What To Do Before Selling Your Toronto Condo

What To Do Before Selling Your Toronto Condo

November 23, 2021 Off By Glespynorson

So, you’ve looked at your mortgage and finances and made the decision. It’s time for a change and you’re ready to sell your condo. The good news is, whether your condo is uptown, downtown, in Queen West or anywhere in the GTA, there’s a ton of demand out therewaiting for you to list your property.

That said, getting your Toronto condo sold at the best price in the shortest amount of time can be far from straightforward or a DIY affair.There’s a lot of work to be done – especially if you’re buying property at the same time.

With that in mind, if you’re selling your primary residence, an investment property or a rental unit, consider how you canstartyour condo sale off on the right foot.

Find the Right Experts

With the amount of money at stake and paperwork that needs to be done when selling and buying a home, hiring a real estate agent and lawyer you feel confident in is crucial. The right real estate agent will:

  • Ask about your price and timeline goals and have a strategy to achieve them.
  • Know your condo association’s rules for selling units in your building.
  • Help you gather all the necessary paperwork.
  • Give suggestions for possible upgrades and staging.
  • Create a marketing plan that gets your listing in front of the right buyers at the right time.

Buying and selling real estate in Ontario requires a lawyer to sign off on the sale. But before they do so, they check properties for liens, draft agreements of sale, discharge mortgages and so much more. You need an experienced lawyer who specializes in legal real estate services in Toronto and is familiar with the differences in selling houses and condos.

Decide When to Sell

The time of year you put your condo up for sale can play a major role in how quickly it sells and how much you sell it for.

Buyers flood the market when the weather warms up and all the commotion of the holidays is behind them.Plus, most sellers wait until Spring to list their homes in hopes of a bidding war for their property, which is why most GTA houses and condos sell in the months between March and June.

It is also worth noting that there is a case to be made for waiting for the slower months to sell your condo. If you list it in the “off-season”, there is less competition and more motivated buyers. Of course, if you have to move for a new job, your mortgage is up for renewal or you’re getting married, the decision is made for you.

Prepare For Showings

If you’re renting out your condo, you’ll want to consult the Residential Tenancies Act before deciding on when to list. If your tenant is on a fixed-term lease and you want to sell before it’s up, they have to agree to the sale. You’re also required to give your tenants 24-hour notice before a showing.

If you live in your condo, you’ll want to be flexible with the times for showings, constantly clean your home and avoid cooking overly fragrant meals. You might also want to have a place to go when buyers come for showings to avoid any awkwardness.

Keep these tips in mind and you’ll be well on your way to getting your condo sold at the right price in the least amount of time.