Looking to sell your condominium unit? The market is on your side! While the condominium resale market is strong across America, getting your property sold quickly and efficiently requires more than just a great location and reasonable prices.
Know what it takes to sell your unit with these four tips.
The biggest mistake condo sellers make is thinking that the selling process is the same as selling a family home. These types of properties feature unique selling aspects and challenges.
Selling a condo takes the HOA or the homeowner’s association into consideration. The caliber of your HOA is a salient factor in how attractive your condo will be to interested buyers. If the HOA frequently runs out of money, fails to keep common amenities in top shape, or is consistently difficult to deal with, it could be a deal breaker.
If your buyer needs to take out a loan, the lender will have to verify that the HOA meets certain standards. These criteria include financial records, percentage of owner-occupied units… lawsuits, if any. If there are too many issues, the lender may deny your buyer the loan and you can say goodbye to that sale.
The benefit of selling condos is that these types of properties usually sell faster compared to homes – even if the market is down. Condos cost much less, are smaller, and have lower maintenance costs.
When it comes to houses, spring is the best season to sell. Winter holidays are the worst time to put homes on the market. But with condominium units, this may not apply. For instance, if your condo is right smack in the middle of a vacation/tourist area, ski or beach resort, you can get the best price at almost any time of the year.
A condo unit will always include HOA fees, regulations, policies. Make sure that your potential buyer understands these rules which may include restriction as to pets, noise, number of occupants, and renovations allowed.
Realtors specialize. Make sure that you engage the services of a realtor who is well-versed in selling condominium units in your area. Questions you may ask are as follows:
We get it. It’s inconvenient. But restricting showings is a huge no-no. It’s a bummer to actually welcome prospective buyers on a lazy Sunday morning. But it may be the only time they’re available.