As a condo owner, certain factors can make or break your home sale—factors unrelated to your actual unit.
Today I have a question for condo and townhome owners: Is your building helping or hurting you?
When you’re selling one of these properties, you’re inextricably connected to the entire building, and certain factors can affect your prospect of finding a buyer. Take a moment to look around. What kind of first impression does the building give off from the sidewalk, lobby, etc.? Does the building contain elevators? Put another way, what do you see as you make your way to your unit?
To buyers, the building your condo is situated in is a direct reflection of the unit itself. They’ll pass judgment on the building’s overall maintenance and whether it looks like a high level of care goes into the property. Before the buyer ever sets foot in your actual home, there’s a chance that they’ve already decided whether they’ll give it serious consideration just based on their perception of your building. Needless to say, it’s very important that the building you choose to move into doesn’t work against your future sale.
In addition to the building’s appearance, buyers will want to know how much your condo association has in cash reserves and the property’s history concerning its maintenance schedule.
Answering these questions will only help you as a future seller. Too often, condo sellers have to overcome buyers’ objections to the building’s mismanagement or its poor condition—the effects of which put you at a disadvantage right out of the gate.
My advice is to be involved and do your due diligence along the way to ensure some easy wins when you go to sell your property.
If you have any questions or if you plan to sell your condo sometime in the future and you’d like some help determining what you should be spending your time and money on, please reach out to the Carter Property Group. We’d be happy to counsel you in that effort, and we look forward to hearing from you!