According to the NAHB, approximately half the people who purchase condos move out within six years. Unless you are buying the home in your retirement years and plan on staying there the rest of your life, there's a good chance you will be selling it at some point. Therefore, it's a good idea to shop for a condo with an eye on features that may be attractive to future buyers to avoid getting stuck with a home that won't move when the time comes to part with it. Here are three resale issues to consider when shopping for your condo home.
It's pretty much a given you should look for a condo in high-demand area near desirable resources if you want to give yourself a good chance of selling it down the road. Even if you're child-free, for example, you want to be sure the condo is located near good schools so it's attractive to parents. This ensures you have access to the widest pool of potential buyers available.
However, you should put some thought into where the condo is located inside the building, as some interior areas will be less desirable than others. For instance, you may have a hard time attracting buyers if your condo overlooks the alleyway rather than the city. Having a unit near the trash room or by the pool or playground where lots of noisy children like to hang out could also scare away future owners.
Thoroughly investigate where the condo sits in relation to amenities, exterior views, and potentially unfavorable areas, and choose a place with the least amount of challenges to protect your home's resale value.
Number of Bedrooms
Many people think the size of a condo is often high on the list of a homebuyer's desired features. While this may be true in some areas and with some demographics, a condo's square footage is not nearly as important at the number of bedrooms the place has.
In a 2012 survey conducted by the Economics and Housing Policy Group, approximately 47 percent of respondents stated they wanted a three-bedroom home while 32 percent wanted four. Sixty-five percent of people said they were most influenced by whether a home had the number of rooms and living space they required.
People probably like having multiple bedrooms because they offer a lot of flexibility. Sure they can be used as sleeping spaces. However, bedrooms can also be turned into home offices, game rooms, multimedia libraries, and a variety of other things. If a person starts having trouble making the mortgage, he or she can simply rent out an extra room for a while to make up the difference.
If you can afford the cost, get a condo with at least two or three bedrooms and two bathrooms. Again, the place will be more attractive to a wider range of people, increasing your odds of selling it at the price you want.
Lastly, you should put some thought into the amenities available in the condo as well. However, the ones most attractive to buyers will depend on the area. For instance, if you live in a city where there are a lot of seniors and retirees, a condo with wide doorways and hallways and non-slip flooring will be most desirable. On the other hand, ceiling fans and central air conditioning may be the key to a buyer's heart in hot climes.
Finding a condo with maximum resale value can be challenging. It's a good idea to consult with an experienced real estate agent who can provide advice on the type of things that sell well in your area and guide you towards the best option in your price range. For more information about this issue, contact a real estate agent.