While selling a residential home is fairly straightforward with the right knowledge and resources, selling a condo isn’t quite the same. There are different nuances involved in the process, mostly centered on condo regulations as dictated by the condo association, and the demographics being significantly different for the most part. If you’re preparing to sell your condo, here are eight of the most important tips to keep in mind before you get started.
Understand the condo association requirements
All condo buildings are part of a condominium owner’s association (COA). Every COA has its own set of rules and regulations, monthly fees, and specific amenities they provide to their residents. When selling your condo, you’ll want to make sure you list the fees and the amenities they pay for.
For example, a monthly $400 fee could go toward utilities like electricity, heat, air conditioning, and water, maintenance of shared areas and facilities, and snow removal. Highlight these amenities in your description so buyers know exactly what the monthly fees cover.
Make sure your condo is updated and ready for move-in
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Condo buyers typically want a home with new appliances, countertops, and flooring already installed, and aren’t likely to invest in renovations of their own once the property is sold. Condo buyers want to be able to move in as soon as they can—making it essential for you to update your condo before you list it for sale. Replace old appliances with new ones, apply a fresh coat of neutral paint, and install brand-new flooring if your current one is old and worse for wear.
Updating your condo will also increase its value. The newer it looks, the more attractive it becomes, and the more likely buyers will pay more for it.
Learn about your demographics
While residential homes are suitable for large families with children, condos are much smaller and inexpensive by comparison, shifting the market’s demographics in an entirely different direction. Most condo buyers are young, single professionals or newlywed couples who don’t plan on having kids anytime soon, if ever. Many tourists are also in the market for condos as vacation homes, especially in popular, busy cities like Chicago and the surrounding region.
Stage and photograph your condo
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Appearance is everything, and you want your condo to look its best for photos and showings. Since condos in the same building tend to look alike, you’ll want to make sure your condo stands out from the rest, especially if other people in your building are planning to sell. Prepare your condo by cleaning, removing any clutter, and decorating with a neutral theme in mind that allows buyers to envision themselves living in the space. Every room in the condo should look good as new, including painting over nail holes and repairing any loose door hinges.
Consider hiring a professional home stager, or staging the condo yourself. Staging involves making use of the space to maximize appeal and showcase the property’s best features. For example, a room with plenty of natural sunlight should have the curtains pulled back, letting buyers see how much sunlight the room receives. It sounds simple, but small staging tricks make all the difference.
Once the condo is staged, it’s time to photograph it. Professional photographers know how to make use of lighting and angles to take flattering photos of your property, showcasing it at its very best. These photos will be the first thing buyers see when browsing your listing online. Your photos should always leave a good first impression!
Focus your marketing online
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Most COAs don’t allow traditional forms of marketing like flyers and signage, meaning you should look to other forms of marketing. Fortunately, the Internet is one of the best places to market. Focus on describing the community and what it has to offer, including the complex’s proximity to restaurants, museums, parks, transportation, and other attractive features. Share your listing on websites and consider implementing a digital tour that allows people to “walk through” the property from the comfort of their homes.
For example, if people are searching for Wicker Park condos for sale, they’ll want to know the exact location of the condo in Wicker Park and what amenities are nearby. Buyers tend to look for nearby restaurants, shops, and transportation.
Consider selling to an investor
If you’d rather sell your condo as soon as possible, consider reaching out to an investor who may be interested in transforming your condo into a rental or vacation property. Selling to an investor is quicker and less likely to require any repairs or upgrades. Be sure to check in with your COA’s rules if you’re planning to sell to an investor.
Schedule a home inspection in advance
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A majority of buyers want a thorough home inspection before they buy any type of property, but you’ll save time if you schedule one yourself well in advance. Not only will you know what repairs need to be made, you’ll demonstrate a high level of responsibility as a seller, and buyers will be comforted to know you care about your property and its condition.
Hire a local real estate agent
The most important piece of advice is to hire a local real estate agent who specializes in selling condos. Real estate agents are familiar with the market’s inner and outer workings, and can assist you with the preparation and selling process. They’ll always work in favor of their client’s needs and goals, making them an incredible asset to any seller. Hiring a top real estate agent in the area should be your number one priority as you prepare to sell.
Fortunately for you, KD Homes
is a team of talented real estate agents with numerous accolades in Chicagoland. They have experience with Wicker Park condos for sale and Lincoln Park homes for sale, demonstrating their reach across Chicago’s various trendy neighborhoods. Connect
with them today!
*Header photo courtesy of Unsplash