The Five Secrets to Determine a Condo's Value
(even when they all look the same)
Hi, Kelly Crowley here addressing a topic that many of my clients have asked me about lately, particularly those who are either looking for that low-maintenance first home or simply to downsize from a larger home. “How do you determine the value of a condo within a community when they all look the same?”
First - price of any home or condo is always relative to the market conditions and the comparable houses or condos recently sold in your area or that condo association. But many times there are small differences between the units that can have a material impact on price. I’ve listed my top five realtor secrets to help you either during your search or in setting a listing price.
Before you read - be sure to get my free bonus Homeowners Association (HOA) Fee calculator at the bottom of this page. It’s perfect for helping you determine whether those monthly fees are adding or perhaps subtracting from your current monthly expenses. Just click below and I’ll send it to you!
First - price of any home or condo is always relative to the market conditions and the comparable houses or condos recently sold in your area or that condo association. But many times there are small differences between the units that can have a material impact on price. I’ve listed my top five realtor secrets to help you either during your search or in setting a listing price.
Before you read - be sure to get my free bonus Homeowners Association (HOA) Fee calculator at the bottom of this page. It’s perfect for helping you determine whether those monthly fees are adding or perhaps subtracting from your current monthly expenses. Just click below and I’ll send it to you!
Tip #1 - End units are more desirable. End units tend to have more privacy, many times with neighbors on only one side. They are typically more desirable to potential buyers for this reason and therefore can command a higher price even for very similar condos located with neighbors on either side.
Tip #2 - Interior upgrades add value. Condos can be customized, so previous owners that have invested in their property, similar to a homeowner, can command higher prices. These upgrades can include granite countertops and updated kitchen, hardwood floors, tile or updated bathrooms. These condos are typically more modern than other condos in the same complex so long as those upgrades aren’t so personal and specific that they are only appreciated by the owner and no one else (hint - be careful of those custom bamboo wall coverings or pink subway tile bathrooms)
Tip #3 - Garages and parking are important. In some cases not all condos in the same complex have a garage or the same garage style. Does it have a one car or two car garage? Do some condos not have garages or covered parking? How many parking spaces are there with each unit and where are they located relative to the condo unit? Believe it or not, quality of life can be impacted by how far you have to walk to your condo when you get home from a long commute or exhausting day at work!
Tip #4 - First floor master bedrooms make a difference. For some larger condos that have multiple floors, a first floor master bedroom can expand the size of potential buyers looking for condos, and thus the value of the condo itself. Many buyers may be looking to downsize from a larger home and will want a first floor master, so when evaluating whether to buy or sell a condo, be sure to consider where that master bedroom is located within the layout.
Tip #5 - Health of the Homeowners Association. This is one that is tough to spot unless you ask. Each Homeowners Association can be very different from one community to the next, and the financial health of these associations is very important. Does the association have sufficient cash on hand for repairs and maintenance? Has there been a recent capital assessment that has been levied on the condo owners? If so, you may have to inherit that assessment unless you negotiate properly. How recently has the association made upgrades and for what purpose? Remember - the association must disclose their financials so be sure to ask for them and review these questions among others to find hidden value or costs.
Obviously, this isn’t an exhaustive list, but it certainly contains the most common attributes I look for when helping both buyers and sellers. Feel free to contact me directly if you are in the market to either buy your first home or condo, or if you are looking to downsize to something easier to maintain! Just click the link below.
Obviously, this isn’t an exhaustive list, but it certainly contains the most common attributes I look for when helping both buyers and sellers. Feel free to contact me directly if you are in the market to either buy your first home or condo, or if you are looking to downsize to something easier to maintain! Just click the link below.
Watch this video for how to use the free HOA calculator. Click the button to the right and I'll send it to you.
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