5 Tips for Selling a Condominium in Silicon Valley
If you own a condo and you are looking to settle elsewhere, albeit another condo or perhaps a house, you may have asked yourself if condos are hard to sell. Whether your condo is your home or an investment property, when you are ready to list it, there can be some unique challenges you will run into. Though it is different than selling a home, it is possible to avoid the hurdles by planning accordingly. In this article, we have written up some tips on how to navigate selling a condo, including everything from special assessments and condo association rules to pricing, we got you covered.
Continue to read to uncover five important tips for selling a condominium in Silicon Valley.
1. Determine the Opportune Time of the Year to List Your Condo
A factor in the sale of your condominium that should be taken into consideration is figuring out the best time to do so. Traditionally, the months of spring are the best time to sell, but the rules may or may not apply to you. It, like everything else, will depend on the location of the property and the local attractions nearby. If your home is in a touristy destination, it might be a better option to sell before vacation season hits. This might apply to you if the following is checked:
- Your home is near a ski resort.
- Your condo is beachfront.
- Your condo is lakeside.
A trusted real estate agent can help you determine the appropriate time to list your condo if seasonal conditions will impact the sale.
2. Check the Association Rules and Special Assessments of the Condo
Like most other condo owners, you might be paying a monthly or yearly fee to the condo association. These fees usually cover general maintenance of the exterior of the building, including communal spaces. It is always important to disclose these fees to potential buyers–as it is something they have to include within their budget. However, there might be other condo association rules that can impact the sale of your property. If you put your condo on the market when a special assessment payment date is looming overhead, it can become the buyer’s responsibility when they take possession of the property before the due date. Depending on disclosure laws, you might be required to tell potential buyers about the assessment.
3. Consider Any Updates That Might Add Value
Even if you are working with a tight budget, there are plenty of upgrades that can be done to add value to your condo. One of the simpler, cost-effective improvements is paint. Any rooms that have been freshly painted can add a clean, updated look. When selecting paint colors, it is important to stick to the neutrals, as they appeal to most people. Another update to consider in helping your condo look more appealing is removing outdated looks, such as the popcorn ceiling. Older ceilings can contain asbestos, so it is important to keep in mind before starting this project to have your home tested by a professional beforehand.
If you have a looser budget to work with, consider upgrading fixtures like lighting or bathroom fixtures. New lighting can make a room look bigger and brighter. Updated bathroom fixtures can add the allure of new to the look, and if you are considering updating larger fixtures, we recommend considering hiring a professional.
4. Get the Number That Your Condo is Worth and Price Accordingly
Finding out how much your condo is worth is essential–if you price too low, there will be no profit, and if you price too high, you may turn away otherwise interested buyers. Though you can see the total that other units in your building sold for, a real estate agent who specializes in the sale of condos can make sure that you haven’t overlooked factors that will increase the value of your unit. The following might be your ticket to a higher listing price if they qualify:
- End units are more desirable because they are quieter than middle units and only share a singular wall.
- Standalone or detached units can fetch a higher price.
The professional agent can help you establish the asking price, including what you listed the property for and the bottom line price, which is the lowest price that you will accept.
5. Highlight the Best Features of Your Condo
Consider the selling points of your property, including low-maintenance housing, directing your marketing materials to spotlight the maintenance your association handles on the owner of the condo’s behalf. Detail all the amazing amenities that your condo offers as well, including the following:
- Swimming pool or hot tub.
- A fitness center and state-of-the-art equipment.
- Co-working spaces.
- Patios or rooftop terraces.
- Covered or garage parking.
Your listing should highlight all the attractive features, like the proximity your unit has to city amenities such as bars, restaurants, and local attractions. Detail the lifestyle at your condo and the view. One of the best features of any condo is the ease of living there, so keep in mind how you can showcase that particular lifestyle versus a single-family home.
Conclusion
When in doubt, always enlist the help of a real estate agent who has experience in selling condominiums. This specialization can aid you in ensuring that your property makes a lasting first impression while complying with state disclosure regulations. Between these five tips and the guidance of a trusted agent, your condo will sell for top dollar in no time. Trust the real estate professionals at Homeowner Experience Real Estate to complete your sale for you for top dollar while also guiding you in finding and settling down in the condo or house of your dreams in the stunning urban neighborhoods that make up Silicon Valley today.