If you own a condo or townhouse, you likely already learned that there are many unique challenges associated with owning this property. It is especially true when it comes time to sell your condo or townhouse. From finding a buyer to getting the best price for your home, many things can go wrong if you aren’t prepared for them.
Here are some of the most crucial steps to take when preparing to sell your condominium or townhouse:
Find Out What Other Units in the Neighborhood are Selling For
Before you put your condo or townhouse on the market, it’s necessary to get a sense of what other units in the neighborhood are selling for. According to Statista, the average per-square-foot cost in the Austin-Round Rock metros of the US was $379 in 2021. You can also find this information through both professional services and online resources.
You’ll want to research other units in your building and look at similar housing in the city and throughout the region. It will give you a better idea of how much buyers are willing to pay for homes with certain characteristics.
Also, consider how long units were on the market before being sold. If they were listed for only a few days before an offer came in, it indicates the high demand in your area. Thus you can demand more money from potential buyers.
Prepare for an Inspection
Condo and townhouse sales can become a great profit-earning deal for you, but before you make the plunge, it’s crucial to understand what you’re getting into.
If you’re selling a condo or townhouse, an inspection is an essential part of the process. You want to ensure that your property is in good shape before someone buys it. Knowing what kind of maintenance will fascinate a buyer to buy your property is also important.
You should make sure that the inspection is thorough. The inspector should also look for safety issues like loose electrical fixtures and broken windows.
The building inspection industry is flourishing with increased demand for properties. According to IBIS World, around 31,726 building inspection businesses are operational in the US. More and more people are hiring building inspectors to get the property inspection before selling one.
A copy of the inspection report will help when you sell your condo or townhouse later. Thus, it’s worthwhile getting one made even if you don’t plan on using it.
Understand What Is and Isn’t Included in Your HOA
You probably already know that you’re responsible for paying monthly HOA fees. You may have also heard of common area maintenance (CAM) or association dues, which are additional costs that include snow removal and landscaping.
The HOA sometimes pays these fees, but they can also be included in your monthly HOA fee. If you are unsure what these fees cover, ask your condo association president or manager to explain them.
Know Your Rights Under the Fair Housing Act
The Fair Housing Act (FHA) prohibits discrimination in housing based on religion, color, race, sex, familial status, or national origin. It covers most housing types, such as apartments and townhomes.
The FHA does not cover owner-occupied buildings with four units or fewer. It means it doesn’t apply to condos or townhomes you live in but are trying to sell on your own. If you’re selling a condo or townhome that you don’t own and are having trouble finding a buyer, it’s better to consult a real estate lawyer.
Fix Any Necessary Repairs
Ensuring that your condo or townhouse is in good shape is necessary as a seller. The buyer will likely want to go through everything, so it’s best to get any necessary repairs completed before putting the property on the market.
If there are issues such as cracked walls or stains on the carpeting that you don’t feel like fixing yourself, contact a contractor who can do these tasks for you. It may cost some money upfront, but this is a great way to prepare your condo or townhouse for sale.
Once your condo or townhouse is in good shape, it’s time to put it on the market. First, contact a licensed real estate agent and ask them what they think about the current condition of your property. According to the National Association of Realtors, around 67% of realtors also have property sales agent licenses. The agent should be able to give you a rough estimate of how much time this will take.
Update Your Paint and Lighting
When it comes to home upgrades, paint is one of the easiest ways to boost your property. New colors in areas like the walls and trim can make your condo or townhouse look more modern and up-to-date. If you want to sell your condo or townhouse fast, then this is something you should do first.
Lighting is important because it can make a room feel bigger than it is. It’s also easy for potential buyers to get a better idea of how spacious the living area feels when they walk through your front door. You’ll need good lighting in all rooms, especially if your family or friends often visit you. They can see each other better with brighter bulbs.
Make Sure Your Documents are in Order
When you’re planning to sell your condo or townhouse, there are several things to consider. One of the first is ensuring that all the documents are in order. It includes reviewing the title report, ensuring that all your documents are signed and filed properly, and double-checking that any repairs required before closing have been completed.
If you don’t have a lawyer reviewing these documents before you list them with an agent or real estate company, be sure to do so yourself.
It is also a good time to check your insurance policies and ensure they are up-to-date.
Prepare Before Selling a Condominium or Townhouse
Before you begin your search for a real estate agent, there are several things you can do to prepare. First, make sure that your home is in good condition. A professional property inspection will help uncover any issues that need to be addressed before listing the property.
Second, understand what’s included in your HOA fees so that you don’t end up surprised at closing time with unexpected charges from the HOA. Finally, familiarize yourself with the Fair Housing Act and other state and local laws that may apply to selling condos or townhouses.