Whether you have finally decided to move out from your condo or refinance it, the first question you will ask is, “What is my condo worth?” Placing an imaginary price tag might feel that you are guessing, and you may never know if the price is right.
For this reason, our team has come up with ways to know the worth of your condo.
Determining the Worth of Your Condo
Finding the worth of your condo will draw potential buyers to your property instead of driving them away due to high costs. Plus, you’re certain that you will make a huge return on your investment. Below are the ways you can determine the true value of your condo.
Estimate Value Online
The easiest way for beginners to know the worth of their condo is to find the estimated value of their homes using an online calculator. All you need to provide is your address, a few variables like the number of bedrooms, square footage, etc. The calculator uses these figures and brings out the total in no time.
However, you need to keep in mind that the figure is just a rough estimate and doesn’t truly reflect the exact condo’s value. You have to use other ways to fine-tune the price.
Look Through Records
Another way to check the worth of your property is by looking through your home’s records. You might have a couple of documents detailing the estimate of your condo’s worth.
While going through your condo’s records, remember to check for the following information:
Property Tax
The tax value of your property can also determine how much your condo is worth. The local government uses a specific formula to determine the amount of tax you should be paying on the apartment [1]. However, these are rarely current assessments because property values in many places are reassessed after a few years or when the current owner wants to renovate or sell.
The buyer will surely look into these records to ascertain your condo’s tax value and come up with an offer.
Insurance
Most homeowners pay for insurance, and if you do, the chances are that you will have an estimated value of your condo through this process. However, this estimate doesn’t include land or amenities, as the insurance cost is based solely on the building. It’s an option that’s worth considering but not dependable as the value of the home will be lower.
Engage with a Real Estate Agent
According to our team of pros, talking to a real estate agent is the best way to know the real worth of your condo. Unlike the options above in this article, a real estate agent will consider the new features added to your home, renovations, and other improvements to determine the total worth of your property. They will know the value of each asset in your condo and be aware of the value of condos in the neighborhood.
Additionally, they will consider any pending lawsuits, tax assessments, price per square foot and use this information to determine the value of your condo. Engaging with a real estate agent is the real deal, and you’re certain that you will make good money from selling your home or make good returns on your investment.
(On your condo investment journey, you would encounter terms like condo assignment sale. To know the concept better, you can read our page about condo assignment sale here)
Other Factors to Consider
Qualities of Your Condo
What is the condition of the condo? Is it old-fashioned, new, or modern? All these affect the price of the condo.
Refurbishments
Refurbished newer condos will likely not cost much in the market. However, if it’s an old renovated condo, the market value will be higher.
Views
The view of your condo also plays a crucial factor in determining how valuable your home is. Is it close to a lake, sea, tower, or a park? The better the view, the higher the cost of the condo.
Supply and Demand
Supply and demand impact the price of a condo. If there are fewer condos available in that neighborhood, the value will be much higher in the market. If there are many identical units available, the value won’t increase, and buyers may not feel desperate to cash in, even if they miss out on buying one.
Amenities
Condos with a swimming pool, sports courts, theatre room, and concierge will cost more than those with fewer amenities due to the high cost of maintenance fees.
Area
The landmass is another vital factor that impacts the value of a condo. If the buildings there are owned, the condo will cost significantly much. Buyers love it when the majority of people living in an area are homeowners.
Additionally, the area size is crucial. The price per square feet diminishes if the condominium is big. On the flip side, the price increases if the condominium in the area is small. Each square foot becomes more valuable if the size of the condo is small.
(If you want to know more about Toronto real estate, you can start by knowing the Toronto condo assignment sale here)
FAQ
How do I find out what my condo is worth?
You can find out what your condo is worth by estimating the value online using a calculator, going through your property records, and talking with a real estate agent.
How can I increase the value of my condo?
To increase the value of your condo, you need to update your home’s exterior, such as the roof, sliding doors, patios, etc. You also need to update your home’s interior with the latest appliances, features, re-paint the rooms, redo the floors, and touch up the bathrooms to boost the condo’s value.
How much do condos appreciate in value Toronto?
There’s no fixed value at which condos appreciate in value in Toronto. Several factors affect its cost. If everything is factored in, including the initial price, condos appreciate 5-6% every year.
Conclusion
Several factors determine the worth of your condo. Understanding them as discussed here will give you an idea of the market value of your apartment.
Knowing the worth of your condo is important and will prevent you from being deceived by a clever client if you wish to sell. Determining the value of a condo is also crucial if you want to make huge returns on your investment. With this article by our team, we are certain that your question, “What is my condo worth?” has been answered.
To understand the real estate industry more, you can visit these helpful pages:
