Condo Resale Value Considerations

Condo Resale Value ConsiderationsWhile buying a condo can be a large investment, studies show that most homeowners choose to move out within six years of purchase. In order to ensure a speedy sale, there are a few considerations to make when buying your condominium in addition to obtaining proper CT Condo Insurance.

Know Your Product- Choose a condo that appeals to a large demographic and is priced well below the average single family homes in the area. Although you want a condo with attractive features, consider one without excessive luxuries, as they increase association fees.

More Bedrooms is Better- Experts remind you that more bedrooms in a smaller condo are more attractive than a larger condo, according to Interest.com. However, be mindful of lofts or dens that could potentially try to be sold as a bedroom. Talk to your realtor about which options suit the market you are interested in.

Floor Plan Functionality- If possible, avoid purchasing a condo where the bedrooms share walls as it reduces privacy. Split floor plans on condos with multiple bedrooms are most attractive to buyers. As angled walls can pose an issue for furniture placement, consider the shape of the rooms. What’s more, if your condo has more than one bedroom, it is ideal to have more than one bathroom that isn’t too close to dining areas, if possible.

Placement within Building- Overlooking trash bins or having a view of your neighbor’s window isn’t ideal placement for your condo. Avoid purchasing a condo that is located directly next to the stairway or elevators to avoid additional noise. Ideally, a higher level unit is better for resale. However, if your building doesn’t have an elevator, consider purchasing a unit that is on a lower floor.

Location, Location, Location- Major highways, public transportation, shopping and dining, and local attractions all contribute to increased resale value in a condo. What’s more, condos that are located next to single family homes are also typically more desirable than those next to other multi-family homes. Ensure no other condo developments are being built in close proximity to yours; otherwise the newer one might be more attractive to future buyers.

Parking & Amenities- Covered and gated parking is essential for condo buyers. In terms of amenities, choose a condo that has plenty of natural light, outdoor space, ample storage, and washer and dryer hookup, as well. The National Association of Home Builders found that the most desirable features for condo buyers were ceiling fans, kitchen pantries, and exhaust fans in bathrooms.

At Byrnes Agency, we understand the importance of choosing a condo that is tailored to your specific needs. In order to properly protect your investment, whether short or long term, contact our specialists about our offerings today at one of our three locations.

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Dayville Office

Phone: (860) 774-8549
394 Lake Rd
Dayville, CT 06241
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Norwich Office

Phone: (860) 886-5498
6 Consumers Avenue
Norwich, CT 06360
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Woodstock Office

Phone: (860) 928-7928
1226 Connecticut 169
Woodstock, CT 06281
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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