Considering buying a Sun Valley condo? Sun Valley Condo’s provide a stable, more affordable type of real estate in our resort community but can have some drawbacks if you don’t choose wisely.
Purchasing a Sun Valley condo comes with its share of decisions from finding a lender who specialized in condos to understanding value in condos.
Read on to learn how to purchase a condo and come out ahead.
Let’s first understand that your house is a diminishing asset. Yep, just like your car, your home loses money over time. It is the land your home is on that appreciates and hopefully puts money in your pocket. Think of it this way: Picture the large estate home in Sun Valley with views of Baldy that was built in 1970? Designer 1970’s wallpaper, columns and carpet...mmm. That home originally cost $150k and is now worth 1.5M because of the land it is on and the views it affords.
Now bring it back to your Sun Valley condo purchase. When you buy a condo in Sun Valley or Ketchum you are making an investment in the building itself, not the land. Some buildings will hold their value better than others depending on factors such as architecture, location and views.
Buildings without good external features will not age well and their value will plummet in a competitive market.
If a condo fits your needs, make sure to spend more to get the best views and location as possible.
All new condo complexes are fashionable and flashy when they are first built until a newer one comes along. When all the flash wears off make sure you have something that holds value. Look twenty years down the road, does your condo complex have ski-in ski- out access, walk to town, or views? If you said yes, your unit will hold value and someone will purchase it to remodel.
Remember, if you buy at the peak of the market the first properties to decrease in value are secondary homes and condominiums. Single family residences are always the last to drop by a much smaller percentage than condominiums.
Always think resale when making a large purchase, even if you plan on being there forever!
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