The Six Advantages of Downtown Real Estate

by : Eric Bramlett

"Beginning in the 1950s, many cities saw a mass exodus as homeowners moved out of downtown and city areas out into the suburbs. Over the past few years, many cities across the nation have become to reclaim their downtown cores and have been steadily luring homeowners back into the hearts of many cities. If you have been contemplating a move to downtown, consider these advantages to living in the center of it all:

1) Gentrification. Most downtown areas have been undergoing renovations and improvements in the past few years. This has meant safer neighborhoods as well as higher quality of life in these areas.

2) Possible tax benefits. In many towns and cities, the downtown area is one of the oldest parts of the community. Homes and buildings that are considered historic may get tax breaks from the city and this can mean savings for renters and homeowners. In addition, some cities are offering tax incentives in order to get homebuyers buying.

3) High property values. As downtown areas are revived, property prices increase. This can be great news if you are able to buy affordably. Plus, since the downtown area of most cities attracts a fair amount of businesses as well as home buyers, many homeowners find that property prices stay high since entrepreneurs are always on the lookout for property in the area. Downtown, then, can ensure that your equity does not take a hit simply because your living area is no longer considered 'trendy.'

4) A variety of real estate choices. From condos, apartments, loft communities and even rooms to let, downtown cores tend to have plenty of choices both for buyers and renters. Unlike mainly residential areas, which have primarily single family residences, downtown areas offer a number of home options in various styles and sizes.

5) Convenience. For convenience, few things match downtown areas. In most cities, homeowners and tenants living downtown are only steps away from restaurants, stores, cultural events, and much more. Transportation lines and employers are often close by as well. If you want to be able to walk to your favorite cafes and shops and don't want to have to drive everywhere, downtown real estate can have you living right in the middle of it all.

6) Savings. In many cases, where downtown is just being revised, real estate is affordable. If you want to live in a funky home that doesn't cost a fortune, look for downtown areas that are currently being revived. You'll be able to buy or rent for a fraction of the cost of a more remotely located home.

There are many reasons to live downtown, especially now that so many cities are overhauling the older areas of town. Keep an eye on the news to find out where your city is placing their renovation dollars and you may just find insight into real estate that can be a great advantage for you."