New Condos Downtown San Diego: Rental, Residence or 2nd Home?

Buyers have different goals when purchasing enters their mind. If you are thinking about purchasing a property in San Diego, California, you will have several possible reasons. Are you moving up or down in size and want to purchase? Are you looking for an investment property that will support itself, and yet me a good future investment? Or are you at a stage of your life where some personal time and quest for personal space motivates you to purchase a vacation home? Your choice will be one or a combination of the aforementioned choices. We will examine each of these choices and how selection of a property is similar yet different from each choice.

If you are purchasing for an investment purpose, a strong rental market will be important. It doesn’t do you any good to buy a great property in a locale no one wants to live in or visit. Locale will dictate rental rates. Rental rates will dictate your return on investment.

Personal residence purchasing is generally the most emotional of the three choices. Our homes or condos are an extension of how we see ourselves. Home is the one place we can let down our hair and be ourselves. It is important that your inner self and your home are compatible and not at odds with each other. Location again will be important. Do you want complete privacy? Is the neighborhood coffee shop important to you? Do you love to have children around or do you want to escape from them? How do you picture yourself when you are at home? Are you puttering in the garden, sitting by the pool, walking to the nearby club, or just vegging on the couch. Your inner choices will dictate your outer location.

Have you reached a place in your life where you want to escape for awhile? Is a vacation home the answer? San Diego has become one of the most popular second home areas in the world due to our location and our affordability compared to other comparable world class cities. Do you picture yourself strolling along the shore picking up seashells? If you currently live in a home do you want your vacation home to be a non home such as a condo?

By Sharyn & Victoria Crown, Downtown San Diego real estate brokers

This is part of a series of articles entitled, New Condos, Downtown San Diego Style  and includes information in our Investor's  Broker section.