HOW TO SELL MY CONDO – PART 1
In recent months, we have noticed a surge of inquiries regarding homeowners who wish to sell their condo fast and either upgrade to a detached property or transition to a rental. Since condos are a unique category of homes on their own, we thought we would write this 3-part blog series about condos. We’ll go over the pros and cons about owning a condo, factors to take note of when you sell your condo, and selecting your next home (whether it is another condo or a larger house). We will first start with an overview of condos and discuss about their perks and disadvantages.
Condos is short for condominiums. They are units in a building that can be bought and sold individually. In several cities across Southwestern Ontario especially near the downtown core, condos are abundant because of the higher population density. While condos are often identified as high-rise buildings, they are also available in low-rise buildings of 3 to 4 stories or as a condo townhouse too.
Condos in Kitchener, ON
The appeal of a condo is obvious – it is a compact and conveniently located home with little or no maintenance for the homeowner. There is no lawn to care for, snow to shovel or a roof that you need to replace every decade. Some condos have amenities within the building such as a swimming pool, gym and event rooms. If the condo is located near the downtown core, there is easy access to transportation hubs (i.e. bus and train interchanges), restaurants and grocery stores.
Almost all condos have a condo fee requirement. This is a monthly expense for the upkeep of the condo amenities and common area repairs (e.g. roof, sidewalk). Certain condo fees can also include utilities such as water and electricity. However as we will discuss later, high condo fees can potentially be an issue when selling your condo on the market.
One major appeal of a condo is its view – condo units in higher floors do come at a higher price tag
According to Statistics Canada1, the average size of households living in condominiums is 1.9 persons2. Empty nesters, young singles and couples are the most common type of households you will find in condominiums. From a budgetary sense, the average price of a condo is considerably less than a detached single-family home. For example, a 2020 report by REMAX shows that the average price of a condominium or townhome in London, ON in 2020 is $329k-346k as compared to $473k-517k for a single detached home in the same city3.
As the size of a household grows, the space provided in a condo will seem less than ideal. Families with young children will desire lawn and backyard space. Homeowners with pets could also use the addition of a private green space for their pets to roam. Some homeowners desire privacy and no longer wish to share a wall with their neighbor. In light of the current COVID-19 pandemic, common spaces such as elevators, lobbies and corridors where germs can pass easily between different households are unavoidable for condo dwellers. These are just some of the reasons that might propel homeowners to make the decision to sell their condo and move to another suitable living space that will suit their growing family.
Common spaces in condos
In the next part of this condo series, we will look at some factors to consider when selling your condo. If you would like to start the process of selling your condo privately, reach out to us for a chat and a no obligation cash offer. Michael the Home Buyer has purchased over 100 properties to date in cities all across Southwest Ontario. Click here to find out more about our process or just fill in your details in the form below to get started.