What's different about a condo sale
When you sell a condo, you're selling your unit plus a share of the common areas the association owns and maintains. That means buyers aren't just evaluating your home. They're also evaluating the building, its finances and its rules.
Documents to gather
Many states require sellers to provide a resale or disclosure package from the association. Even where it isn't required, buyers and lenders will usually ask for these items:
- The resale or disclosure package from the association or its management company
- The current budget and recent financial statements
- Board meeting minutes
- Bylaws, rules and any rental or pet restrictions
- Details of any special assessments, current or planned
- Your condo fee amount and what it covers
Order the package early
Associations can take time to prepare documents, and they often charge a fee. Buyers may have a set review period once they receive the package, and rules on timing and who pays vary by state. Ordering early helps keep your closing on schedule. Your agent can tell you what applies in your area.
How the building affects financing
Some loan programs have standards for the condo project itself, not just the buyer. Lenders may look at things like the association's reserves, the share of units that are owner-occupied, pending litigation and how much any one owner holds. If the project doesn't meet a program's standards, some buyers may need a different loan, which can narrow your pool of buyers. It helps to know your building's status before you list.
Pricing your unit
Recent sales in your building and in similar nearby buildings are usually your best guide. Floor level, views, parking, storage and updates can all move value. Higher condo fees can reduce what buyers can afford, so expect them to factor fees into their offers.
Preparing to show
- Declutter and clean, since condos can feel smaller when full.
- Highlight amenities like a gym, pool or package room.
- Check building rules for showings, lockboxes and signs.
- Fix small items buyers will notice, like scuffed paint or worn fixtures.
Working with an agent
A listing agent who knows condos can help you gather documents, price against your building's sales and handle association timelines. CapCenter's realty team offers full-service listing in the areas we serve. Start with an estimate of your home's value.
