If you’ve invested in a condo, with the intent to put it on the market for resale, there are some strategies that you need to consider employing to ensure that you make the property as saleable as possible. While many real estate professionals and realty analysts are firm in stating that this is a seller’s market, that does not mean that a seller can rest on his or her laurels and think a turn-around sale can be done without reasonable efforts.
Tips for Enhance Salability for Investment Property
The Exterior Matters, even for a Condo
A common mistake made by a real estate investor who desires to sell a condo property is overlooking the importance of the exterior in certain situations. Overlooking exterior occurs most often in high rise condo developments, of course, as the owner of condo in a high rise or similar type of structure, you have no real control over common areas. For example, if the common areas are in disrepair or not otherwise up to par, that will impact the market value of the unit you purchased as an investment and now desire to sell. Your objective is to minimize this prospect. You can take some minimal and yet essential steps with the exterior of your investment condo in a high rise or similar structure in advance of putting it on the market. For example, you can ensure that the door to the unit is of high quality and in good condition. In most condo buildings you are able to add some accoutrements at the door to your unit. For example, depending on condo association guidelines and space in the hallway, you may be able to do something as simple as add a petit table next to the entryway and include an appropriately sized plant on it.
Spruce Up a Condo Interior
You will also want to take some steps to spruce up the interior of an investment condo before putting it in the market for sale. You can do this without spending a considerable amount of money. In other words, assuming the premises are in relatively decent repair, you don’t need to launch into some sort of major rehab project. Simple and affordable steps you can take to spruce up the interior of an investment condo include a fresh coat of paint. In this regard, rely on more neutral colors so that you provide prospective buyers something of a canvas onto which they can envision their own decorating of the condo. Pay particular attention to ensuring that the kitchen and bathroom or bathrooms are up to speed. You may be able to accomplish this by taking steps as simple as replacing faucets and cabinet hardware.
When it comes to strategies that make your investment property more appealing, priority must be given to the manner in which you stage the space. In the final analysis, a suitable staged property sells far more quickly than one that is left in an as-is condition. With residential investment properties, that as-is condition oftentimes is vacant and empty. Empty is as ineffective as a cluttered unit. Consider expending a bit of money on the services of a staging professional. A pro can not only develop the appropriate staging scheme for the property but assist in finding rental furnishings you can use while the premises are on the market for sale.