The Main Factors That Influence A Condo’s Resale Value And Buyability

Whether you are an aspiring investor looking for a new condo to flip, or you are planning on selling up your property and moving on, this is the article for you. We’re going to highlight the 5 main factors that influence a condo’s resale value and overall ‘buyability’. Let’s get straight into it!

1.     Location

You guessed it! The first factor that influences a condo’s resale value is its location.

Particularly if you are looking for a long-term investment, you can pick up a cheap condo in and up-and-coming neighbourhood, and then flip it for profit in the future.

The fact is, as communities gain additional features and local amenities, property value and buyability begins to rise also.

Similarly, in areas that experience high crime rates with failing businesses, property begins to lose value.

As such, it is paramount that you do plenty of research into an area before investing in a condo.

2.     Unkempt common areas

Particularly in a competitive market like Bangkok, it is important that you buy a condo in a development that has exceptionally well-looked after common areas.

Unattractive common areas are some of the biggest value and buyability killers.

On the other hand, if you keep an eye out for developments with fitness rooms, swimming pools, restaurants, gardens, and all other publically shared common areas which are well-maintained by the building management, you’ll be on to a winner.

3.     Failing to remain on current market standards

Even if you have a condo that has been very well maintained over the years, if it has dated fixtures, features, and amenities, it might hold you back from collecting a sizeable price for your unit.

That said, it’s easy enough to make the necessary improvements to bring your condo up to the current market standards.

The fact is, having an out of date condo in a desirable location is far better than having a luxury condo in a less desirable location. In other words, the location is more important as the condo itself can easily be renovated.

4.     Surrounding construction projects

You may well have bought a sea-view condo 5-years ago, but if there’s a development project shooting up in front of your condo building, those panoramic views will soon be spoiled. This is arguably one of the biggest value impactors that is completely out of your control.

So, when looking for a new apartment, make sure that you pick a development that has no room for any other buildings to occupy.

5.     Balconies are a must

While condos without balconies do sell, there’s no denying the fact that condos with balconies are statistically far more likely to sell quickly and generate a greater return than those without.

Bonus – Unique developments

Another factor that can influence value and buyability is authenticity. In a city like Bangkok, many of the developments feel rather samey. However, every now and again you’ll find a unique gem like Notting Hill Sukhumvit 107. Places like this with charming and attractive features that separate them from the rest often sell well.

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