3 Types of Real Estate Properties That Are Old News

The best reason to buy a real estate property is that it is a place where you want to live.  It has just enough bedrooms for the members of your household, and it is easy to get from your new home to your workplace and your children’s school.  If the long-term financial investment is not your main concern for buying the property, then buy it without hesitation.  If you are buying the property as an investment, since you already have a place to live and to call home, then long-term financial projections matter.  Trends come and go, but the size and location matter more than individual features of the property.  You can always paint over an accent wall or install marble countertops to keep up with the times; renovating the property after you buy it is often part of the process.  For help strategizing the long-term consequences of your choice of real estate investment property, contact a Bronx real estate attorney.

Condominiums Close to the Center of the Action

People choose condominiums in urban areas because of the location, not because they are spacious, and they are willing to pay top dollar for a condo in a prime location.  The people who buy these condos do it because they have a well-paying downtown job and want to make their commute easier, or else because they are fabulously wealthy and want a condo at the center of the action in addition to their country estate.  Then there are the people who buy urban condos to rent them to ambitious, early career folks and wealthy commitment phobes.  This is becoming less lucrative, though, since the most desirable urban jobs offer work-from-home options these days.  Instead of renting from you, the new young, ambitious employees will work from home two days per week and brave the longer commute for three, since doing so will save them on housing costs.

The Last Generation’s McMansions

Spacious, suburban homes tend to be real estate developers’ quick response to sudden demand.  The builders are not thinking about the distant future, but the buyers should.  By now, the last generation’s McMansions are out of date, and their proximity to transportation to downtown jobs has also lost its appeal.

Luxury Real Estate Properties

In any location and at any scale, luxury real estate properties are not the golden goose you think they are.  A luxury real estate property is one that is at least twice the price of similarly sized properties in the same metropolitan area; it is luxury features such as location in a gated community that drive up the price.

What Buyers Want Instead

With the rise of remote work, there is a trend toward workers preferring properties located farther away from urban centers.  A tiny house in the middle of nowhere could be your best investment.

Schedule a Confidential Consultation With a Bronx Real Estate Attorney

A real estate lawyer can help you buy a real estate property unencumbered by outdated trends.  Contact Cavallo & Cavallo in the Bronx, New York to set up a consultation.

Source:

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