Condos are a mainstay of the real estate market in nearly any major city. But buyers never fail to question if these properties make sound financial sense. Do they increase in value? Are they more affordable than renting? The truth is that if you’re considering purchasing, you need to look at condos for sale in Los Angeles. And to learn why we make this claim, continue reading.
Better Than Renting: 9 Advantages of Finding Condos for Sale in Los Angeles
1. Invest Your Money in Condos for Sale in Los Angeles
A condo is a tangible asset. That in and of itself is a huge advantage over renting because you can earn from it. Whether you choose to continue living there, rent to tenants, or sell, that condo puts your money to work in ways that benefit you.
Real property is widely recognized as one of the most secure investments available. When you own, you’re paying yourself instead of someone else. Renting, on the other hand, never brings a return on investment. When you move, you leave behind both the property and the money you paid out. This can be a convenient transition into owning, but financially, it’s best to rent only short-term.
2. An Asset That Appreciates in Value
Condos appreciate differently than single-family homes. First and foremost, condo developments in Los Angeles rarely get old. That is to say, these buildings get redesigned or even rebuilt within an average span of 20 years, ensuring they remain relevant. This fact helps drive condo prices up.
The other element at play is the view. Because they’re usually built vertically rather than horizontally, condos provide gorgeous views of downtown Los Angeles. This appeals to buyers who want to be a part of the city’s electric atmosphere and helps drive prices upward.
Condos are part of a highly desirable market, especially when speaking of young adult and senior buyers. These dwellings require little upkeep and therefore encourage a carefree lifestyle. Condos also tend to have interesting layouts and upscale furnishings that further entice buyers. Equally advantageous, property values in Los Angeles are almost always on the rise. This gives you a greater bottom line if you sell than in other cities with lower property values. And if you choose not to sell, equity can be used in other practical ways as well, such as obtaining a home equity loan to pay off debt.
3. Protection from Inflation
Property owners don’t directly feel the effects of inflation. Even better, if you choose to rent out your condo, you can market it to those interested in both long- and short-term stays. People dependably flock to Los Angeles for tourism, business, and various other reasons. But they all have one thing in common: they need a safe and stable place to stay.
A coveted location in LA allows you to make a steady stream of income from your condo if you so choose. You will no longer be the renter forced to pay more as inflation rises. Instead, you can capitalize on burgeoning rental rates and charge others for use of your condo. If you don’t rent out your property, you can still look forward to a predictable mortgage payment each month rather than fluctuating rental costs.
4. A Long-Lasting Legacy
5. Controlled Access
Living in a condo building with controlled access can prove safer than a rental house with outdated or even compromised entry systems. Security staff and a 24-hour concierge are in many condo buildings, allowing you to come and go with greater peace of mind – especially if you frequently travel.
6. Minimal Maintenance
Renting puts you at the mercy of a landlord who may or may not be eager to make repairs. It’s easy to feel frustrated when you’re not in control and want something like a leaky faucet fixed. Owning affords the freedom to fix, update, and renovate your interior to suit your individual taste.
7. Choose Your Amenities
8. Greater Stability
Renting gives you the chance to pack up and leave at any time, but this may not send the right message if you plan to live in Los Angeles for the long term. Ownership helps you establish yourself in the community and build lasting social connections. In other words, it helps you create a stable foundation.
Many diverse communities can be found throughout LA, each with its own culture and lifestyle. Finding your place within one as a condo owner can be highly satisfying.
9. The Breakeven Point
Let’s say that throughout this three-year period, you rented instead. The average apartment goes for $2,600 per month in California. A little after the three-year mark, you spend $114,000 in rent. Your monthly costs were likely a little less owning, but you didn’t build any equity. And you paid more in unrecoverable fees than the average homeowner. This means the breakeven point sits in the homeowner’s favor.
The decision to buy versus rent is a big one. If you’re looking to stay in LA long-term, we recommend you purchase. And no better partner can be found to assist your home buying journey than Teresa Mack. Call Teresa and start exploring your options today.