonable form of recourse.
- New construction materials also make these units more eco-friendly and energy efficient, which also leads to lower utility costs.
- Buyers who get in during the presale process will also have the opportunity to customize certain aspects of their purchases if committing before construction is complete.
- Typically, the newest condos are also equipped with the latest and great technology and already wired for things like cable and internet.
The Cons
- Presale buyers sometimes find that projects can become stuck as “works in progress”. Rapid and significant changes in the Downtown San Diego real estate market can make it difficult for builders to get the funding needed to complete their efforts.
- New construction lofts in Downtown San Diego can also be pricier than initially expected and the square footage can be smaller once work is completed. Overall, new construction is typically more expensive than existing real estate.
- New buildings also have to be registered by the owner, which can take up to a year in some cases. During this time, owners have to pay a fee to the developer.
- A brand new loft or penthouse can have hidden defects, and if the warranty your new place comes with leave something to be desired, you could find yourself burning through savings. Just because it’s new construction doesn’t mean you should skip a thorough inspection before buying.
Ultimately, only you can decide if buying new construction is right for you. If you need help making the decision, a trusted Downtown San Diego real estate agent can guide you through the process. For more information or to check out listings in Downtown, call (619) 649-0368 to speak with an agent at 92101 Urban Living. We specialize in condos in Little Italy, East Village, the Marina District, and more, and look forward to helping you find the right spot to start your future. ')}