5 questions to ask while selling a residential condo
Tuesday Jan 25th, 2022
Eager to sell your condo unit? Here are 5 simple questions you need to ask and answer before making the move.
Where is your condo located?
Is your condo located in a city that has numerous downtown districts? List all the reasons why you purchased the property in the first place. The reasons why you chose this property will also compel the next buyer to make a purchase.
What is the condition of your condo unit and building?
The unit you live in and the building are both intertwined. The exterior condition of the building is the first thing that any prospective buyer would notice. Is there any maintenance item you need to notify your management company about? This step is critically important.
Now you need to shift your focus towards your unit. Try to be as objective as possible which is not going to be easy. List all the good things about your unit and everything else that you have tolerated and needs to be fixed. Different condos appeal to different buyers. Get your unit looking neat, clean, and spiffy.
What is your existing mortgage balance?
Do you owe anything? Get realistic and use comparables to decide what your unit is worth. If you have equity, is there any way to estimate the closing costs? There are always closing costs. This is an important step that will help you picture the actual proceeds while closing the sale. You can check with a realtor to learn about the closing costs.
Think like a buyer who is trying to secure a good deal
If you were a buyer, what would motivate you to purchase your unit? No buyer would pay extra for wood floors and upgraded carpets. Perhaps, the buyer does not like wood floors. Identify what is so special about your condo. Why do you love it? This will help you attract buyers who would be interested in making a purchase.
How do you plan to sell your condo?
Do you plan to manage everything on your own? If you selling a condo unit in specific areas, there are high-performance disclosure requirements. Make sure to go through the requirements in your state. Identify ways in which you would show your unit. Prepare well for the process. If you are planning to hire a professional for the purpose, how would you shortlist an agent? Are you looking for someone who agrees with how you are pricing your condo unit or do you want to go with someone who is a trusted name in the industry?
Answering the above-mentioned questions will help you grab a great deal and sell your condo unit in no time. Being prepared is the key to selling your condo unit faster. This is why we have made the entire process simpler for you by mentioning the five questions you need to ask yourself while listing your condo property for sale.