There are pros and cons to living in any area, and today I’ll outline those that come with living in downtown Salt Lake City.
- Convenience: You can get to any downtown office location quickly. This is one of the main reasons why people choose to live in a downtown environment.
- You save money. When you live downtown, you may not have to invest in other things that cost money. For example, you won’t have to spend as much on gas because you don’t travel as much—you may not even have to buy a car. You have the opportunity to walk to work every single day.
- Appreciation. In popular urban environments, appreciation in high-demand ZIP codes rises faster and stays high longer. When you invest in this type of location, it’s such a draw that it maintains its value far better than a more rural property, whether you’re holding it for a short- or long-term investment.
“If you’re looking to renovate an urban property, you may have to ask an HOA or another association first.”
- Downtown depreciation. In our current situation, a downtown office environment may not be seen as very valuable, so your property’s value could go down as a result.
- Downtown life can be a hindrance. There’s typically a lot of construction happening, so you may have to rearrange your travel routes. You may not even have your own parking spot because of the high population density. As a property owner, I like the fact that I don’t have to provide a lot of parking because people tend to use their bikes and park them inside the unit. Not offering a parking spot, though, can also drive buyers away—people want to be able to use their cars.
- Renovations can require approvals. If you’re looking to renovate an urban property, you may have to ask an HOA or another association first. There also may be permits and ordinances on the city’s historic register that were written before the city grew to its present state.
That being said, I love downtown Salt Lake City and I think the positives far outweigh the negatives if you’re thinking of buying here. Just remember to think about the little details you wouldn’t have to take into consideration when buying other types of properties in other areas. Interest rates are at a 50-year low, so now’s a great time to buy.
If you’d like to take advantage of this opportunity or would like more information regarding downtown real estate, don’t hesitate to reach out to me. I’d love to help you.