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There are many major financial decisions in life that take your condo’s value into consideration.  Whether you are looking to estimate your property taxes, want to take out an equity or mortgage loan, seek to buy insurance, want to plan your estate, or simply want to sell the condo, you need to know how much it is worth.  This can be a little trickier than you might imagine, and unfortunately the value is not really influenced by how much you paid for the property or how much it was worth even a year ago.  Thankfully, there are many things you can do, either for free or for a modest fee, to find out how much your condo is worth.  One thing to consider is utilizing a few methods, especially if you are looking to sell or get a loan, as full market value and the average selling price of comparable condos in your area can often be quite different.

 

Look At Other Properties in the Complex

 

One easy step you can take is to use the Internet to look at other condos in your complex that have recently been sold or that are currently on the market.  Look for similarities in floor plan, view, amenities, and the like and calculate for differences in square footage as well.  The more similar the unit to yours, the more accurate your price estimate will be.  Factor in details like whether or not the condo allows pets.  Most buyers today have a pet that will be moving with them, and this can make a property much more desirable.  Many real estate listings will show the appraised value of the property, which can give a much more accurate picture than the seller’s asking price.

 

Contact a Realtor for a Comparable Market Analysis

 

If this is too much work for you to manage on your schedule or if you are looking to leave it up to someone with the tools, skills, and access to information to get a truly accurate picture, consider consulting with one or more realtors.  A comparable market analysis will use other properties on the market to get a rough but fairly accurate idea of how much your home is worth without paying for a full appraisal.

 

Get a Professional Appraisal

 

While this option will cost a bit of money, it will also provide you with the most accurate results.  A professional appraisal will look not only at area values, but at the features and details of your condo.  An appraisal will provide you with in-depth information based on the condition of your condo, upgrades, amenities, demand for properties within the complex, and more.

While knowing how much your condo is worth can be a vital tool for selling, borrowing, or even estate planning, it is always important to take the current market into account.  If you are looking to sell or borrow, a large number of similar properties on the market might make it harder to sell your condo for full market value, even if your complex is traditionally highly sought after.  No appraisal, no matter how accurate, is a guarantee of the price that your condo will be able to fetch on the market, although it should be used as a guideline to help you set a price that will work well for you and your buyers.  Condos represent a large part of the real estate market here in Northwest Florida, and if you are looking for help in assessing the value of your property, give me a call today at 850-460-3235 to find out how I can help!

Condos For Everyone, 701 Benning Drive Destin, FL 32541, Call:(850) 460-3235.