What is a value of your condo? How is it determined? Who is the best source for you to contact? How do you confirm the information that you have obtained? These are just some of the questions that you maybe asking yourself.
To come up with the right value is not an exact science due to the constantly changing market conditions, new listings that come onto the market, as well as the person doing the evaluation.
The value is generally calculated based on comparables. The current listings and the recent sales in the building and/or the buildings that are similar in age and location are compared with the evaluted unit.
The unit is compared by size, number of bedrooms and bathrooms. Level location and a quality of view can substantially add to the value. Also upgrades like new kitchen, appliances, flooring, light fixtures and bathroom(s) and any other improvements add to value as well, no brain surgeon needed so far.
Parking, size and location, can play an important part in pricing as some stalls may not accomodate larger vehicles like SUVs, vans, and the larger pick up trucks. This may be due to water and heating pipes that may limit the height and size needed for a large automobile.
Floor location ie: corner unit versus next to elevator, or a unit close to the laundry room is another factor that needs to be considered. A unit next to the elevator may actually be a benefit for those with limited mobility.
These are some of the general points that are taken into consideration. When comparing condos (for evaluation purposes) to others and currently sold, the art of value finding is half a battle. However, comparing it to other buildings is whole other kettle of fish.
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