Do I want to sell my condominium?
Choosing to sell your condominium is a major decision and undertaking. The process may introduce financial turmoil and stress which you need to prepare for. Before making this decision you should consider the following. If you have questions, contact Ripco Real Estate.
- What are the market conditions?
What is the current market for condominiums– is it a buyers or sellers market? If condominiums are in demand, you should be able to get more money than you paid for the property. If the market is depressed you might lose money. The more equity you have in your home, the better equipped you will be for a buyers market.
- What is my financial impact?
It costs thousands of dollars to sell a property and relocate—often as much as 15 percent of the sales price. You may also have a higher monthly payment for your new condominium. Make sure you run the numbers before you sell.
- What are the Tax consequences?
Be sure you talk with your accountant before selling your condominium. Tax laws change yearly and you do not want to be surprised by a huge tax bill after the sale.
- What are the alternatives to selling?
Why you are selling? Some of your problems may not be solved by selling. For instance, if you want to get away from troublesome neighbors, you want more space or a safer neighborhood — do a reality check. Your new neighbors may be equally troublesome, you might be able to remodel for less money than moving and reviewing crime statistics may show you’re in a good neighborhood.