Is selling a condo the same as selling a single-family home? In some ways, the process is similar. However, there are also several key differences you’ll want to be aware of. The word “condominium” derives from an ancient Latin term meaning “joint dominion.”
In modern times, this translates to shared ownership, which can make the process of preparing, listing, and showing a little more challenging than a traditional residence. What are the steps you can take to ensure your sale is successful?
Take Conventional Rules With a Grain of Salt
The usual rules don’t always apply when selling your condo. When is the best time to list your unit for sale? Typically, the Spring or Fall markets are the busiest, at least for single-family homes and townhouses. Even then, that is just a general guideline and not written in stone. And condo sales are in a class by themselves.
Since they are usually smaller and less expensive, they tend to sell faster than other property types, regardless of the market. As a result, there’s no need to worry about the “best time.” The right time to list your condo is when you’re ready for a change in your life. After making the decision to sell, the next step is to formulate an achievable plan to earn the best possible results.
One of the best ways to succeed in selling your condo is to understand what potential buyers are thinking. The posts below will give you some great insights:
- Why Buying A Condo In Winnipeg Is Better Than Renting
- What You Need To Know About Disclosure Certificates When Buying A Condo
Set Realistic Expectations
As with any real estate transaction, realistic expectations are essential. How much your condo sells for depends on many factors, and some of these are outside of your control. When the market is busy with a lot of competition, properties of all types will command a higher price. When conditions slow down, housing values fall. It boils down to supply and demand.
But as long as you buy and sell in the same market, everything will work out. For example, it doesn’t matter that much if your condo sells for less than you thought if it also means you will pay less when buying your new home.
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Create Your Action Plan
Other factors that can influence the value of your condo are well within your control. For example, you can dress and stage your unit to make a positive first impression on buyers. And the more available you are for home showings, the more likely you will find a qualified buyer.
Keep in mind that a fast sale usually translates into fewer headaches and a higher price. At this point, your wisest course of action may be to find a local real estate agent, preferably one with condo expertise.
The real estate market moves fast, and a successful sale depends on knowing the precise steps to take at the right time. A real estate agent will help you manage the more complex aspects, such as an effective pricing strategy, extensive marketing and advertising, and the ability to negotiate with potential buyers.
Prepare Your Selling Documents
When selling your condo, you will need to provide the buyer with documentation and information about the unit itself and the corporation. Compiling this information can take time if you are not working with a real estate agent specializing in condos. Some of these documents include:
- Information about the cooling-off period
- Disclosure statement from the condominium corporation
- Statement of financial projections
- A copy or summary of the reserve fund study or update, if applicable
- The declaration and all registered amendments and proposed amendments that the board has approved
- The current by-laws and rules, and any proposed amendments that have been approved, even if they are not yet in effect
- Any property management agreement
- The condominium corporation’s latest financial statements auditor’s report, if applicable
The real estate market is heating up in Winnipeg! Why? Here are just a few reasons:
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- 5 Reasons To Move To Winnipeg Right Now
- Our Top 6 Luxury Neighbourhoods In Winnipeg
Know What Updates Get Results
As we mentioned before, the better your condo shows, the more impressed potential buyers will be. A few minor repairs and updates to your unit can make a significant difference when the offers start rolling in!
However, some condo boards are more strict than others as to what renovations you are allowed to perform.
Before investing in any home improvements, you’ll want to ensure that you have permission from the property manager. Fortunately, a total overhaul is rarely necessary since the tiniest details can go a long way. Here are a few upgrades you might want to consider before listing your condo for sale:
- Fresh paint throughout. Neutral and light colours will help make your unit appear modern and more spacious.
- Reseal hardwood floors with a low gloss finish.
- Clean your carpets, or even consider replacing them with linoleum or hardwood flooring.
- Upgrade your lighting fixtures.
- Install closet organizers to maximize storage space – a must-have for many buyers.
- Replace the handles on cabinets, drawers, and closets.
Why Staging Matters
By now, you’ve worked hard performing the background work that lays the foundation for a successful sale. Now it’s time for a few finishing touches. Effective staging helps potential buyers imagine themselves living in your condo and can lead to a faster sale. Staging means artfully rearranging and designing your unit to make the most of the space you have.
Your real estate agent may arrange a staging consultation or a professional design company if they believe it will add to your final selling price. In any case, some do-it-yourself staging tips can help you make your unit stand out from the rest:
- It begins with thoroughly cleaning and decluttering every nook and cranny of your home. The less stuff you have, the airier and more spacious your condo appears!
- Remove all personal photos, artwork, souvenirs, and knick-knacks. You want your buyer to feel like they are coming to their home, not visiting yours.
- Clear out all furniture except for the essentials to maximize the space.
- Enhance the natural light of your condo by replacing dark curtains with sheers. And be sure to leave the curtains open whenever a potential buyer walks through.
Moving on to the next stage in your life can feel overwhelming at first. However, once the wheels are in motion and your sale has gone smoothly, you’ll soon find those jitters replaced by excitement for your new adventure!
Are you curious about listing your condo in today’s market? Our condo specialists are happy to answer all of your questions and get you off to a great start! Contact us today at email@example.com or call 204-224-2551 for more information.