How Is Selling A Condo Different Than Selling A Home?

Listing and selling a property is a delicate dance. From the initial marketing to the final price negotiations, everything needs to be customized to the type of property being sold. However, because of their main differences, this process can look very different when selling a condo versus selling a house.

Reason #1: The Homeowners Association or HOAhoa with condos

Almost all condos come with some type of HOA, or homeowners association. The HOA generally handles common areas like swimming pools, the exterior of the building, and landscaping. They may also hold various social events throughout the year. They also normally pay limited insurance and have specific community rules.

However, all of this comes at a cost. HOA’s charge their residents a monthly, quarterly, or yearly fee to be a part of this “community.” This allows them to provide various amenities for their residents, while providing maintenance and repairs for the property.

When selling a condo, smart buyers will balance the costs of each HOA with the benefits.

Reason #2: Real Estate Investors

When selling a condo, it’s reasonable to expect a larger number of investors considering the property, than when selling a single family home. After all, renting out condos is a big business.

As a result, selling a condo could mean a faster closing, a cash offer, or even competing bids for the most desirable units.

selling-a-home-vs-a-condoReason #3: The Type of Buyer

Different types of buyers look at a condo versus a home. For starters, condos are generally smaller, don’t have much (if any) yard, have all landscaping handled professionally, and frequently come with amenities like a swimming pool or fitness center.

Many potential buyers with children would love a swimming pool with zero maintenance, they aren’t willing to make the trade for a smaller living area. This means that when selling a condo, potential buyers will generally be single adults, newly married couples, or retired professionals looking to downgrade to an easier property.

Reason #4: Location, Location, Location

The one factor above all others is most important when selling a property: location. Being close to town versus far away from traffic, near downtown excitement versus in a quiet neighborhood, or near shopping centers versus on the edge of nowhere all come into play for a property’s value and desirability.

Generally speaking, condos tend to be closer to urban areas, shopping, and entertainment. This also means that their price per square foot is normally higher. As a result, owners looking to sell their condo should carefully consult with their real estate agent about the best way to market their property and a fair listing price.

For more information on this topic:

619.384.2248
Ryan@RyanYourRealtor.com
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