After living in a condo for most of your early adulthood, you have finally made the decision that it is time to sell it. Whether you are looking to buy a new apartment in the city or you are starting a family and need a house, selling your condo would be the best way to make some profit and use it to purchase a new home.
However, selling a condo can be a daunting task, especially if you are a first-time seller. The whole process involves taking several steps, all of which can ensure a successful sale.
From gathering all important documents and deciding on the right price to getting your condo ready for sale and advertising, here is a brief guide elaborating on four tips to help you sell your condo hassle-free in 2022.
Set the right listing price
Probably the trickiest part of selling any property is deciding on the right listing price. The thing is if you set the price too high there is a risk that potential buyers will back down. However, if you set the price too low, you may lose money in the process.
The great thing about condos is that you can get comps, which refers to the recent sales prices of similar units in your area.
For example, if you are looking to sell your condo in the Great Toronto Area, you should look for recent condos for sale in Toronto to get an idea of what the average listing price is. Remember that there may be differences in the price in regard to the location of your property and the features it has.
Gather documents and review HOA rules
When selling a condo, it is important that you have all the documents ready. Buyers will want to see and review them so they can make sure they are purchasing a condo unit that has been well managed and maintained. Some of the documents you may be asked to provide buyers include:
- Condominium bylaws;
- Financial statements;
- A copy of the insurance certificate;
- A structural deficiency statement;
- The amount of the condo fees.
Also, make sure you review the Homeowners Association rules, regulations, fees, and potential assessment to see what you can do and cannot do with your unit. For example, HOA may have strict rules about whom you can and cannot sell your condo to. In fact, you may be required to get a potential buyer pre-approved by the association.
Get your condo ready for the market
After completing the formal tasks regarding the condo selling process, your next step is to get your unit ready for the market. This mainly refers to decluttering the place, cleaning it up, and doing some quick repairs so you will make a great first impression on your buyers.
If you want, you can even order a pre-listing inspection and have a professional come in to examine the condition of your property before putting it on the market.
Also, if you don’t have to, don’t engage in major home renovations because these projects can be costly and time-consuming. Instead, opt for projects that won’t break your wallet and will provide you with a higher chance of boosting your asking price.
Develop a marketing strategy
As is the case with any property, just putting up a “For Sale” sign and flyers aren’t going to help you sell your condo fast. In fact, many HOAs don’t even allow these traditional marketing tactics, so you have to consider other ways to get the word out that you are selling your unit.
For example, listing your condo online is one common marketing strategy used by many homeowners. This allows you to showcase your property in the best light by posting high-quality photos and sales videos of the place so prospective buyers can see what the unit looks like.
You can also consider hosting house showings to allow buyers to come in and visit the condo in person.
Final thoughts
Although selling a condo can be a daunting task for many, it doesn’t have to be difficult if the proper advice is followed. To ensure a successful condo sale, there are several steps that need to be completed, all of which can make the entire process seem relatively easy and straightforward.
So, if you are planning on selling your condo, refer to our post and use it as a guide to selling your unit fast.