An old cliché says that home is where the heart is and these days, everyone wants a place where they can lay their head with a roof overtop to keep them warm and safe. While housing comes in many forms, studies have shown that about 17% of Americans live in an apartment or condo. If you’re thinking about selling your condo, you’ll need a little help from the pros to get the job done right.
As any condo owner knows, there are ample benefits to buying a condo:
- Flexible living: Condos are the perfect home for folks who want a smaller home that doesn’t require spending loads of time cleaning.
- Affordability: One of the great things about a condo is that it’s usually affordable compared to single-family housing. This makes it a perfect draw for first-time homeowners.
- Affordable insurance: Condo buyers only need insurance to cover the inside of their condos, This is because home owner’s association fees insure the building itself.
- Great amenities: Most condo complexes have great amenities such as pools and fitness centers, and tennis courts that residents can use without worrying about upkeep.
- Covered maintenance: As previously mentioned, one of the biggest benefits of owning a condo is not having to do yard work, home repairs, and snow shoveling to name a few things. So if, for example, your air conditioning unit breaks down, an experienced air conditioning contractor, will come and fix it for you, saving you plenty of time and hassle. All you have to do is worry about maintaining your condo.
- Security: For any wary condo owners, condo buildings are kept under strong surveillance and they are security guards on hand. That means your place and your belongings will be well protected.
While there are plenty of benefits to buying a condo, there may come a time when you’re thinking about selling your condo. Maybe you’re moving for a job or you’ve just simple decided you need more space. When this time finally arrives, however, you’ll need to invest in ways to sell it fast.
The good news is that the resale market for condos in many cities is very strong. But selling your condo is a little bit different than selling your typically family home. Depending on where you live, you may find it to be a little harder than you think. This is especially true if you live in a competitive market.
So how do you sell your condo? The key is to make it stand out and these tips can help you do just that:
Learn The Selling Process
There’s quite a bit to selling your condo and one of the biggest mistakes you can make as a condo owner is to not educate yourself. By educating yourself about the process of selling, you can make the whole thing much, much easier.
How do you educate yourself? You can look for a plethora of helpful resources on selling condos. For starters, learn how long it takes to sell one, how much it costs to sell one and how to prepare one for sale.
Use A Realtor
When you’re selling your condo, you want to make sure you hire the right agent. At the end of the day, you need to make sure you’ve got someone working for you who knows what they’re doing.
Condo sales can take some finesse and you need to keep a good, open line of communication with your realtor so that the sale goes smoothly. If you’re constantly calling your agent and constantly finding yourself leaving voicemails, you need to get a new agent.
Pick The Right Asking Price
When it comes to selling a condo, two of the most important factors at play are marketing and the asking price. A good agent can help you with the marketing side of things, but you need to make sure you’re asking a good price for your place too. Pricing it too high can drive potential buyers away, but pricing it too low can leave you with less money than you deserve.
Prep Your Condo
Selling a condo is a lot of work, it’s true, but you need to get your condo ready for showings too. If you’ve only got one chance to leave a good impression with potential buyers, you need to make it count.
Preparing a condo takes some time and there are many things you can do to prep and sell it, especially if you’re on a budget.
Amp Up The Curb Appeal
Much like selling a regular family-home, when selling a condo, you need to think about the curb appeal. After all, prospective buyers are a lot more interested in homes and condos that look nice when they’re driving by. So how do you ramp up the curb appeal? Keep things simple, but be deliberate in your actions.
Add Some New Paint
Believe it or not, a little bit of paint can go a long way. By paint things like walls, ceilings, and even cabinet doors, you can cover up unsightly dings and scratches and give your condo a facelift, making it look good as new. You don’t have to get to fancy either. Getting a glossy white paint can brighten up your place and make it look super clean.
Put In New Flooring
Putting in new flooring is another way to add sheen to your condo. But if you’re trying to stay within a budget, you can hire a carpet cleaner to add polish to your wood floors or to clean your carpet.
This may not be the most budget-friendly move, but adding new appliances can be a real bonus that you can highlight during an open house.
If you’re going to be selling your condo, you can do yourself a big favor and upgrade the essentials in your condo. That means calling a plumber to make a needed residential plumbing repair if necessary. That means replacing the electrical panel if it’s outdated. That means replacing the furnace or the water heater if you need to.
When buyers look at a home, they want to know what everything is in good working order. The last thing they want is to look at a home that’s potentially unsafe or has lingering issues that they’re going to have to deal with.
Don’t Neglect The Outside
As previously mentioned, there are many things you can do to really heighten your condo’s curb appeal. But sometimes you’ll need to do more than just tree spraying or mowing the lawn.
You absolutely need to be sure that your condo’s roof is in good working order. If a new roof installation to replacing an aging roof isn’t in your budget, there are still some things you can do to stop water from getting in. For example, you can call local residential roofing services to patch any worn areas or areas with holes.
While the roof is important, don’t forget the rest of the condo. Check the gutters. Inspect the siding. Look for any trees that might be growing in a bad direction. After all, you never know exactly what a prospective buyer is looking at and you don’t want to leave anything to chance.
Do An Inside Walk Through
As you’re prepping things in preparation for selling your condo, make sure to do a thorough inspection of the inside. If you’ve got a rodent problem or insect issue, you need to address those immediately and get them under wraps. There are many local exterminators who will help you with a spider control problem and get it squared away.
The inside walk-through will also help you take notice of anything else that needs attention. Maybe you notice the handles are loose on your kitchen cabinets. Maybe you notice the bathroom needs a little bit of work, like replacing the showerheads and re-doing the grout around the tub.
Going through your condo with a fine-tooth comb (figuratively) will also help you prepare for any inspections your condo will need to go through. A prospective buyer is more than likely going to want to do an inspection of their own. What does that mean for you, the seller? It means going through and making sure your condo is functional—from the plumbing to the windows to the lighting to the appliances. By preparing for an inspection and making sure everything works as it should, you’ll never be caught off guard.
Invest In Your Condo
Again, if you’re on a budget, you may not be thinking of the umpteen repairs and upgrades you can make as you do through the process of selling your condo. But if you really want to wow your prospective buyers, you can blow them away by making some upgrades.
If you take out a loan, the sky is the limit when it comes to the upgrades you can make. You can be very environmentally conscious and sign up with a solar financing program to put solar panels on your condo and conserve energy.
You can also make your backyard pop by installing add-ons like outdoor brick ovens, which are sure to be a hit if you have guests over.
Mistakes To Avoid
There are many good things you can do when you’re selling your condo, but there are plenty of mistakes you’ll want to avoid as well:
When you’re going through the process of selling your condo, you’ll really want to try to find the right balance between making improvements and overdoing it. If you do improvements, make them mean something. Less can be more, but make sure you’re honest about what you’ve done or haven’t done to improve your condo.
Forgetting Certain Features
When you’re showing off your condo to prospective buyers, you want to make sure you’re showing it off in the best possible light. That means showing off all your condo’s features. Remember, you never know what kinds of things a prospective buyer is going to be interested in. For example, one buyer may be over the moon about the amenities offered in your condo complex, while another buyer make be focused on what kind of improvements you made to your kitchen.
Neglecting To Mention Advantages
Remember that any prospective buyer that comes to check out your condo is clearly interested to some degree in what you have to offer. With that in mind, you need to mention all the advantages a buyer might get from choosing your condo.
Not Listening To Offers
Make no mistake: when you’re selling a condo, it’s always great when you can sell it at the price you asked for. But that doesn’t mean you shouldn’t listen to any early offers you get. You make think you’ll get a better offer somewhere down the line, but you’ll be doing yourself a disservice by not considering every offer.
Selling your condo takes some work and it’s important that you don’t get too impatient or rush things. Take things one day at a time. Some days you’re going to garner lots of interest and some days there may be none at all. At some point taking the time to fix your garage door might be easier than installing a new floor. The whole process, as rewarding as it may be at the end, takes time; sometimes more than you’d like.
The important thing is that you stay positive and stay grounded. Regardless of where you live, the condo market has its ups-and-downs and sometimes there’s no predicting what’s going to happen. By staying open-minded and patient, you’ll be able to keep from being disappointed, especially early in the process.
It may seem like selling your condo is a long and difficult process. But guess what? It doesn’t have to be. By setting a fair asking price and hiring a good agent, you’ll ensure that buyers won’t be put off by your asking price. By taking time to update and (possibly) upgrade the features of your condo, you’ll be showing off your place in the best possible light, highlighting all the things that make your place special.
By hiring contractors such as siding installation services to make improvements to the outside of your condo, you’ll greatly increase the curb appeal. No one can predict just quite what the condo market will be like in your area, but you may be pleasantly surprised and sell your condo quickly and at a great price.