A condo is a great option for many retirees or first-time buyers looking to get a foot on the property ladder. That said, no one knows what life will bring, and the time may come when you’re ready for a change.

Maybe your condo fees have increased for the umpteenth year in a row, maybe you’re looking for a place with a backyard, or maybe you’re expecting a child. Whatever the reason, you’ve decided to sell your condo and look for a house.

If you’re thinking about trading in condo life for detached living, here are a few things to keep in mind.

Knowing the value of your condo will give you an excellent head start in any market. Book your free home evaluation right here.

Start With Expert Advice

Our co-founder, Jayne Woolcott, is a great resource when it comes to obtaining inside knowledge on selling a condo, especially when the market is unpredictable. She says,

“Many of our clients, when they first come to us, think that selling a condo is easier than selling a detached house. The fact is there are unique challenges with a condo that our team is armed to help our sellers with.”

Below, Jayne shares her top tips for selling a condo:

Aligning with a knowledgeable real estate agent is the foundation of a successful condo sale. The posts below will help you narrow down your options:

• Can a Real Estate Agent Sell their Own Home?
• Should You Use the Same Agent to Sell and Buy a House?
• Fact Vs Fiction About Working With A Real Estate Agent

Know the Current Competition in Your Building

Depending on the market, demand for condos can come and go. When a lot of first-time buyers are searching, demand tends to be high. If it’s mostly families looking to upsize, condo buyers may be more scarce.

One of the particular challenges of condos isn’t just competition from the neighbourhood, but from other units in your own building! If others are listing at the same time, you need every possible advantage.

Buyers will always start with their desired building to see what’s available – and how the competition stacks up. Working with a professional real estate agent will help you form a winning selling strategy and highlight the benefits of your unit to potential buyers.

Make Sure Key Access Is Easy

Selling a condo successfully depends on strict attention to many of the smaller details as well as an overall strategy. First things first, make sure buyers and their agents can get into your building to show your unit!

While all condos have different rules on where lockboxes can go and who has access, the main rule is to make it as easy as possible for agents to find the key. Ensure your sales representative has a distinctive lockbox and it’s placed in an easy-to-find area.

Have a Status Certificate Ready

If a buyer loves your condo and is serious about it, you can almost count on the fact that they will request a Status Certificate. This document provides insight into the financials of a condo corporation, as well as if they are currently facing any legal troubles.

If your building has a clean bill of health, that’s a major advantage in negotiations. If not, you and your agent will need to create a plan to alleviate a buyer’s concerns. Remember that if you are worried about rising condo fees or upcoming special assessments, your buyer will be as well.

Regardless of what the Status Certificate reveals, having it ready shows buyers that you are transparent and honest with them. Even if it’s slightly less than stellar, this step alone can help to instill confidence in their purchase.

How Much Does It Cost to Sell a Condo?

Every listing is different, so it’s hard to put an exact dollar amount on how much it will cost to sell your condo. That said, knowing what types of expenses you’ll face will help you prepare.

• First, there are real estate commissions, usually 3 to 5% of the total transaction. However, if you have a good Realtor®, you’ll typically earn more from your sale, which negates this particular cost.
• You will likely want to invest in some improvements to make your condo more appealing to buyers. Again, this should result in a higher sale price, so it’s well worth the cost of being prepared. The trick is to know what projects will get you the results you’re looking for and where you can save money.
• Every real estate transaction involves closing costs, which will include lawyer’s fees, home inspection fees, appraisal fees and moving expenses. Ideally, you should expect to pay 3% to 5% of the total sale price.

Whether selling a condo or a detached home, it’s essential to make sure your listing is show-worthy. The posts below will help:

• How to Stand Out in a Changing Real Estate Market
• A Back to Basics Guide to Maximizing Your Sale
• The Power of Staging When Selling Your Home

Keep Things Tidy for Showings

Most sellers understand the value of keeping the home impeccable for when buyers want to walk through. One of the primary challenges of selling a condo versus a house is a general lack of storage space.

You can scrub the kitchen, bathroom and bedrooms as much as you like, but what will you do with all of your stuff? It may be time to get creative, whether you scour your closets and cupboards for items you can part with or store your must-have belongings with a friend or family member. In the worst-case scenario, you might invest in an off-site storage unit until you accept an offer.

Remember that many of your buyers might be downsizers or first-time home buyers. The last thing you want is for them to spend the entire visit wondering where they will put all of their belongings. By keeping your space clean and clutter-free, you showcase the full potential your condo offers.

Our top agents in Hamilton & Burlington have extensive experience in helping sellers attain maximum value for their condos. If you’re thinking about selling, call us at 905-332-9223 or reach out to us right here.