If you are thinking about putting your home on the market one of the things you need to know is: "What's your PLA". PLA stands for "price living area" and that figure is arrived at is by taking comparable properties similar to yours in style, bedroom and bath count, similar utiility, square footage, location as well as finishes. One must also being in the a similar zoning area as well as having similar upgrades fa/ca cannot be compared to steam hot water heat or radiator heat. Two different animals. Then you take the square footage and divide it into the Selling Price of the comparable properties. You will have a high and low figure but no matter what, the PLA, if the comparables are good, will be within $10 per square foot of each other.
With that figure, you then multiply the square footage of your home times the PLA and that is where the value of your property lies within the marketplace.
However, if you are a condominium other factors which could affect your value would be:
Garage or Space Parking: Is the parking deeded (multiple PIN's), limited common element and what are the restrictions with being "limited", assigned (when you sell the property, do you get the same garage space or parking space or does it rotate?, indoor or outdoor?
With condominiums: you also need to look at the roof type on smaller complexes as one may have tar and the other rubber membrane. Huge difference as the tar will be required sooner or later to be removed and I hope the money is in the reserves. A critical factor when comparing and trying to achieve the price.
Assessments: Are they the market norm? Are they high? Be careful what you include for your comparables as this ultimately will alter the value, usually not in your favor.
The biggiest criteria one must look at is that you cannot compare vintage to new construction. You cannot compare brick to frame. Compare apples to apples.
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