Step #1: Choose the right time to sell your condo
The frequently asked topic, “When should I sell my condo?” has no simple solution, but among the crucial factors are:
- Season – December and January are often the weakest months for real estate in Toronto. Of course, there are advantages to listing your apartment when there is little competition.
- Present competition in your building – Because condominiums are more commonly thought of as commodities than houses because there are so many similar units, it is important to consider the quantity, caliber, and price of the present competition.
- Current competition for comparable condominiums in comparable buildings – While less significant than what’s happening in your building, if there are more one-bedroom plus den condos for sale than normal while you have one, it will affect how quickly your apartment sells.
Market situation for real estate Prices are impacted by interest rates and consumer confidence and Your personal objectives too — If you’re leaving the city or have already purchased a new home, that timing will probably take precedence over anything else.
Step #2: Get Your Condo Ready to Sell
These three objectives should be in mind while you get your condo ready to sell:-
- Clear the area to make it appear as large as possible. Space is one of the main problems of condo living. Remove any items that can distract potential buyers, such as personal items and extra armoires. Consider replacing the L-shaped couch with a smaller one and the King-sized bed that takes up the entire bedroom with smaller furnishings to make the space appear larger.
- Ensure that every space is set up to be used to the fullest. If you use your second bedroom as a walk-in closet, that is acceptable, just make the necessary changes before advertising the home. Since buyers frequently lack vision, place a desk in the den and a dining table in the dining room.
- Clean once more and then again! Your condo will sell faster the cleaner it is. Buyers will examine the interior of your closets, kitchen cabinets, and bathroom vanity in addition to the exterior. Ensure that everything is sparkling!
Special Considerations for Condos
- You do not want to convey to Buyers is that the unit lacks sufficient storage. Reduce your toiletries, get rid of the second set of plates and all the other kitchen utensils, and store out-of-season clothing elsewhere. Make sure the cabinets and closets aren’t stuffed full.
- Parking and lockers shouldn’t be used as a place to store all excess items. They add value to the product you are selling.
- Make sure you avoid cooking meals with strong odors (such as fish, curries, etc.) while your condo is on the market because smells can linger in a condo. At least twice every day, clean the litter box. Additionally, don’t even consider smoking inside your condo. If you’ve ever smoked there, you might want to purchase a “smoke bomb” to eliminate the odor. Odors can be significantly reduced with a thorough cleaning of the carpet and window treatments, as well as a fresh coat of paint. Avoid using strong air fresheners because they may also repel potential customers
- Informing your close neighbors that you will be selling never hurts. They should be considerate (i.e., no loud music during showtimes), and if you get a good deal, it will also increase their value.
Step #3: Staging for Sale
Almost all condos require professional home staging if you want to sell it for the highest price. It has been demonstrated that staged condos sell more quickly and profitably.
Step #4: Set a price for your condo
Condo valuation is typically simpler than home valuation because there are probably identical or very similar comparable sales in your complex. Real estate agents and appraisers will look at recent sales to calculate the price per square foot and use that as a starting point to estimate the worth of your condo. A 750 square foot condo, for instance, might be worth $900 per square foot, or $675,000.
It’s vital to keep in mind that:-
- The cost per square foot decreases with increasing condominium size.
- Height is Important: Buyers are Willing to Pay More for a Condo on a Higher Floor. The higher the floor, the greater the cost per square foot.
- Views are crucial, and the better the view, the more expensive a square foot will be (particularly if the view is of Lake Ontario or the CN Tower).
- Value will be impacted by exposure (whether the unit faces south, north, east, or west).
- Good Layouts Are Important. Instead of having many hallways or a large entryway, buyers will pay more for floor plans with more usable area.
- Units with corners are more valuable than those without them.
- The condo’s staging and cleanliness will have an effect on the pricing.
- Your real estate agent will look at the most recent sales and competition in adjacent similar buildings in addition to taking into account comparable unit sales in your building, which are the most crucial factor in determining the value of your condo.
Condominium pricing strategies include pricing for a bidding war, pricing at market value, pricing over market value, and negotiating.
Be mindful of:-
Supply and demand because a building typically has numerous identical or almost identical units, buyers may not experience the same sense of urgency they do when purchasing a home because they know that if they miss out on this condo, another one like it will probably go on the market shortly.
Less emotional connection as we frequently witness home buyers fall head over heels for certain properties, such as the original stained glass windows from the turn of the century, the expertly planted backyard, or the desirable location. Traditional condominiums don’t usually elicit the same emotional responses in Buyers because there are more similarities than variances. This is not to say that people don’t fall in love with condos; they do; however, since buyers are aware of the price at which the identical unit one level above sold, they are less likely to offer $100,000 more than the asking price.
Upgrades made by the builder will help set your condo apart from the other ones up for sale, even though they won’t increase its value as much as you paid for them.
Renovations can add a lot of value to older condos but typically little to modern condos.
Height of ceiling as taller is preferable.
Maintenance costs – prices will often be cheaper if maintenance costs are much greater than usual.
Parking typically increases the cost of a downtown property by $25,000 to $50,000.
Storage in bathrooms or lockers is undoubtedly in high demand.
Balconies and terraces are in increasing demand for outdoor living space.
Building amenities as some buyers don’t want the amenities due to the greater maintenance costs, while others like the pool, theater room, and guest parking.
Location, Location, Location
The building’s reputation, including information about the tenants’ ages, income levels, construction quality, legal issues, and effectiveness of the Board of Directors
Step #5: Promotion
- Ensuring prospective buyers visit your apartment will be among your real estate agent’s top priorities. Being seen among the thousands of condos for sale in Toronto is essential. In the following aspects, a thorough condo marketing strategy is different from one for a home:
- Since condos are often smaller than houses, taking photos and making videos might be difficult. Wide-angle lenses used by skilled specialists should be able to capture a room without distorting its actual size.
- A “for sale” sign won’t help unless your apartment is on the ground floor and faces a major street. It is now much more critical to be able to attract condo buyers’ attention online.
- Some condominium developments forbid open homes for safety reasons. If open houses are prohibited at your condo, your realtor can make arrangements for potential buyers to view it by appointment.
Your ideal customer is out there; they might be first-time buyers, first-time buyers’ parents, international investors, recent divorcees, newlyweds, seniors who have recently sold their homes, young parents expecting their first child, or young couples. In order to profile their ideal buyer and develop a marketing strategy to reach them, savvy real estate agents will go to tremendous measures.
Step 6: Showings
Keep the following in mind when buyers schedule a time to see your condo:-
- Get out of the condo! Nothing is more annoying to a buyer than having to walk around the owner.
- Be flexible when scheduling showings. There is a lot of competition, so make it easy for buyers to view your unit.
- If a renter is living in your unit, you must give them at least 24 hours notice before any showings. Their help in clearing out the clutter and maintaining cleanliness will go a long way because a swift sale will make it less obtrusive for them.
- Allow buyers to easily access the facilities. Make sure the agents can easily access a FOB so they can demonstrate the amenities in your building.
Step 7: Make offers
Two conditions are typically included in offers when selling a condo:-
- A financing condition that enables the buyer to verify their eligibility for a mortgage with a lender
- A Status certificate condition that enables the buyer’s attorney to analyze the condominium paperwork and confirm that they are sound financially and legally.
Please note: Any talks over offers you get will be led by your real estate agent, but you will ultimately decide what to accept in terms of price, terms, and closing date.
Step #8: Closing Day
As the day the new Buyer takes possession draws near, be sure to:-
- Reserve the elevator for your departure. Usually, there are day and time limits.
- You should cancel your monthly maintenance payments and let your property manager know that you are moving.
- Let the utility companies know that you will be moving.
- Cancel your home insurance.
