5 Top Factors that Influence the Cost of A New Condo
When making a big decision, comparing prices is often the first step in our research. Home buying is no different. Whether you’re buying a house or a condo, things like location, layout, and finishes make a difference, but price is the biggie.
The Porchlight Homes team is working diligently on our new Hudson East community, featuring urban condominiums with two-story floor plans starting at 1,790 square feet. In anticipation of its opening, we’re giving you a glimpse into the factors that influence the cost of a new condo.
1. Floor Plan
The layout and style of a condo is the first thing you’ll notice when you walk in. The floor plan is one of the top factors that will influence the cost of a new condo. Obviously comparing a single-family detached house to an urban two-story condo will be vastly different in price. Comparing different condo floor plans, however, will also vary.
2. Size
Size also affects the price of a new condo. You may be thinking in terms of how big the bedrooms are or the number of bathrooms, but size is black and white when it comes to pricing. It all comes down to square footage. It’s a general rule that as the square footage increases, the price increases. Two condos with the same square footage but different bedroom counts won’t vary in price that much. This means if the builder makes good use of the space, you could get more value for the price.
3. Options
How cool would it be to have a rooftop deck in Scottsdale? This is just one of the options at Hudson East. Options and upgrades may increase the price of a new condo slightly, but these kinds of features could also end up providing a little boost when it comes to resale. Not that you would want to move away from your rooftop deck or anything, we’re just laying down the facts.
4. Location
People who live close to work and play are happier humans. It’s that simple. Traffic is a mood buster. Location is a major factor in condo prices. Being close to jobs, restaurants, schools, parks, and entertainment is ideal for almost every condo buyer. This means that more desirable locations may come with a higher price tag.
5. Amenities
Amenities, like a pool and garage parking, also influence condo prices. The cost could be built into the fixed price, or you could pay a monthly fee for upkeep of the amenities. Most of the perks of condo living are worth it, but it’s important to keep this in mind when you’re home searching.
Hudson East – Coming Soon!
Porchlight Homes is Arizona’s trusted craft builder. We are dedicated to personalized care, which is why our team is uniquely approachable. Our hope is that we become an extension of your family throughout the construction experience.
For more information about Hudson East and our other craft communities, reach out to us online or stop by for a tour!