Condominiums make up a large chunk of the property market. Major developers have multiple condominium developments to their portfolio. In Manila, condominiums are popular among investors and the modern and forward-looking individual or family. This is largely in part of location. Condominiums are typically at strategic points near lifestyle essentials, whether it be the business district, the school, or the mall.
It's an ideal time to buy or sell in this market. If you have a condominium unit you're thinking of re-selling, make sure you've attended to the following:
1. Title documents. Make sure you have all your title documents, namely the owner's duplicate copy of the Condominium Certificate of Title (CCT) for the unit and the corresponding parking lot (if any), as well as the tax declaration in your name.
2. Legalities. Make sure you can legally sell your condo. Is your condo vacant? previously occupied or never rented? Is your title free of liens, encumbrances or errors in technical description? Can you turn it over and transfer the title to the buyer's name upon completion of the payment and purchasing process? Take note that you may have a hard time selling your property if it has tenants who makes it difficult to view or enter the property during inspection visits (Sellers can sell with tenants for as long as the new buyer will honor the terms and conditions of the lease contracts); if the title and tax declaration aren't in your name; if the title has pending or delinquent loan obligations; and if you don't have the full cooperation of any co-owners of the property to put it up on sale.
3. Selling costs. Selling costs often refer to the capital gains tax, the broker's professional fee, the city tax, certification fees, staging, marketing and promotion, and other costs involving titles and transfers as charged by the developer or owner. As the saying goes: you need money to make money.
4. Price range. Do your due diligence with regard to your unit's cost in today's market. Prices fluctuate. The unit may have gained or decreased in value over the years. You can opt to request for a comparative market analysis, or "comps," from a trusted Realtor or broker to determine price. The comps determine your unit's value based on how much similar units have sold within the same location.
5. Promotion. There are a variety of means and avenues through which you can promote your property. Word of mouth and online marketing are, by far, the most affordable and convenient methods. Make sure you have top-notch photos of your unit to post online. Photos often make or break buyer interest.
6. Hiring a real estate agent. If you'd rather have a professional handle the sale, make sure you select a broker with a good track record in the market your unit is catered to. Ask for references from his or her former clients and make sure that the broker possesses a valid license to practice.
This article was first seen on Condo in Manila
and it was written by Ms. Maita Siquijor, a real estate professional since 1997 specializing in residental sales and leasing, and a certified real estate trainer accredited by the PRC.
To see Ms. Maita Siquijor's Property24 listings, click here