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When looking to purchase a condo, and think about resale - is purchaseing a garden a bad investment?
Mon Apr 28 2008, 08:48 - Logan Square - Home Buying - 5 answers
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Half your buyer clients on the re-sale are not there. Safety issues will always come up with a garden level condo!
Wed May 21 2008, 13:38
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Bottom line: There is a market for every type of property, **as long as it's priced accordingly and appropriately**. Of course if you can afford a higher floor, then buy a higher floor, but if you can't, then what is affordable for you is the right buy for you financially, and will be the right buy for somebody else financially later on down the road.
Just be sure that the garden is marketable, ie, located in a good area with good amenities, doesn't have that "dungeon" feel, and is not in violation of any codes. Good luck! Tue Apr 29 2008, 09:30
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I would avoid garden units if you can afford a higher floor. I will note that many garden units have a lot of light if they are not too far below grade. Another issue is moisture level in a vintage rehab garden unit, I would avoid these- they just were not meant to be living areas.
Tue Apr 29 2008, 07:44
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An additional note on purchasing a garden unit....in addition to puchasing a garden unit for a fair price you may also want to ask your agent to do an analysis on marketing time of other garden units in the area. This may be helpful to you when it comes time to sell your garden unit.
Tue Apr 29 2008, 01:17 Web Reference: http://www.VassiSaviano.com
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FIRST ANSWER
An investment is only bad if you overpay for it when you make it. It would be a bad investment to pay the same amount as a n equivalent first floor unit for your garden unit. But if you bought it a 50% below what the equivalent first floor sells for it would probably be a great investment.
Your agent should be able to give you some good advice about what you should pay for the particular garden unit compared to other above ground units in the building. Mon Apr 28 2008, 09:48 Web Reference: http://www.esmrealty.com
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