Whether you’ve built up enough equity to up-size to freehold living, or you’re moving to a bigger, better condo somewhere else – you’ve decided that now is the time to list and sell your apartment. How exciting!
Many of the items on your to-do list are the same as they would be if you were selling a detached home. When selling a condo, though, there are a few unique elements that require some preparation and forethought.
Here is a checklist to help you walk away with the highest profit on your condo sale:
1. Figure out the right listing price
In a building with similar units, this should be a fairly easy process. If any other units are currently available for sale, make an appointment to go through them with your realtor so that you can see what your potential buyers will see. Once you have had a chance to scope out the competition, sit down with your realtor, and take an objective look at your place to make a list of the pros and cons in comparison with the others. In addition to the state of the inside of your unit, this might include views, exposure, parking, lockers, balconies, proximity to amenities inside the building, and what floor you’re on. (As a rule, all else being equal, buyers will pay more for a unit on a higher floor.) Use this information to come up with a pricing strategy that will lead to a quick, profitable sale for you.
If yours is the only unit for sale – even better! Look through some recent sales and do the exercise based on pictures and written descriptions.
2. Clean and declutter
Any property will show better [and sell for more] if it is deep-cleaned and cleared of unnecessary items. Since condos are typically smaller than other types of homes, the importance of this step cannot be overstated. Remove any off-season, over-sized, or unnecessary items to storage, whether that be to a locker space or even off-site, if necessary. (Don’t hide the extra clutter in your closets – buyers will open them to peek inside.) Make it feel as spacious, open, and inviting as possible to appeal to buyers and encourage high offers.
3. Perform minor repairs and finish projects
Home owners of all stripes are notorious for learning to ignore minor annoyances we don’t want to deal with. We leave one section of a wall unpainted, we tune out the dripping sound from a faucet, we learn exactly the right amount of pressure required to finesse a sticky door lock or handle to get in and out.
When selling, though, it’s worth the time to finish those little jobs and repair those seemingly unimportant things. Buyers won’t know the trick to open a fussy door lock, and they will notice every crack, drip, and uneven cupboard door. Worse, they will assume a high cost to do the little fixes and offer you less money – if they offer at all.
If your eventual buyer has a home inspection, all the deferred maintenance will be noted in the inspector’s report, too. This could scare them into believing that the home has not been well cared-for and cost you the sale.
You will likely spend more time than money doing a few modest repairs. We guarantee you, though, it will be time well-spent!
4. Stage your condo
We often remind sellers that the way we live (comfortably) in our homes is very different from the way we show it to sell. Proof of this can be found at any model home…no one lives that way!
With that in mind, try to see your space through the eyes of a buyer who hasn’t seen it before. Could the furniture be pared down, placed differently, or replaced with something that will help them see themselves living there?
Give special attention to the amount of light you allow into the apartment. If it’s practical, consider removing heavy drapes or blinds and cleaning the windows to bathe the space in sunbeams. Here are some ideas for eye-catching window-treatments that could make a real difference!
Staging can be as simple as reorganizing what you already have, or as thorough as moving out and renting items chosen specifically for showing purposes. Your circumstances and budget will determine how you handle this step. Ask your agent if they provide a consultation with a professional stager who can give you some tips and tricks of the trade to use when doing it yourself, or who can arrange a full “costume change” for your space.
Statistics show that staged homes sell a LOT faster than unstaged ones.
5. Get your condo documents together
Common areas and the financial management of the building or complex are as much an element of the sale as your unit in any condo transaction.
Buyers will want to know the maintenance history of the shared elements: elevators, parking garages, flat roofs, windows and doors, swimming pools and other amenities, etc. As a wise seller, you do well to do some research and make this information available to assure potential buyers that the condominium has been well-maintained.
The condo board should be able to provide a timeline of recent repairs, and can confirm whether they expect a special assessment that could, even temporarily, hike condo fees. The more information you can provide, the more appealing your condo will be to a buyer.
Most buyers will insist on having their lawyer review the status certificate before firming up their offer. The status certificate will show the condo declaration [which includes the building’s by-laws, rules and regulations], a copy of the insurance certificate, the building’s financial statements, and a summary of the most recent reserve fund study.
A status certificate costs around $100 and is valid for 30 days. You have the option to allow the buyer to order the status certificate after an offer has been accepted, but that could delay firming up your deal by 10 days, or even more in some cases. In a fast-moving seller’s market, you might consider ordering the status yourself (or having your realtor do it), and making it available to prospective buyers to encourage firm offers and a quicker sale.
You will also need to disclose the amount of your condo fees. Buyers will want to know the recent pattern of increases, if any, in the monthly fees. The more information you can provide, the better.
6. Be as flexible as possible with showings
Since condos are often used as investment properties, buyers tend to run into difficulties booking showings on rented units that are listed for sale. Make it easy for them by being as flexible as you can with showings, rather than restricting available appointment times. Be sure to leave the apartment so that they can linger and take a good look around. This could make all the difference to a motivated buyer who is feeling time pressured!
We would love to work with you to prepare, market, and sell your condo! Let us know when we can chat about your goals.
