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When Buying a condo ! Think about the resale value? When you are Buying!

       When you are looking to buy a New Orleans condo in this type of market you as a buyer need to make sure you are thinking about the resale value down the road.  In a fast market it was not as important as it is now.   I see a lot of condos and show a lot of people.  Most people tend to think along the same lines.   Here are some of the ideas I have come up with to think about when you are looking.

1.  Price– Make sure you do not overpay for what you are getting.  Have all the negatives been factored in.

2. Condition of the Unit- People want to buy things in prime condition these days.  Buying something needing cosmetic updating is OK if you can stay within a budget.

3. Condo Association – Is condo association in good shape from a financial standpoint.  Is there major repairs needed in the future.  can it be easily financed.

4. Does the Condo Association present itself well.  Do the common areas of the association look like its a place you want to live.  Is this the style of the individual condo that will appeal to most buyers in New Orleans.

5. High Condo Fees– Most people want to pay moderate condo fees.   As fees go  most likely your services do as well.  However people do not like high fees.

6. Views and Light – It means a lot and you do not want to underestimate the value of natural light and windows.

7. Parking– Make sure there is available parking.  Do not buy the odd ball condo without parking if others have it.  Just not worth it.

8. Amneties do matter  The common areas do matter. It may be the deciding factor as you narrow the search down.

9. Security and Safety–  You need to think like a single 29 year old female.   This is very important for many many buyers. Perception can be reality.

10. Location, Location-  Is the location going to get better in the future or is it going to get worst.  People pay for location.  What is happening in the area to make it better.  Is it easy to duplicate?

    I can write a blog on each of these points.  These are some you can think about and add some of your own.  None may be perfect but its what you can do with it in the future.

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Eric Bouler Realtor
Gardner Realtors
Metairie - New Orleans, La. USA