If you’re thinking of selling your own condo without the help of an agent, then you are probably doing your up-front research and thinking about what expenses you might incur. That’s smart. In this blog post we’ll review the costs of selling your condo yourself.
Selling a condo. If you sell through an agent, you’ll incur costs such as commissions and fees, on top of all the regular closing costs, which is why some people choose sell their property themselves without an agent.
If that’s the case, it’s good to know what you will incur in terms of costs of selling your condo yourself. This list will help you…
Costs of selling your condo yourself
#1. Repairs And Upgrades
Often, the biggest costs associated with selling your condo is repairs and upgrades! Many property owners would like to sell their condo as-is….
But many buyers don’t want to buy as is!
So sellers are forced to put a lot of time and money into repairing and upgrading their condo just so a buyer will even consider buying it! Buyers often come into the home-buying process with an idea of what they’d like the condition of the property to be, so your job as the seller is meeting that expectation.
Another cost you’ll incur is marketing. This is a cost that most agents will cover themselves (though you’ll end up “paying” for it through their commissions). But without the help of an agent, you’ll have to pay for marketing costs yourself.
These costs vary greatly of course; they depend on your unique marketing plan and strategy, and your particular market.
#3. Normal Municipal/Legal Fees
Agents charge a commission and fees for their services. Obviously, if you don’t sell with the help of an agent then you won’t pay those. However, there are other fees that aren’t associated with the agent that you may have to pay – such as attorney fees, titles fees, closing fees, etc. (It depends on where you’re selling).
These fees aren’t usually very expensive but you should be aware of them so you can budget appropriately.
One of the biggest costs of selling your condo yourself is not necessarily financial – it’s time. If you’re selling your condo yourself, you’ll need to make your repairs, market the property, show the property, negotiate with buyers, and complete all of the necessary paperwork.
All of that takes time. And all that time could have a financial cost if you have to take time off of work, for example. So make sure you factor it into your consideration.
Selling your condo yourself lets you save money on commissions and fees while remaining in control of the process. However, there are still costs so make sure you’re aware of them.