Are you planning to sell your condo? That’s a good start especially if you want to enjoy and expand your property investment.
Condominiums are selling like hotcakes particularly in the urban areas like Toronto, Canada. They are indeed great alternatives to pricey house & lots and an asset that are absolutely worth an investment. As the economy expands, luxury condominium demands have increased rapidly and its sales value had reached of up to 17% each year as per the report in the TREB’s MLS® System on 2016 of August.
Whether you are an entrepreneur who’s buying and selling properties or just looking to sell your condo to invest for a larger unit or simply don’t need your condo anymore, you can have the opportunity to offer your property unity to a much higher value than its original price.
Why more and more individuals, families, professionals and businesses are considering investing in the condo industry? Here are the top reasons;
- One of the most common reason why some people choose to live in a condo is having shared maintenance efforts and fees that they get from being part of the association.
- It is very safe to live in condos since they are using high-tech security features like CCTV, roving guards and fire alarm system.
- Most condominiums have high class amenities without requiring the owner to pay for additional fees of ownership. Condo owners can take advantage of recreational amenities like party rooms and swimming pools as well as fitness facilities in the building.
- A lot of buyers prefer owning a condo because each unit doesn’t entitled for individual land ownership. For that reason, you’ll get a property at a good price without having a sole obligation on the land ownership.
- Condos are usually located in the center of neighbourhoods near schools, commercial establishments, government agencies, malls, recreation spots and other community areas. This can be great financial investment for condo owners because condo properties will certainly increase its value over time.
- A condo owner can develop good social interactions as they meet with other unit owners.
How To Increase The Value Of Your Condo?
Condos can get dated very fast. With the trends of housing and with all the high-class new condo supplies continually entering the booming real estate market, there can be some tough competition when it comes to selling.
In terms of adding value to your condo property, it’s important to consider how you can be able to improve the appearance or make the necessary upgrades. Keep in mind that not all upgrades are created equal. Some provides good investment returns while others will cost your more money in the end. Definitely, there are some crucial modification, remodels and renovations to be done. To help you increase the value of your condo, follow these tips;
Tip 1: Renovate Your Bathroom
Pay attention to your bathroom very seriously. A lot of potential buyers easily lose their interest on making a purchase when they see an outdated bathroom. The bathroom is the workhorse of your home unit. You can choose to improve or change the lighting, repaint the walls, bring some modern touch into your bathroom or make a major overhaul so that it will become more functional and look like new.
Tip 2: Renovate Your Kitchen
Kitchen is another main consideration when upgrading your condo to improve its value. Nobody wants to cook in an old and cramped kitchen. A remodeled kitchen gives your buyer a chance to experience a new life and boosts their culinary drive. If you’re on a budget, focus mainly on the facelift by repainting your cabinets, replacing the fixtures and adding some interior elements.
Tip 3: Install Solid Hardwood Floors
Want a positive result when selling your condo? Check your floors and remodel if necessary. One practical way to upgrade your floors is by installing solid classic hardwood floors. Hardwood floors are classy, affordable, easy to install, easy to maintain, strong & durable, offer many varieties, provides healthy air quality and most importantly, can be refinished rather than replaced. Have outdated hardwood floors? Upgrade its appearance by refinishing and staining it with dark ebony stain to achieve a modern and classy look.
Tip 4: Get Rid Of The Clutter
A tired, messy and outdated condo is a huge turn-off to your prospect. To make sure that your condo’s value is at the highest level of spectrum, clean and organize everything. Fix your cabinetry, shelves, update lighting, repaint the walls and clean those windows and doors.
Tip 5: Check Building Areas That Need Improvement
Your own unit may suffer in value if the whole building is not properly maintained. Check common areas of the building, write what you find particularly the ones that need improvement and discuss them with the homeowners association.
Tips On Selling Your Condos
You have to think about a few requirements in order to sell your condos effectively for top dollars. Hereunder are some essential one;
- Since Toronto’s real estate is seasonal, make sure to choose the best time of the year with less competition.
- Take into consideration the quality and price of the current competition in your building.
- Upgrade your condo for sale by decluttering to make the space look new and spacious, ensure the rooms are in optimal status and make everything clean and organized.
- For owners with recent condo sales, you can determine the costs or value of your condo by calculating the price per square foot. The bigger the area, the lower the cost per sq. ft. Other things that matters include height of the floor, location or environment, building orientation, plan layouts and if your unit is located in the corner.
- Your promotional materials and efforts also matter when selling your condo. Consider hiring a good photographer to capture the best spots and areas of your unit to make it attractive to the buyers. You may also consider hiring a reliable real estate agent to arrange everything for you.
- Be flexible on offering the time of inspection or when making an appointment with the buyer. Allow them to see the unit thoroughly without you monitoring them during the viewing.
- On the closing day, make sure you’ve already booked your moving time and day, that you’ve already informed your property manager and your utility providers and have already canceled your insurance.
If you’re ready to sell your condo property, a qualified real estate professional can give your further assistance so you can relax and focus on other important things.