There are quite a few things to consider when pricing condominiums for sale. Similar to regular single-family homes, there’s the location and neighborhood to think about, size, condition as well as the features of the properties. In a condominium environment though, one has to take into account that the ownership is shared with the rest of the unit owners which makes the setting of prices slightly different from how it is usually done on single-family homes.
How To Increase The Value Of Your Condo
One of the keys to getting the price up is by increasing the overall worth of your condo. If you are thinking of selling your Makati condominium anytime soon, here are a few tricks to help improve its value.
- Communicate with the management regarding shared areas. Putting your unit up on the market isn’t limited to the space you’re living in. The whole complex is part of the package too. So take time to explore the building and see which are in need of improvement. Is the pathway leading to your place clean and presentable? Are the elevators in good working order? What about the exterior appearance – are the hallways well-lighted, is the swimming pool or fitness center well-maintained? Note down everything you have noticed and present it to the board during the meeting. Likewise, ask for their future plans so you’ll know your next step of actions.
- Check the association rules and regulations in terms of upgrades and renovations. Keep in mind that the level of restrictions varies depending on the condo management. Find out up to what extent you are allowed to make changes on your space. Are you limited to doing the basics such as updating the lighting, changing the curtains and getting rid of the smell or are you permitted to do wall repaints and minor installations like setting up new sink and faucet in the kitchen? Identify what are doable on your end and what are not.
- Work on improving your place. Clean and de-clutter. Make simple enhancements that would brighten the atmosphere. If major upgrades are permissible, start with the kitchen, then bathroom and after that, storage.
- Do not overdo. Avoid giving in to the temptation of achieving a very expensive look just so you can set a high home pricing. Surely, you wouldn’t want to spend a lot of cash only to realize later on that it doesn’t give the highest return of Philippine real estate investments, would you?
Pricing is one of the critical stages during the process of getting a property sold. After all, tagging a wrong amount can cause negative impressions from homebuyers which in turn can lead to a more disastrous result. Needless to say, it should be done in a careful manner so that both the seller and buyer can get the most out of the transaction.
How To Price Your Condo For Sale
Pricing a condo is quite different from how it is done on a regular family home. The former has distinctive characteristics that make it completely varied from the latter. Hence, here are six helpful tips on setting condominium prices.
- Consider association fees. It is all about shared ownership and responsibility in a condo environment. While the homeowner owns the unit, he shares common areas such as the lobby, the parking lot and the building complex with the rest of the unit owners. Management-wise, the homeowners association takes care of everything – upkeeps of the grounds and amenities, repairs and maintenance including the payout for the employees such as the security guards for example. Therefore, each owner is required to pay certain fees covering those shared expenses. When setting prices, do consider this factor. See how much you are being charged and find out the full scope and coverage so you’ll know if it will be attractive to your prospective homebuyers.
- Assess your own place. Just like how the condition and age of a regular home affects pricing, so does in a condominium setting. Has there been any recent upgrade that can boost its value? Some of the improvements that can help increase its worth and deliver equally high returns include minor kitchen remodeling and bathroom addition. Do make sure that these changes are permissible with the management first and not included in the set of its property restrictions.
- Consider the complex where your condo belongs to. Take into account how old and well-maintained the building is so you’ll know if it is high time to raise the bar. Where is your place situated? Do you have spectacular veranda views or is it limited to busy streets? How attractive are the facilities? Find out the renters versus owners ratio because a relatively high number of renters tend to sell lower.
- Weigh in the market and trends. What are the current market conditions? Ensure that it jives with the amount you’re tagging on your residence for sale.
- Check the local listings in your area. Know your competition to get an idea of the selling prices of other condos.
- Assign a competitive price. Suppose you’re selling a Manila condominium. See to it that the listing price is competitive enough against similar Philippine properties around the vicinity. Then ask for a sale price that is 3 to 5% lower.