property price negotiation - private sale

i'll keep it brief :)

2 questions only.

i am asking this from buyer's perspective. :confused:

1. In the same building but higher level, there was a 40 sqm unit sold for $x. The sale just happened 2 weeks ago. Can I use the following method to calculate the price for a 20 sqm unit at a lower level: ($x/40) * 20 ?

2. As per the subject, this lower unit level is sold privately by the owner; as a super noob, can you tell me what are the steps in sequence to purchase this unit? I assume something like this: ask for how much i am willing to purchase ($y from point #1) then arrange for solicitor to arrange everything i.e. building inspection etc ?
 
You should be asking a 3rd question: should I buy anything less than 50 sqm?

The banks hate lending to anything less than 50 sqm. Buyers find finance hard to get, those that get finance need big deposits. Vendors find buyers hard to get.

To answer your question: look at similar units in similar blocks for prices. No point comparing a shoebox to a penthouse.
 
right, so per sqm rate does not work.

funny that the lower level unit and half the size too can be more expensive, that's all.

and i have my own reason to purchase smaller unit.

i do understand the finance part of it.
 
No magic in the reason why a small unit can be almost as expensive as a larger one. They both have an expensive kitchen/plumbing/bathroom/laundry but the small one has less cheap areas living space (four walls). So your build cost for a small unit is higher/m2 than for a larger unit.
 
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