Okay, so if you still insist on buying a condo, at least do it right. “Five Tips for Edgy [condo] Buyers” from the Wall Street Journal Guide to Property:
The following five tips may help buyers concerned about resale values when buying in a market where prices have risen sharply.
1. Location is still the key factor.
2. Avoid the ‘white vanilla box.’
3. Look for name recognition.
4. Weigh old versus new.
5. Buy in a building with a good condo association.
Yes, for the most part, common sense. And yet we’re constantly surprised by the bad decisions people make when they’re in a panic (e.g. “Oh my god, if we don’t buy this subterranean TIC in-law unit right now we’ll be priced out forever!”).
∙ Will Your Condo Retain Its Value? [RealEstateJournal]