Things to consider when selling a condo:

1. Your Condo Corporation

  • Order a status certificate, check for the fiscal periods, updates you are not aware of if you have not been attending board meetings. You don’t want any surprises
    • Is the reserve fund strong?
    • Do you anticipate any special assessments or outstanding legal issues within the building?
      (A buyer and their lawyers would see this as a major negative)
    • Are your maintenance fees going up ? Consider selling before they do
    • Are there any renovations planned for your building? – lobby, roof, hallways, elevators (If one elevator is down, the showings will be affected)

2. Do You Have a Tenant?

  • Get your tenants on board with selling the unit and allowing showings. Check it is presentable for showings
  • Motivate the tenant by giving them a month’s free rent so they co-operate. It can be very beneficial to you selling your condo

3. Renovate or Not ?

  • Condos are relatively easy to renovate and the changes can be very important. Some of those could be:
    • New granite counters
    • New stainless steel appliances
    • New laminate floors throughout
    • Paint
    • Light fixtures
    • Clean your bathroom and range exhaust carefully
    • Clean your windows and your screens (it is up to condo owners to clean any windows they can clean from their balcony).

4. Be Sneaky

  • Bribe your concierge! Keep them motivated to assist agents accessing the unit during showings and sharing information about your property.

5. Staging

  • Clear out your stuff and have clear line of sight in all rooms to make them look larger
  • Condo living is hard, storage is minimum, so don’t show that to buyers.
  • Move things out for a short period of time. The Oulahen Team offers free professional staging, and storage at times.

6. Build The Wall If Need Be

  • If you have a 2 bed unit that was converted to a 1 bed put that wall back up! Numbers count!
  • From our experience, a 800 sq ft 2 bed condo will sell quicker and for more than a 800 sq ft 1 bed unit in the same building.
  • It’s worth the $1500 to $3000 and hassle for the difference in time on the market and final sale price.

FINALLY

  • Give your realtor a fob to access all the building amenities, and locker room key if you have a nice locker.
  • Talk to your neighbours. Let them know your selling and ask them to keep noise, smoke, pets to a minimum.

Leave a Reply

Your email address will not be published. Required fields are marked *