Getting a condo is simple, it is when you’re prepared to sell that has the most significant impact. No potential seller wants to be selling their twin vew showflat condo for 1-2 years, but that is what happens sometimes. To prevent this, there is a few ‘rule of thumbs’ to follow. The following is a list of essential criteria to adhere to when getting a condo for subsequent resale:
Location, location, location… aside from price this is at the top of everyone’s importance. You want to either buy in an area that’s already built up or an up and coming area. Close to shops, restaurants, public transport, or some sort of feature that attracts people such as a market or hospital.
Views. You may think windows facing an ugly building or a parking lot doesn’t matter much, however it will to a lot of buyers. With lots of condos to select from, buyers will opt for an awesome view over a brick wall any day.
Garage. If you’re getting a condo, having a garage will provide you with an edge during resale. Worst case scenario, ensure that it has exterior parking. Winters can be stressful and people don’t want to be walking a long distance to get from their cars to their door and vice versa or shoveling snow on the street for parking.
Here are some of the main factors that can affect the price of a twin view showflat condo:
1. Common Areas
Everything is shared in a condo so you should certainly consider the common areas when shopping for a unit. This will have a future effect on the resale value. When you buy a condo unit you have full ownership of the unit and shared ownership of the other features of the building/property. When you buy a condo unit you’re not just buying the unit. So it’s important to consider the communal space.
If you’re buying an older condo in particular you should watch out for signs of neglect. This could prevent your unit from getting the returns you want if you decide to sell the condo in the future. It’s important to have the communal areas valuated before you make your purchase since it could have an effect on the price tag of your unit later.
2. Window Views
This is a major factor that owners are unable to change. When purchasing a condo you should do some research about future developments in the area? This can have a direct effect on several factors related to your condo including window views. That in turn can affect the resale value of the condo. The current views can also affect the price tag of the condo since the pleasant view of a landscape or cityscape can boost the value of the condo.
This is one of the main factors that affect the price of a condo. It’s important to note it’s one of the few factors that shoppers aren’t able to change. However, the various dynamics related to the condo’s location change over time. So if you wait there’s a chance the property value will increase within time.
There are various location factors that can affect the pricing of condos in a particular area. For example, if businesses start to shutter or crime rates increase it can have a major effect on the value of the properties. This is a key reason you should research such areas before buying a condo. You should also consider the chance the situation could improve or worsen in the future since it would have a direct effect on the condo’s value.
4. Standard features
There are various features like the unit size that can affect the value. For example, small units tend to produce lower profits than larger units.
5. Market standards
It’s important to determine if a condo has the ability to keep up with new market standards. This includes various upgrades to the condo that can keep it up to par with comparable condos on the market. On the other hand, if the units’ features become outdated, for example, it can have a negative effect on the resale value of the condo.
This can be a somewhat tough factor to weigh when purchasing a condo. You’ll likely want a modern unit that’s on par with current market standards. However, it’s always important to consider whether the condo has the ability to keep up with industry standards in the future.