Condo Resale Value Tips

Condo Resale Value TipsMaybe you’ll feel it is time to upgrade to a single family home to accommodate your growing family some day, or maybe you will acquire a new job that requires you to move, etc. Whatever the reason, even if you’re looking to buy a condo now, you’ll want to think about what it’s resale value will be like when you want to move. While having the best Champaign Condo Insurance will help keep you safe from any mishaps that can occur, having an understanding of some of the things that can affect the resale value of your condominium will help you when you are looking to buy.

  • What are the crime rates like as compared to a few years ago? An increase in crime rates can greatly affect your chances of selling. Make sure you are aware of the demographic in your home search area.
  • How is the view from the condo? A condo with a view of a park or lake is going to fetch a higher price than once with a view of a building. You should also be aware of any future building projects in your area to find out whether or not they will obstruct the views in the near future.
  • What’s going up nearby? Make sure you are aware of the units proximity to railways, highways, and power lines as the noise makes it harder to sell.
  • Is there room to entertain? Units with balconies or patios as well as units with assigned parking and plenty of guest parking are easier to sell than those without.
  • Is there room for a family to grow? Two bedroom units are more desirable than studio and efficiency units and therefor easier to sell.
  • Will the buyer feel cramped? Units with fewer than 700 square feet are more difficult to sell. Higher ceilings help to make the unit feel bigger.

Along with these tips you want to make sure that your condo is in good condition. While nobody wants to completely rebuild their home, if you’re looking at a “fixer upper” make sure all the repairs needed are those you can actually accomplish.

At Myers Insurance Group we know how stressful it can be to ensure your protection when buying your condominium. Call us today to find out how we can help you get the condo insurance coverage you need. 855.534.5707

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