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Selling a House Versus a Condo: What’s the Difference?

Selling a House Versus a Condo: What’s the Difference?

The Edmonton housing market is alive and well. A new survey on housing prices in Edmonton shows the city’s housing market may be in nearly perfect buyer-seller balance.

According to the Realtors Association of Edmonton, all-residential unit average prices for July 2017 are down 2.44% compared to June 2017, but only down 0.11% relative to July 2016. Average prices for condominiums rose in July 2017 to $261,861. This represents a 2.18% increase compared to July 2016. 

House Versus Condo

The differences between a house and a condo are night and day. These differences definitely play a role in buying and selling decisions.

Condo owners pay an association or condo fee, used toward the upkeep of the property and common areas that condo owners share. These common areas are not controlled by owners. But usually there is no yard work to worry about and maintenance issues are resolved by the association. Parking areas are maintained and outside lighting and landscape are the condo association’s responsibilities. 

Condos are often found located in desirable areas (like central downtown) where single family houses are rare. These buildings are usually near offices and in historic districts, similar to the project in Edmonton’s Oliver neighbourhood.

Single family homes in Edmonton are the most common types of homes. These homes offer owners a lot more freedom than condo owners when it comes to space and privacy. These homeowners make the decisions on landscaping and everything to do with the outside. As a homeowner, you also have a number of responsibilities a condo owner doesn’t need to worry about. Things like the dreaded snow shovelling, mowing the grass and general upkeep. On the flip side, in condos there might be age and pet restrictions you wouldn’t find if you lived in a house.

Selling a House Versus a Condo: What’s the Difference? Condos imageSelling a Condo 

One of the first differences condo sellers will encounter deals with signage. The old adage about curb appeal having little value doesn’t really apply here. Since a condo unit is part of a larger structure, it can be pretty difficult to market a singular unit with a “For Sale” sign. Restrictions on putting signs on a building also limit how to promote your condo to entice someone driving by to stop.

Sellers should be prepared to disclose any and all fees associated with living in a condo community. Depending on the community, homeowners may also have association fees. Either way, at the time of closing, the new owners will receive the covenants and restrictions for each community. You don’t want to blindside the new owners and jeopardize the sale by not revealing all the fees associated with your property.

Strategy

Deciding when to sell a condo could be a factor in how fast you are able to sell your property. We would recommend you consult with a real estate professional to examine historical trends in your locale.

Spring used to be considered the best time to sell. Today, numerous other factors, including if there are many other condos already for sale on the market, come into play.

When it comes to selling your condo and trying to attract buyers, you can use the same open house strategy a single-family home owner would use. Your condo should be clean and free of clutter. Make the condo as appealing as possible for the potential buyer, so take down your knick-knacks and give them a clean space to look at.

Plan ahead by gathering all the necessary paperwork from the condo association. Because your condo is part of a larger community, you will need to provide the condominium documents.

While there are differences between selling a house and selling a condo, you can still have a positive experience. Happy selling!

 

Photo: sports car & house, condos

About The Author

Jeff S.

Proud father and husband. Loves music, Nine Inch Nails, UFC and inbound marketing.

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