Condo life has its perks, and many people happily stay in their little slices of paradise for years. For others, a condo is a stepping stone before moving on to even greater milestones. They represent a way for first-time buyers to get into the market and are perfect for those in transition and uncertain about their next steps.

As much as you love your condo, the day may come when you want to upgrade to a home with more space. If you’re thinking about making a change, this guide to selling and buying will help you at every step in the game.

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Where to buy is one of the first decisions when upgrading your home. You can learn more about some of our favourite Winnipeg communities in the posts below:

• What’s The Appeal Of St. Vital In Winnipeg?
• Everything You Need To Know About Living In Transcona
• Our Favourite Transcona Neighbourhoods

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Signs You’re Ready to Upgrade

If you’re a current homeowner, you may have heard the term “property ladder.” Buying a house of any type gets you onto the ladder, where you can begin building the equity that gives you bigger and better options later. 

As your equity and income increase, you may soon find yourself financially ready to take another step up the ladder. You can start by asking yourself a few questions to see if you really want to move into a larger home.

• Do you often find yourself wishing you had more space?
• How important is it to you to have a backyard, driveway, and a garage?
• Are you ready for the extra work involved in owning a freehold property? You will no longer have a management company to take care of lawn maintenance and snow removal for you.
• Do you have funds set aside for a down payment and for any renovations or repairs you’ll want to make?
• Will you be comfortable with higher carrying costs each month? Though you no longer have condo fees, these will quickly be replaced by other expenses and then some.

Remember that there’s no obligation to move up just because you can. However, if answering the above questions just has you feeling even more excited about a move, then chances are it is the right step for you!

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Selling your first home or condo comes with its own set of unique challenges. The posts below will help you achieve a successful outcome:

• A Step-By-Step Guide For First-Time Sellers In Winnipeg
• Secrets To A Successful Condo Sale In Winnipeg
• 3 Things To Know Before Selling Your House In Winnipeg

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Connect With a Local Real Estate Agent

Do you remember what it was like when you were buying your first home? For many people, it was as stressful and confusing as it was exciting. Upgrading from your condo can be even more complex because there are two transactions involved.

You’re not just buying a house, but selling your existing condo first. Or is it buy your house and then sell your condo? This opens up a completely new discussion, one that warrants an entire article all on its own. The answers to your toughest questions will depend somewhat on the market, but even more on your risk tolerance and resources. There is no right or wrong path.

The best way to navigate this maze is to have a trustworthy and knowledgeable real estate agent by your side, one who is up to speed and current with today’s market. How can you find the right expert for your situation? A little background research will help ensure the right fit.

One of the best ways to tell if a real estate agent can deliver on their promises is to check their Google reviews. If they have one or two or five, they might be at the beginning of their careers or just dusting off their real estate license after taking an extended break. It may seem counterintuitive, but all five stars can also be a red flag, meaning that an agent has their friends and family members giving their reviews. On the other hand, 200 testimonials with 4.9 stars and above is a good sign that an agent has many success stories to their credit.

Once you narrow down your search to a few professional real estate agents, you can book a meeting to get a feel for their level of service. Ask your toughest questions and see if they come through for you.

Maximizing Your Condo Sale

It goes without saying that the more you earn from your condo, the more easily you’ll be able to afford your upgrade. You may decide to remain at the low end of your budget even if you achieve outstanding results. Alternatively, you might get more home for your money when upgrading.

Whatever you decide, the first step is maximizing the results by selling your condo quickly and at the highest amount possible. Your individual strategy will vary depending on your goals and the market. However, the following tips will always help you get the maximum results.

• Work with a real estate agent to determine the most compelling price point for your listing. This one aspect determines the success of your transaction more than anything else. Your price should be high enough to reflect the true value of your condo, but low enough to potentially attract multiple buyers.
• Perform strategic improvements to your condo to make your listing stand out. This is especially critical if another unit in the same building is available. Before undertaking any significant upgrades, be sure to double-check with your condo corporation. However, deep cleaning, painting, and expert staging might be all you need to make a dazzling first impression on potential buyers. 
• Promote your listing extensively. Targeted advertising is one of the keys to a successful sale, especially in a market with multiple condo units available. An effective campaign will include a mix of online and offline strategies for maximum outreach to likely buyers.

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Looking for more tips to get the best value when buying? The posts below will give you some ideas:

• Should You Buy A Resale Home Or A New Build In Winnipeg?
• Should You Work With An Agent When Buying In Winnipeg?
• Benefits Of Buying An Older Home In Winnipeg

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Finding Your Fabulous New Home

Buying a new home involves a slew of decisions, big and small. The first step is simply to create a wishlist of everything that you would like to see in your new, upgraded space. Some features will be absolute must-haves, while others will be negotiable. Making this list helps you form a clear image of what you want. For example:

• What type of house do you want? A detached home, townhome, or even just a larger condo than you have now?
• How many bedrooms and bathrooms are necessary?
• Do you want everything all on one level or multiple storeys?
• Is outdoor living space important to you? What about a driveway or detached garage?
• What neighbourhood do you want to be in? 

The good news is that Winnipeg is full of thriving communities with unlimited recreational activities and every convenience you could ever hope for. The housing stock consists of everything from beautiful heritage homes to modern townhouses and detached new builds with generous open floor plans and floods of natural light.

Depending on your lifestyle, you might choose to buy in a neighbourhood with access to reputable schools, or perhaps you’ll want to settle close to public transit and the most happening shopping districts in the city.

Once your condo sells, your options are nearly endless. Your real estate agent will be there to help you narrow down your choices and negotiate for the best possible results.

Are you ready to begin the exciting process of upgrading your home? Let our Winnipeg real estate experts guide you every step of the way. Reach out to info@goodfellowrealty.com or call 204-224-2551 for more information.