When you plan to move to a new area it can be tough to figure out how much to budget to buy your new home. Woodbridge homes for sale and New York City condos are vastly different in price, even just between two neighborhoods, so before you know anything about the city, budgeting amounts to little more than guesswork. Luckily there are some statistics, such as price per square foot, that can help you figure out how expensive your new hometown will be to buy a home in.
The price per square foot is an average value for real estate that is calculated by taking the amount of money that all the Bloor West Village condos have sold for and dividing it by their square footage. This gives you a dollar value that indicates how much people pay on average for one square foot of living space. This value is useful in guesstimating how much a home that meets your needs in a new city will cost.
To figure out how much you're going to have to pay for your living space after your move, take the price per square foot and multiply it by the square footage you think you're going to need. You can base it on how large your current condo in Yorkville is or use statistical averages. A typical bungalow home contains about 1,200 square feet of living space while a standard two bedroom condo is about 900 square feet. Anything over 3,000 square feet is generally considered an executive home or mansion.
Conversely, you can use the average price per square foot to figure out how large of a home you'll be able to afford after you move by taking the amount of the mortgage you're able to qualify for and dividing it by the average price per square foot. Even condos for sale in Toronto cannot compare to the real estate values in New York City, so moving to NYC from anywhere necessarily means downgrading the size of your living space, especially if you want to live in Manhattan.
So where can you find out the price per square foot of a city? The real estate agent you hired to sell your Lakeshore condos should be able to tell you, as agents have access to reams of statistics from all over. However, you can also look it up yourself on web published real estate reports. Trulia.com, for example, reports that the price per square foot for New York City in June of 2012 was $1,217.