Do Condos Hold their Long Term value

Absolutely! In fact, for the first time the median resale value for condos surpassed that of single family homes! If you are a condo owner or considering purchasing a condo the most important thing to consider, believe or not, is the Condo Association. The condo association is critical to the resell value of your unit!

The condo association is responsible for ensuring that the building is well maintained. They are responsible for the external appearance of the building. The first thing potential buyers see when they arrive! A good condo association will make sure the building has an appealing appearance.

A good condo association will also ensure the appropriate amount is being charged for condo fees. Charging the appropriate amount for condo fees ensures funds are available for repairs.

When sufficient funds for repairs are not available, the condo association will have to levy an assessment. Major renovations can cost thousands per owner! Assessments affect resell value. If a potential buyer sees there are constant assessments, it is going to throw up a warning signal.

Your condo is new to the person who will be buying it. Making sure it has a new look for the next owner will ensure resale value! If it is an older unit, spend a little money on modernization. Make sure your unit is maintained. Keep it painted, take care of flooring, and make repairs immediately.

When purchasing your condo, give careful consideration to location. Location does affect resell value. It’s important to know before you buy the condition of the neighborhood. Choose a vibrant thriving area will be an appealing draw to future owners. Make sure stores, schools, theaters and eateries are within a reasonable distance. Access to “it all” is one of the main selling features of condos. Make sure yours is!

Condos hold their value so well because they have a fantastic market niche! Young people ready for ownership but not the upkeep of a house. Retirees who want a nice maintenance free place to enjoy their retirement. Seniors ready to move away from a house while keeping the benefits of ownership; they don’t need or want a nursing home!

It’s pretty hard to go wrong when three of the four potential buyer groups are hankering for what you have! With a variety of styles and sizes to accommodate every situation, owners are pretty much guaranteed a return on their units!

Boasting a well maintained, attractive exterior to lure them in where they will see up-to-date, well maintained units with amenities. Condos all but sell themselves! Add to that good advertising in upscale magazines, rental guides, and the Internet.

Some condo associations go all out. They show the grounds, the buildings, units, and points of interest close by. They invite you to come and take a tour! These soft sell techniques pull in potential buyers.

Active advertising lets potential buyers know you are there and what you have to offer. Potential buyers who accept the invitation for a tour, provide the condo association an opportunity to gather information about the buyer.

A good condo association will carefully screen to ensure buyers are compatible with other occupants and that they can afford the unit. A typical condo will have 80% occupancy or greater. Buyers see excessive vacancies as a sign of problems.

Top ranked condominium buildings have condo associations that do all of the things listed above. If owners maintain their units, there should be no problem with resell value!