It is rare to sell a home that is in perfect condition, but putting a condo on the market becomes much trickier if it has structural issues. Downtown San Diego condos that have issues with the roof or walls may scare away potential buyers in many cases. However, you do not necessarily need to spend a lot of time and money fixing structural issues before you try to sell your condo. It is possible to sell a condo with structural issues by following this advice.
Be Up Front with Potential Buyers
If the issue is not immediately noticeable, it may be tempting to just avoid mentioning it altogether. However, keep in mind that a home inspection will most likely bring these issues up, so trying to hide your structural damage will just result in a longer sale process, buyers dropping out, and a bad reputation for you. Therefore, it is necessary to be honest with buyers about structural issues. There are still plenty of people willing to buy a condo with structural damage, and letting them know about it in advance ensures you get a buyer who is fine with the concept.
Get Advice from an Expert
Even if you do not plan to repair the damage yourself, it is a good idea to get it looked over by a professional who has experience fixing the issue in question. After having the issue looked at, talk to the buyer about the potential time and cost for repairing it. Depending on what the expert finds, you may be able to reassure the buyer that the damage is not as serious as it appears or let him or her know it is not affecting other parts of the condo.
Know Your Rights as a Condo Owner
Depending on the type of structural issue, you may not need to pay for repairs yourself. Condo associations are typically responsible for fixing exterior issues with their properties. Read up on your condo agreement and local real estate laws to see if you can get your condo association to pay for the repairs. Even if you do not have the time to get it repaired before selling, potential buyers will be more enthusiastic about purchasing if they do not need to fix the issue themselves.
Lower Your Asking Price
One of the best ways to generate interest in a condo with structural issues is simply to drop the asking price. Talk to your real estate agent to figure out a reasonable price point. You will likely need to factor in the cost of repairs and the hassle of fixing the condo when trying to find a good asking price. Though you will not make as much money, this is the easiest way to sell a property with structural damage.
Whether you’re selling a loft in Gaslamp Quarter or are looking for condos for sale in Cortez Hill San Diego, it’s important to consider how structural damage could affect the transaction. A trusted real estate agent from 92101 Urban Living can help you navigate the selling or buying process. Give us a call today at 619-649-0368 to schedule an appointment.