Victoria Real Estate – Be a Savvy Buyer!
As a Condo Expert in Victoria real estate, I often hear buyers say, “I would be interested in that condo for the right price.” I always ask: “What is a good price?” Usually, the buyer answers, “$X off the list price.” Many factors determine a good price for a condo, and they are rarely linked to the list price. As a buyer, you need to decide what the fair price is a condo, not how much less than the list price it’s worth.
Be a savvy buyer!
To determine a fair price of a condo, you should look at how often the strata council meets, what the bylaws include, and what restrictions are in place, such as rentals, pets, smoking, and age. While the ability to rent, for example, may not be important to some, it is important to a number of buyers and will impact the sale price of a condo when it is time to sell. The prevailing Victoria real estate market will determine by how much. In a cursory glance, I saw the average price of rental- and pet-restricted buildings was up to 13% lower than similar condos allowing rentals and pets. I am not saying don’t buy in these buildings, but be aware that the price reflects the restrictions.
Another consideration is a depreciation report, a relatively new tool allowing buyers to compare buildings on a level-playing field. For example, not all condos built-in 1981 are the same. A proactive strata council armed with a depreciation report that has diligently maintained their building has an upper-hand over similar buildings that have deferred maintenance in exchange for low strata fees.
Buying a condo or other Victoria real estate can be tough, but we can help. At The Condo Group Real Estate, reimagined as Island Realm Real Estate,, we offer free buyer seminars outlining how to become a savvy buyer. If you’re ready to learn what the fair price is for a condo, call us today to get started.
Come meet your Condo Experts, and visit our modern new office, designed to enrich your buying and selling experience, located at 102-3645 Tillicum Road, Victoria, BC.
If you are going to be buying or selling a condo, now or in the future, get in touch with The Condo Group Real Estate Real Estate at 250-382-6636. In the meantime, search through thousands of listings in the Greater Victoria Area here.