There are different things to account for when selling properties of each type. Even though condos and homes may have similarities they are still very different. Of course, as a property seller you would like to avoid not being able to adjust your sales strategy based on the property type. That is why we’re giving you points of information to focus on so you can be better informed and be able to help your realtor with the process.
What Buyers are Looking For
When purchasing a condo unit, buyers mostly look for affordability, convenience, and location. First-time buyers find buying condos alternatively cheaper and ideal than single- family homes. Condominiums offer certain conveniences that buyers can get even if it is a high-end unit. Ground maintenance and accessibility to daily needs are the most important aspect about condominiums. With these in mind, you would want to tailor your offering to the features that your buyers are looking for.
Home buyers look for space, privacy, and turn-key. Buyers who are looking for homes expect to get a good amount of separation from their neighbour. Many also look for the ability to expand their home, like rooms for children they are plan on having or a back yard or a garage. Selling property like this will require the seller to know why the market will purchase it. Clarify with them what your property offer and stress on its strengths.
The Homeowners Association
One significant factor of a condominium residential is the Homeowners Association (HOA). The buyer will ask the current residents regarding how the HOA maintain the grounds, are the pleasant to deal with, or if they are always running out of funds. The main purpose of a Homeowners Association is to ensure that the neighbourhood will run smoothly. This association is only as good as the people involved.
If a buyer wants to purchase your property, the HOA will less likely to get in the way of the purchase. If the HOA become controlling, it will make potential residents uncomfortable in purchasing a property.
Homes may require more responsibility for upkeep, they appeal to a broader market because residents have more space and control. Those living in homes will less likely to deal with the HOA when it comes to what they want to do with their space. While condominiums provide many built-in amenities such as, pool, fitness center and clubhouse.
Whether you are selling a home or a condominium unit, you should be able to tailor your marketing strategy according to your market. You can read more tips on selling property and property market updates in our blog and Facebook page.