7 Things That Determine the Value of Your Condominium

Are you a condo owner looking forward to selling your property shortly? The real estate market moves pretty fast and often from good to bad. So, you need to watch the positive aspects of selling the condominium and the red flags as well. Remember that selling when the market is pretty hot won’t be as easy as it seems.

While you need to watch your steps, a good option would be to check the listings of Sotheby’s real estate. That way, you will come to know how you need to describe your property at the time of listing. With that said, several factors determine the value of your condominium. When deciding the selling price, you need to check whether the condominium has everything to be considered more saleable.

So, here are those factors that add value to your condo.

1. Determine the Selling Price

What is the average selling price you can expect for your condominium?  With major growth in new condo developments in Kelowna, you might ask for a better process. But hold on and explore the current real estate scenario before you decide on the price. Do not ask for too high a price or lower it too much as it may affect the final prices you may get eventually. Discuss your options with a real estate agent to know how similar properties sell in your area. Exploring the selling prices of properties with similar sizes, features, neighbourhood, and location are likely to sell better than the rest.

2. Development Scenario

What are the prospects of selling the house from the point of view of development? Do the amenities in your apartment sync with what buyers usually look for? The proximity to transport, schools, markets, and all the other things that people usually look for impacts how fast your condo will sell in the market.

3. Check the Listing Price

When selling the apartment, it is natural for you to hover over the listing price of the property. Instead of the market prices, you need to check with the listing agencies to know how a condominium needs to be priced. Justin O’Connor Group is one of the preferred listing agencies in Kelowna and will offer you the list prices for the condominiums for sale. They list properties in Kelowna luxury real estate and are one of the trusted agencies. Once you find out the listing price of the property, you will get an idea of what buyers are ready to pay for the apartment.

4. Location and Neighbourhood

You cannot just engage with how you need to price the property to increase the chances of a sale. Exploring the location and neighbourhood of Kelowna condo developments is equally important. The location and neighbourhood offer good insights into the resale value of the apartment unit. If your condo is situated in the heart of the city, you can expect it to shape up well in terms of prices.

5. Features of The Condo Unit

What kind of features does the condo unit have? Does it have a contemporary design? Have you recently upgraded the house? A shabby condo unit will repel the buyers, so make sure you upgrade it before staging it and showing it to buyers. While views, architecture, and design are the aesthetic factors that add value to your apartment, it should be free from ownership issues and well-maintained both outdoors and indoors. Think about what would attract buyers when they invest in a condominium to judge the value and appeal of the unit.

6. Rates of Interest

The rates of interest are one of the most important factors that determine the value of your condominium. Typically, the interest rates need to be factored in when listing your condo as it impacts the buying capacity of the people and their confidence level as far as real estate investments are concerned. The lower the interest rates for mortgage payments, the higher the affordability.

7. Market Days

How long does it take for your condominium to be noticed before it sells? Why don’t you ask the realtor to give you an account of the price at which the house is likely to sell? Once you get the information, you can then decide the price you are willing to set for the condominium. Usually, a lower price indicates faster selling compared to higher prices.

Determining the value of your apartment unit in new condo developments in Kelowna is a significant decision. Analyse the factors listed above to make sure how to add value to your property.