While some aspects of the process might well be similar, the first thing to know about selling a condominium is that it differs pretty fundamentally from selling a house. Condos typically exist as part of a wider community of similar dwellings, most typically in the form of an apartment block of similar properties. The key aspect of condos is that external amenities and aspects of the home are shared. Such things include elevators, swimming pools, hallways, and gardens. Condos are, more often than not, incredibly attractive properties that are usually bought for purposes of leisure or as second homes. Accordingly, there is always a healthy market for them, and many potential buyers are constantly on the look-out for the perfect condo.
One area where selling a condo does not differ at all from any other property, however, is in the need for a competent and quality real estate brokerage in order to appraise the value of the property, facilitate the sale, and bring to bear all the expertise that is necessary in order to ensure the condo goes for the best possible price. There is a very specific type of market for condos, with its own rules, and so specific expertise and resources are required.
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It’s all About Ownership
One of the most confusing things about condos is the distinction drawn between them and apartments. Generally speaking, it is a matter of ownership. A condo is typically owned while an apartment is rented. That said, there are some small exceptions to this rule that can make things a bit more confusing. For example, it is possible sometimes to purchase apartments (this is common, for example, in New York City) and this does not automatically make them condos. It might be better to think of their function and use where condos are concerned. As mentioned, condos are strongly associated with areas that are attractive to tourists and are often bought with leisure in mind. In many ways, this defines the condo market.
Because condos are usually owned, this means that care and renovation are, as with a house, the responsibility of the owner. Thus, there is some preparation required before a condo can be confidently put on the market. Nonetheless, the fact that condos are normally part of a larger complex means the general state of the building, the amenities and all the other external features are rather out of the control of every individual owner. This is something of a downside, but only having to care for the interior means that sale preparation can be much less expensive while still potentially adding a great deal of value to the property.
When to Sell and How to Market
The strong of association of condos with leisure pursuits and tourist areas means that the ideal time to sell often synchronizes with the tourist season. At this time, condos can become hot commodities and will generally sell quicker than houses.
Condos are also less of a lifelong investment than houses are. This means they will change hands much more often and that buyers will be less reluctant to take the plunge. And when it comes to marketing, you need to consider the whole complex as well as the condo itself. City Home Collective, a real estate agent out of Salt Lake City, say that selling a condo is all about emphasizing the unique selling points of the complex, with comfort and leisure in mind.
In many ways, selling a condo is a less stressful process. Generally speaking, they are popular properties with mass appeal – and all of this works in your favor.