What you need to know about selling a "gently used" condo
By Jennifer Laing |October 9, 2014 - 3:59PM
In Case You Missed It: Every so often, BrickUnderground digs through the archives to find the best advice our experts have shared through the years.
If you bought a brand new condo a few years ago and it's time to sell, you now have a very different type of property on your hands. Rather than a "sponsor sale," which you buy directly from the developer, you've got a "resale," which can be less desirable. Some buyers may prefer to skip a place that's got a few years' worth of wear and tear. (Think of the difference between buying a used car and one fresh off the lot.) That said, you're in a much better position than a couple of years ago, when the market was flooded with sellers and developers looking to unload their condos.
• Transfer taxes and brokers fees: You’re responsible for both, and that can eat into potential profits.
• Upgrades and condition: Custom closets, window treatments, lighting fixtures and other additions can all boost value, but as important is the apartment’s allover condition. The more pristine its shape, the better the price you can ask for it.
• Timing and availability: Comparable units for sale in your building increases competition, which is something you don’t need. If that's the case, consider holding off a few months when your place will—hopefully—be one of a kind.
Brick Underground articles occasionally include the expertise of, or information about, advertising partners when relevant to the story. We will never promote an advertiser's product without making the relationship clear to our readers.