A condo or condominium is a home, which is part of a larger complex where all the homes are owned. It has common areas such as a common swimming pool or clubhouse, etc, which belong to all the members of that condominium. All the members have to form a condominium association and have to provide funds for that association to take care of regular expenses and maintenance of the premises.
Members own everything, which is inside their condo, i.e. the inside walls and they are common owners for the common premises such as outside staircases, etc and common utilities such as swimming pool, etc. Even apartments or row houses could come under this definition depending on the sale deed. Thus buying and selling a condo is quite different than a stand-alone home.
Buying or selling of condos requires targeting specific people who want to be associated with a condo. So a buyer might want a swimming pool but not have enough money to maintain it him self. This way he can have the luxury of using the pool while paying only a fraction of the maintenance charges. The same could be said for 'heating' in the apartment.
If you want to sell a condo then you could make a list of all the good points and advertise them well. So if your condo block is near a train station or bus station then you could advertise it as 'walking distance from train or bus station' or if you have a good security setup at your condo, then you could imply that older people will be safe while staying at that condo. If you have a well-maintained garden in your condo, then you can advertise that the buyer will benefit with a good ready made garden without having to personally maintain it himself. You should also get your condo properly painted and cleaned before showing it to any customer.
You could also take digital photos of your condo from inside and outside and post it on the Internet. This could let potential buyers take a peek inside your condo even before coming to your place. You could also inform your relatives and friends about your intent to sell the condo.
Even if you are planning to buy a condo, it is better to check out the Internet and local real estate listings. When you have zeroed in the location, then check out the ownership rates in the neighborhood and also check out how much they have appreciated in the past few years. This could give you an indication as to how much the rate could go up by the time you decide to sell. Go in for a reasonably newly made condo than a very old one, which might require high maintenance. Check out some of the neighbors first.
Check out if they are decent and quiet people. They should be actual owners and not staying there on rent, because this could affect the resale value of your condo. Check out the amenities like swimming pool, car park or clubhouse. They should be well maintained and clean. Also check that the paperwork is clear before investing in the condo.
So, buying and selling a condo is quite different that that of a regular home, but there will always be people who find staying in one much better and convenient. So go ahead, do some research and start investing.
