Last Updated on December 15, 2023 by Jason Nguyen
As a condo owner, you know that selling your condominium can be a stressful experience. You could get lost in the details and lose track of what’s important to buyers. If you’re looking for tips on preparing your condo for sale, here are a few strategies that will help.
The Struggle to Sell a Condo Is Real
According to the National Association of Realtors, the average price of a condo in the United States went up to $319,000 in February. It reflects a 14.6% yearly growth and is a new record. Conditions are good for condos. More people are buying them than ever before. There’s a shortage of supply due to strict regulations on their construction.
While this may sound promising for sellers trying to get top dollar for their property, one big obstacle can make it harder than ever. Competition from other sellers who want similar deals on similar properties at around the same time as you.Â
If your condo is not being shown as much as you’d like because it doesn’t appear viable among all its competitors, then now’s an ideal moment to consider whether you’re ready for sale or if some preparation still needs doing first.
Renovate to Increase the Property’s Value
In 2020, the global home renovation industry was worth $852.10 billion. By 2030, this amount will reach $1317.50 billion. That’s a 4.3% CAGR growth from 2021 to 2030. This growth is attributed to many factors, but the primary factor is property value appreciation.
Renovating your condo can be an excellent way to increase its value. Also, it’s a good way to get the most out of your investment before selling it later on down the line. However, condo renovation can be quite a hassle and need proper planning. If done improperly or at the wrong time, it could cost more than it’s worth. Thus, make sure you know what exactly needs renovation.
Keep All the Necessary Documents Ready
You’ll need all the necessary documents to sell your condo. These should include the following:
- A copy of the condo declaration and bylaws. The declarations and bylaws are vital documents that govern how a condominium is run. They outline how much your monthly maintenance fees are, what amenities the building has, who gets access, and other details like parking requirements. It also mentions whether or not pets are allowed in certain parts of the building. Keeping these on hand is essential because they may affect what repairs must be made before you put your place up for sale.
- Financial records for each year since you bought it or moved into it. This shows prospective buyers that they can expect similar expenses after purchasing the property and gives them an idea of their overall budget.
- A copy of your deed, if applicable. The deed gives you legal ownership over the condo and is typically kept in a safe deposit box at the bank.Â
- A copy of your insurance policy. A condo association can’t get coverage for its members if there’s a problem with the building. It’s essential to keep this on hand at all times.
Make Sure That Your Condo Meets All the Necessary Codes and Regulations
Make sure that your condo meets all the necessary codes and regulations. While this may seem obvious, many people must know the importance of meeting building codes and regulations.
What are building codes and regulations? Building codes outline safety standards for a building’s structure, electrical wiring, plumbing fixtures, etc. If these standards aren’t met in the design of your condo or its maintenance over time (for example, if you don’t repair broken light switches or leaky faucets), it can be unsafe for residents to live there.
How do I meet building codes? Your real estate agent should help you get started on this process. He will contact someone from your city’s department of permits & inspections (DPI). The ones who can answer any questions about whether or not your property meets code requirements.Â
They will also advise on how best to proceed with repairs if needed. And sometimes even recommend contractors who specialize in making sure what needs fixing gets fixed immediately.
Consider Hiring a Professional Stager to Help Prepare Your Condo for Sale
If you want to sell your condo, consider hiring a professional stager. According to research by the Real Estate Staging Association, homeowners who pay roughly 1% of the sale price in employing a professional stager receive a 7% return on their investments.
Finding a reputable stager is easy. Just search online for staging services near me. From there, you can contact your top choices and set up an appointment at no charge or minimal cost to see if they suit your particular situation and budget.Â
If one looks promising but costs more than you can afford up-front, most will work out a payment plan so that setting up your place isn’t too stressful financially or logistically.
Remove All Clutter From Your Condo Before You Show It
When selling your condo, you’ll want to make the space look as large and luxurious as possible. By removing all clutter from your unit, you’re creating a clean and spacious environment that will make potential buyers feel comfortable in the space. Additionally, removing clutter can help you avoid buyer confusion about how to use certain areas of the condo or whether something is missing.
You may have also heard that clutter can be distracting for prospective buyers who are trying to imagine themselves living in your home. Clutter can remove a sense of orderliness and organization when showing someone around your condo. Not exactly ideal when they’re envisioning where they’ll store their belongings.
Takeaway:
If you are looking to sell your condo, the best thing you can do is to start preparing for it now. People often wait until the last minute before listing their homes for sale. This is a surefire way of letting an opportunity slip by your fingers. Instead, take some time today and plan for what comes next with these seven strategies to help you sell your condo quickly and at the best price possible.