7 Dos and Don’ts When Selling a Condo

If you’ve bought a condominium, you’re already aware that buying these properties is a little different from getting a regular home. The curves include the need to review the finances and rules of the association that owns and operates common areas of the condo development.

Correspondingly, the process of selling a condo has its unique aspects, too, mostly related to the role of the condo association and its fees and requirements.

It pays to know and heed how a condo sale differs from the real-estate norm. Learning how best to sell a condo can help you get the best price and avoid delays and unnecessary stress.

This guide will walk you through some leading dos and don’ts for selling your home, covering everything from finding the right realtor to staging your home.

Selling a condo: 7 dos and don’ts

Here’s what you should and shouldn’t do with a condominium sale. These tips combine common-sense advice for selling a home with some specifics for condos. Heeding these seven dos and don’ts will help you to avoid sales headaches.

Do: Review your condo association rules

Before hiring a realtor or listing your home for sale, review the rules set out by the organization that governs your condo development. A key reason: your condo association may have rules on how a home can be advertised. For example, it may prohibit signage or have limitations on when you can hold an open house. Also, some condos have rules requiring any homebuyers go through an application and approval process before the sale can be completed.

Ignoring these rules can sabotage your sale, or cause you to incur costly fines. Reviewing the rules and following them will allow you to sell your home as quickly and profitably as possible.

Don’t: Skip professional photos

Having images of your home that are shot professionally make all the difference to the attention your home receives. Grainy, dark photos or awkward angles will cause homebuyers to skip over your home, while well-lit, polished photos can increase views and offers. According to a study from the National Association of Realtors, 90% of homebuyers search for properties online, and 85% of those shoppers said photos were the most important factor in deciding which homes to view. Work with your realtor to hire the best real estate photographer possible to showcase your home.

Do: Stage your home for maximum appeal

Staging your home is the process of readying it for sale. Done right, the process allows prospective buyers to visualize themselves living in the space. It doesn’t necessarily require a complete overhaul of your home’s decor; even small changes can make a big impact.Here’s what effective staging should do:

• Declutter: You may have to move some personal items into storage, remove family photos, and store knickknacks so the space looks open and inviting.
• Improve lighting: Changing the curtains or blinds, adding a warm lamp, or opening the blinds can allow a home to look brighter and more welcoming.
• Neutralize your decor: While you may love your cheetah-print rug or paisley couch, bold and eye-grabbing decor can detract from your home’s appeal. Neutralizing the space with simpler, neutral colors and covering graphic patterns with slipcovers can help your home sell faster.

Don’t: Hire a realtor unfamiliar with condo sales

When it comes to finding a realtor, choosing one without experience with condos can be a costly mistake. Condos have unique quirks and demands, including different market conditions, condo association restrictions, and financing, so a realtor experienced with these issues is key.

Do: Focus on high-impact home improvements

While a full remodel of your condo may not be necessary, making a few high-impact home improvements can help you sell your home faster for the best price. Relatively inexpensive changes include adding a few coats of fresh paint in a neutral color, updating the dated light fixtures, and updating cabinet handles can make your home look more modern and high-end.

Don’t: Fail to disclose condo fees or assessments

Condo fees and assessments are an essential part of condo living. On average, the fees are about $350 per month, but they can be hundreds more. And, condo assessments, which cover unexpected major expenses, such as replacing the building’s roof, can require you to pony up thousands of dollars, as either a one-time payment or a series of installments.

While you may be afraid these fees will scare off buyers, minimizing or not disclosing charges is a serious mistake. Being upfront about both the monthly obligations and any upcoming assessments should prevent buyers from backing out of a deal when they come up later in the process.

Do: Time your sale

When you put your home up for sale impacts how quickly it will sell and the price you receive. Generally, the peak of the home-buying season is from April to June. However, if you own a condo in a popular vacation destination, timing may vary. For example, a condo located near a ski resort may have the highest prices in the fall, right ahead of the peak tourist season.

Condo selling tips

To sell your home quickly and get the best price, use these condo selling tips:

1. Emphasize the condo’s unique features and perks: Some condos have extra benefits and pluses like unit security systems or building security, gyms or wellness centers, and common workspaces. Advertising these features can appeal to homebuyers. For instance, a co-working space in your building could help your condo appeal more to homebuyers who work remotely.
2. Offer buyer incentives: If you’re selling a condo in a buyer’s market, you may need to offer added incentives to sell your home. Covering condo association fees for a few months after the sale, leaving certain furniture, or paying for closing costs can help sweeten the deal.
3. Be flexible: Aim to keep your home show-ready so a real estate agent can visit the property with prospective buyers on short notice. A willingness to show the home on weekends and evenings can secure a sale faster.
4. Complete repairs: Addressing relatively small issues like a leaky faucet, chipped paint, or a loose cabinet door will improve your home’s overall appearance and help it make a strong impression.
5. Work with a well-regarded realtor: The right realtor – with experience in selling condos – can help you price your home competitively and market it effectively to get the best price.

Knowing how to sell a condo and what changes to make to improve your home’s appeal will allow you to navigate the sales process in the most effective and stress-free way.