When you decide to sell your condo in the challenging Toronto real estate market, you should know that selling a condo is a whole different process than buying a condo. So, you should be aware of the timing, the condo preparation for showing, pricing, listing, the paperwork and closing processes. Certainly, a professional Toronto real estate agent can help you walk through the A-Z of the selling Toronto condo process easier. However, following these important tips can help you understand the entire process of selling your Toronto condo.
Find a competent Toronto realtor
For those who have no selling experience, the success of the entire condo sale process depends on the expertise of their realtor. So, maybe your first question is how to find the best real estate agent who has a good understanding of your neighborhood and current market conditions. A good realtor can help you have a strong marketing plan to sell your condo. But try to choose a realtor with years of experience selling condos in Toronto.
Hiring a reliable and trustworthy real estate agent will help you make sure to take every step correctly. From staging to paperwork, you can confidently rely on your realtor when you choose the right one.
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Preparing your Toronto Condo For Sale
The proper staging and condo preparation are the most important items to ideally attract potential buyers. Condos have smaller space than houses, so you should know that a good presentation will be a key to your success in selling your Toronto condo. There are some more important things to consider to make a huge difference for staging.
Decluttering could be the most important step before selling your Toronto condo. Clear your condo from all the unnecessary items and choose smaller furniture to make the condo look bigger. It is also important to remove all the personal items, then the potential buyer can imagine the place as their own condo more easily. Go room by room and make sure they are at their optimal use. If you have converted the use of a room or space in your apartment, it is better to change it to its previous condition before listing. Your personal taste and use of space will not help to sell your condo easier.
And don’t forget to clean deeply and seriously! Nobody likes a sloppy and messy place. A clean and useful space in your condo has a very important first impression on potential buyers. So, clean all the surfaces, organize inside your closets, arrange the kitchen cabinets and your bathroom drawers. The cleaner and tidier your Toronto condo, the faster it is likely to sell.
Check and prepare all the paperwork when selling your condo
The next important step is to get all the needed documents for your realtor ready. It means you should gather your utility bills, tax bills, prepare all the improvements and renovation receipts, warranties, all the rental contracts, mortgage details, and disclosure for any past property issues. You can ask the help of your realtor for completing some of these documents.
Besides, you should obtain the status certificate for your Toronto condo before the sale. Status Certificate presents all of the basic information about your suite and condominium building. The most important information in the status certificate includes the financial details, fees, arrears and liens of your condo, and the condo declaration. This document can answer many questions in the potential buyer’s mind.
Staging and showing your Toronto condo
If your plan is to sell your Toronto condo for as much as possible, you will need proper staging. It is proven that staged condos will be sold faster and at a higher price. You can also hire a professional staging company to ideally prepare your condo for sale in Toronto. This can maximize the chance of finding a buyer as soon as possible. Sometimes your realtor pays for a staging company or they have a staging contractor which is part of their commission. So, you better ask if they offer staging services or not.
Try to be flexible in showing your staged condo to potential buyers. Be patient and keep your condo clean for a more successful showing. In case of having a tenant in the condo, you must notify your tenant 24 hours in advance. If you are living in the condo, try not to cook foods with a strong aroma like fish while your condo is open for showing. Don’t smoke in your condo. Don’t use strong air fresheners. And clean your condo every day.
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Check all the costs for selling your condo
The costs of buying a condo are different from selling it and you should consider many variables. Some of the most important costs of selling a Toronto condo include:
- Real estate agent commission, which is negotiable and often included some of the below costs covered by your real estate agent, depending on your agreement with your agent
- Staging ($3,000-$6,000)
- Renovations or painting ( if needed )
- Condo status certificate ($100)
- Marketing ($500-$2,000)
- Legal fees ($1,500-$2,000)
- Moving ($800-$3,000)
Pricing your Toronto condo for sale
The best strategy for pricing your Toronto condo for sale is to look at comparable condos within the building or the neighborhood and to determine the best price considering the real estate market. Luckily, it is easier to price a condo than a house, because condos are mostly similar and easier to compare. Of course, your Toronto realtor can give you important information in this step. There are some variables that you should consider for pricing your Toronto condo:
- Location is a key variable.
- The larger the condo, the lower the price per square foot.
- The higher the floor, the higher the cost per square foot.
- The better the view, the higher the cost per square foot.
- The exposure of the condos can affect its price.
- A better layout and more usability will impact the price.
- Corner condos cost higher than non-corner ones.
- If the condo has balconies and terraces, the price will be higher.
- The better the amenities in the condominium, the higher the price.
Closing and moving
After pricing and listing your Toronto condo for sale, there will be an offer or many offers. Your realtor will notify you immediately, determine the validity of the offer and lead the negotiations of any offers you receive. However, the final decision is up to you. Once you made your decision, your legal representative can check all the details and transfer the funds and key.
But if you are living in the condo, you better manage all the items below before the closing day:
Generally, each condominium has its rules and regulations for time and day restrictions of moving out. So, you need to book the elevator for your moving day.
Since you are moving out, your property manager should cancel all your monthly fees for the utility and maintenance of the condo. Tell the property manager about your moving date.
Inform the utility companies of your impending move
After the final sale confirmation, cancel your home insurance and inform the utility companies that you are moving out. We wish you the best of luck in selling your Toronto condo! 🙂