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Get the Best Reselling Price for Your Condo

by on | Categories: Condo Advice and Tips

One of the many make-or-break decisions in reselling a condo unit is arriving at the right resale condo price. Clueless condo owners who are left to their own devices may peg the amount too high or too low, based on merely copying the selling prices that they see on the market and in their area. Make the price too high and your condo unit may take too long to be sold, given the tight competition due to the ubiquity of condos for sale in the Philippines. Make it too low and you will risk being on the losing end, which you certainly would not want to happen, especially if you are into smart investments.

Get expert help to set the price range

Reselling Price Condo
Photo Courtesy of 401(K) 2012 via Flickr, Creative Commons

Especially if you are new to selling properties such as condo units, you need to enlist the help of experts like a qualified real estate agent and a licensed appraiser, the Coldwell Banker suggests. Work with their assessment of the market value of your condo and be open to their recommended price range.

Decide on two realistic figures — your initial selling price and the lowest price that you would not regret accepting. Aim for the optimistic goal, which is your initial selling price, and strive to convince customers why your price is pegged as such. However, keep a realistic outlook that you may not close a sale with your desired price. In this light, be prepared should potential buyers ask for a lower price. When negotiating with customers, be flexible enough to accommodate them, but be firm that you do not go lower than your minimum amount.

Compare and do not simply copy condo selling prices

Condo Resell Compare
Photo Courtesy of randy stewart via Flickr, Creative Commons

Doing your homework pays off in learning how to resell your condo at the right price. To know the current market value of your condo, check out the prices of sold and listed units in your residential tower with the same floor, size, and layout as yours. You can do this online or at the condo admin office. You can also compare prices by location. For instance, a condo in Manila will fetch a higher price than its counterpart in an area away from the city.

Compare the prices that you have seen and know where your condo unit stands. Based on this information, tailor the price to your condo unit by factoring in your expenses, like costs to spruce up the unit. Again, do not just copy what you see.

Take a hint from your condo association dues

Resell Condo Fee
Photo Courtesy of Ines Hegedus-Garcia via Flickr, Creative Commons

Now this is one opportunity to use your association dues to your advantage in pricing your condo. According to John Riad, a real estate property expert, the amount of association dues in mid-range and high-end condominiums vary because of the different amenities paid for. A higher due per square meter should give you an indication of a more expensive condo unit.

With this, take a closer look at your condo billing statement and know what amenities are covered by your association dues. Check with your condo administration. Banking on resort-inspired amenities, for instance, will not only set your condo apart from the rest, but also determine the reselling price.

The higher your floor level is, the higher the market value of your condo unit

high-rise condo price resell
Photo Courtesy of marc falardeau via Flickr, Creative Commons

Occupants in condo units in the higher levels get to enjoy the view at the top — a spectacular sight of the city skyline — which is why sky high floors fetch sky high prices. Moreover, higher floors provide peace and quiet because these are farther away from the traffic noises below compared to the lower floors. Also, while condominiums already provide security regardless of what floor you are on, there may be condo dwellers who need more assurance. These people may find it helpful to live in higher floors as burglars are likely to be deterred by having to use the elevators and the stairs.

Consider the sight that your condo unit is facing

Condo Resell Price Location
Photo Courtesy of daryl_mitchell via Flickr, Creative Commons

Two condominium units with the same floor level, size, and layout may still have different reselling prices. One possible source of the difference lies in the outside view that the occupants can see from the unit. A unit with an attractive view of the city has an advantage in getting a higher selling figure compared to a unit facing a depressed community or an ongoing construction. If you are selling your condo unit while a building across or nearby is still in the works, you might want to wait for the construction to be finished. This will give you chances of getting a nicer view thus, a higher asking price.

Take into account your target renters

Condo Price Resell Bargain
Photo Courtesy of Michael Coghlan via Flickr, Creative Commons

Assess your condo’s location and type to gauge the kind of buyers who will be most interested in your property. This will not only help you accentuate your amenities, but also give you an idea of your potential buyer’s budget. If you are located in a central business district, young professionals who work in the area will comprise a lion’s share of your target market. If you have a mid-rise condo, think of a condo reselling price that budget-strapped elders and starting families will find reasonable. Make customers feel that purchasing the condo unit at your agreed-upon price will give them the best value for their hard-earned money.

Striking the perfect balance between making a profit and making customers happy does not have to be a rocket science. The key to deciding on a profitable and reasonable condo reselling price is carefully taking into account these considerations. With the help of experts and sound research, you will be able to learn the ropes of pricing your condo right for reselling. This will make the condo unit sale a win-win situation with the buyer happily settling into your condo and you getting the best out of your investment.

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