With one of the most optimistic real estate markets in the nation, San Diego is the perfect place to shop for an investment property. This is especially true for buyers who can afford to secure units in the downtown area. Given the wealth of people seeking easy access to the business district and the ample array of charming, neighborhood features, Downtown San Diego real estate is exceedingly easy to rent and guaranteed to gain value. In order to get the most from these investments, however, there are several key features to look for.
Crime Statistics
Even for single professionals who are only looking to rent spaces for themselves, safety is still a huge concern. Shop around for an agent who has an in-depth knowledge of downtown neighborhoods from Little Italy to the East Village and can give you a street-by-street breakdown of areas to avoid. Your future tenants will love you for it. They’ll wind up paying far less for both renter’s insurance and automobile coverage while avoiding a host of unnecessary problems.
Parking
Given the considerable amount of demand that rental properties generate in this area, dedicated parking isn’t essential, but it’s definitely a huge plus when it comes to marketability. Units that come with their own covered or secure parking are incredibly easy to turnover. They’ll also allow you to charge significantly higher rates for units without seeing any decrease in interest.
Reasonable HOA Fees
The key to generating an acceptable amount of income from rental properties in Downtown San Diego is keeping your ownership costs low. Shop around for condos or other units that have reasonable HOA dues. HOA fees that are uncharacteristically high can significantly offset your earnings.
Modern and Efficient Amenities
Shop for units that have the latest and most efficient amenities. Not only will these draw more interest from prospective tenants, but they’ll also help you limit your spending on any utilities that you plan to cover. With a number of high-end features, you can draw more interest, charge more rent, and keep your overhead to a minimum.
Ample Shopping Opportunities
With or without dedicated parking, a unit is guaranteed to gain value and draw interest if it’s located near a number of desirable shops, restaurants, clubs, and other prime, local venues. Take stock of the types of people that these places attract and make sure that this is in line with the types of tenants you want to keep. Giving people the opportunity to live within walking distance of their favorite social hubs will keep your turnover rates low.
When you’re ready to seriously look at Downtown San Diego condos for sale, reach out to the experienced real estate agents at 92101 Urban Living. We know Downtown forwards and backwards and can help you hone in on the properties right for your long-term personal and financial goals. ')}