HOW TO AVOID OVERPAYING FOR YOUR NEXT CONDO
Buying a new condo can be tricky. Whether it's a condo in Mississauga, near Square One - or a luxury condo near the waterfront of Port Credit Village, or maybe something a little further away - such as an Oakville condo, understanding the price of recent comparable sales can help from overpaying on your next condo purchase.
Unlike a house, where the value is often easily determined by looking around the home and neighbourhood, a condo’s value is sometimes not as obvious. For example, two condo properties may look alike at first glance. However, one property might have more upgrades, a wider range of amenities, and better-looking units.
That’s why it’s important to understand market values when shopping for a new condo, so you don’t inadvertently overpay. This is especially important in a fast changing market.
The best way to understand the true market value of a unit for sale is to analyze “comparables.” That involves reviewing units at the same property, or similar properties, that have sold recently. The idea is to determine what similar units at similar properties have sold for on average. Then, you can expect to pay a similar amount.
Knowing the market value of a condo you’re interested in purchasing is one way to ensure you go in at the right price. But, there are other factors that influence the price as well.
Ultimately, you want to make an offer that’s enough to get the condo but not higher. Yes, it can be tricky! But, I can help.
Contact us at The Condo Bar for advice on how to find and buy the condo you want — at the right price & see how we can help!.