In many neighborhoods across America, developers are taking old warehouse buildings and turning them into condos. If you are looking to purchase a condo or a loft, you may be wondering what the benefits of purchasing a warehouse district condo are compared to purchasing a condo in a new building. Learning the benefits may help you decide if this type of situation is ideal for you. Here are a few benefits that are typically associated with warehouse district condos.
One of the biggest benefits to warehouse condos is that they often have unique characteristics to them, both on the inside and the outside. Many have exposed brick walls and large warehouse windows on the inside. And on the outside, the buildings look industrial rather than residential. Some may even have old warehouse style elevators that add to the story of the building. For those who want a funky, retro, and hip space, a condo in an old warehouse may be just the ticket.
Another benefit to buying a condo in an old warehouse is the cost. Oftentimes, these condos are cheaper than new builds. The reason for this is that the warehouse structure is already in place and often sold to a condo developer at a discount because the city wants to clean up an unused building. When condos are built from scratch, the developer has to build the exterior structure, which increases the cost of the project. In turn, that cost is passed along to you. If you are looking to buy a condo and are on a tight budget, buying a warehouse district condo may be within your budget.
The last benefit to buying a warehouse district condo is the investment factor. Typically, warehouse districts are in up-and-coming neighborhoods. They may not be the safest or most developed neighborhoods, but the city is trying to change this by revitalizing old, unused warehouse space into residential areas. As such, if you are willing to take a risk and buy into the neighborhood, you can often get a great deal. When the revitalization project is complete and the area is transformed from industrial to residential, you can often sell your condo and make money off the deal.
It is becoming more common for warehouses and unused industrial space to be transformed into residential living spaces in large cities where space in the heart of the city is hard to come by. Learning the benefits of buying a warehouse district condo will help you decide if it makes sense for you, or if you should keep looking for a new build in an existing residential area.