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Selling a Condo

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If your home is a strata type of ownership, find out some of the basic information that buyers always ask about this kind of property, such as the amount in the contingency fund; what repairs (if any) have been done or will be done in the future; what the monthly maintenance fees are and what they include; whether there are restrictions on pets, the age of residents, or renting out a unit; and whether there have been recent sales in the building. In addition, tell all potential buyers what is included in the price. For example, let them know if there is a storage locker included, one or two parking spaces, recreational facilities, and so on.

Amenities provided in your condo development may significantly enhance the property you are selling.

Don’t get caught not knowing about your own home. Buyers are hungry for information and they want it fast! They expect that you know about your property unless you are an absentee owner or an investor. If you don’t know the answer to their question, the next best thing is to be honest about it and tell buyers that you will find out and let them know as soon as possible. Never give buyers inaccurate information. In real estate, honesty is the only policy!

If you are selling a condo in a new development, you are also selling the builder’s and developer’s reputation and goodwill. Be sure to mention other projects they are currently building, site builder/developer warrantees, the name of the warrantee holder, after-sales service the builder/developer offers, and reports of customer satisfaction. Potential buyers may be new to the area, province, or country, and they may not know of the builder’s or developer’s credentials. Include this information as part of your sales and marketing effort.

Equally important for potential buyers are the amenities provided in your condo development. For example, many strata corporations offer recreational facilities — a fitness gym, sauna, hot tub, swimming pool, tennis court, or outdoor areas such as a pond or a lake, or indoor rooms such as a library, sitting room, party room, billiards room, or movie-screening room. In addition, there may be other services that your condominium provides, such as a 24-hour, seven-day-a-week concierge, caretaker, or property manager, or parking facilities for guests and visitors.

Some newly built condominiums offer state-of-the art security systems, with security cameras, security patrols, access to the elevators and the building only by remote control, and other such features. If this is the case in your condominium, make a point of letting potential buyers know, as these added features greatly enhance the property you are selling.

Sell Your Home in Canada

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