A condominium is a single complex of immovable property that includes a land plot, a residential building located on it and other real estate. In this case, individual premises intended for residential or other purposes are owned by citizens, while the common property is in common shared ownership affordable Condo Apartments.
In simple terms, a condominium is an apartment building or a complex of buildings.
How can you value your condominium? Is it an old building, a loft or a penthouse? Depending on the location, flat type and furnishings Selling a property privately involves many risks and mistakes, from valuing the flat, to negotiating with interested parties, to the asking price. Find out here, free of charge, step by step, about the process of selling your flat!
Planning and preparation for the sale
Documents
When planning the sale of a condominium, there are some specifics to consider. In addition to the classic documents, additional documents and proofs are required. This applies if it is an owner-occupied partnership or a rented condominium as an investment.
Property and taxes
Important documents which must be prepared in any case include an extract from the Land Registry, which gives you clarity regarding your ownership. If, on the other hand, you are still paying off the flat and the bank is on the land register, you should reach an agreement before the planned sale and discuss the remaining payment in detail. A floor plan is compulsory and you should also get confirmation from the other authorities (building specification, fire safety and energy certificate).
How to avoid mistakes and losses?
If you want to sell your condominium and avoid these pitfalls from the start, contact a real estate agent directly. Real estate agents are experts who check the prospective buyers and get to know their creditworthiness before they give a recommendation at the owners’ meeting.
In a personal conversation with the persons concerned, they find out their intention to use and can also rule out this reason for refusal in advance.
The recommendations that real estate agents give you are based on the knowledge they have gained about the apartment complex, community rules and the claims of other owners.
The services of a real estate agent eliminate lengthy negotiations and rejection by buyers, allowing you to quickly execute a condominium purchase agreement and begin transferring the property.
Valuation for condominiums
In new buildings as well as in old buildings, the market value is the basis for condominium sales. The analyses are more extensive than for a house that stands alone on its own plot of land.
When determining the asking price, not only the size of the flat and its furnishings are taken into consideration, but also factors affecting the entire property. These include, for example, the condition of the communal facilities, the number of residential units in the building and the ownership of other flats.
Comparative prices are also determined for these other flats and compared to your property. Since a purchase price that is too high noticeably increases the selling time, a price that is too low brings you painful losses.
What affects the value of a condominium?
To determine the value of your home :first- These are all the things that you can see but cannot directly translate into monetary or other value. First and foremost, it’s about whether or not there are views of the immediate and regional surroundings. Whether your flat is located on a busy street or in a quiet suburb, whether your surroundings are middle class or socially disadvantaged all these conditions affect the value of your flat.
The second factor is micro-location: proximity to doctors, public facilities or cultural institutions. Because here conditions can at least be measured by distance and the number of facilities available.
The closer you are to public life, the more important these factors become
The proximity of your flat to public transport is also and certainly increasingly a plus. After all, buses and trains are becoming increasingly important in the city and country in the context of the climate debate. Of course, having your own parking spaces or even an underground car park also has a positive effect on the value of the flat.
Conclusion
Due to the complexity of selling a flat, it is only advisable to engage in a private sale if you already have experience and can overcome all the obstacles in front of you. Otherwise the sale will drag on, result in rejection by potential buyers or bring losses due to a low purchase price.
At the end of the day, it is not just a question of making an advertising offer. Selling a flat entails a lot of questions so it is worth considering a real estate agent to ease your way
