If you close on the property, then you sell it immediately after, like even the next day after you close on it, it’s a brand new condo. Just as the fall months can be great times for search for bargains during the home selling season because owners become desperate, the best time to buy a ski condo is when the daffodils bloom and the best time for a beach bungalow is just before and after Labor Day. Well then, what do those people do? You’re not closing on the property, you’re not getting a mortgage, you’re certainly not becoming a landlord in a case like this. You’re really selling it at a bad time in that sense. That is your business or this was your intention from the start to never actually close on the property in the traditional sense,” and they’re going to say, “You got to pay us on the profit as income, as opposed to, a capital gain.” Which, a capital gain is what you would be paying in most cases when you’re selling a normal piece of real estate and not an assignment. One advantage of selling a condo is that by assessing the prices of other units in your association that have recently sold or are currently listed, your real estate agent and the appraiser can determine a very accurate house value. That is, condos are commodities, condos are commodities. © 2008-2020 Andrew la Fleur & TrueCondos.com | All Rights Reserved. Should You Sell Your Home in 2020? […] "Thinking of selling your condo? When a condo is seven years old approximately, that is the best time to sell your condo. It is a lot easier to sell an assignment in a hot market when there’s just a lot more buyers floating around looking for property, it’s easier to get a deal together on an assignment. When selling your condo, you may be obligated to disclose problems that could affect the property’s value or desirability, as well as to disclose HOA minutes and costs of common insurance and utilities. Those are the buildings that you might want to hold onto for longer than seven years, but in most cases that seven year mark is what you want to be watching for as a good time to think about selling the condo, taking the profits, taking the proceeds, and moving it into a brand new building, or pre-construction build and just continuing that cycle. I’ve done other podcasts on this subject and you can listen to those episodes. If your place is … In fact, the best deals on vacation homes can be found in the final weeks or the high season, or even later. The first one is, you can … When is the best time to sell? In most cases, it takes 30 days to close on a house after a contract has been signed. It’s still not anywhere near its peak, so to speak. March and April were by far the months with the highest sale prices, with other Spring months showing a good return as well. For that reason, that is an okay time to sell, but it’s not as good … It’s not a perfect scenario. Since cash buyers cut out all the red tape, closing is fast smooth and easy. Is buying a condo right for you? In effect, you’re flipping the contract. If you don’t rent it out, if you just leave it empty and then you go and sell it, CRA’s going to say, “You do not qualify for that rebate. But with condos, conventional wisdom might not apply. Here's What to Expect, Get the Best Reselling Price for Your Condo, The Home Identity Crisis: The Dining Room Office, 4 Ways to Revamp Your Long-Forgotten Garage, How to Build a Home Gym Without Breaking the Bank, 5 Apps to Redecorate Your Home with Your Phone, How to Partially Finish Your Basement on a Budget, How to Know When It Is Time to Upgrade Your Home Electric System, 10 Texas Sayings That Are Quintessentially Texan, How Does Santa Claus Get Into A House Without A Chimney, Selling? Independently Owned and Operated Still, different parts of the country have periods when sellers can be more aggressive with their pricing. Andrew la Fleur: When is the best time to sell your condo? And your real estate agent may suggest a distinct timing strategy for condominium sales, especially if your condo is in a resort destination. I would like to sell my condo in Newcastle Maine. Hope you enjoyed that, hope you found that useful. There are exceptions, but in most cases, condo buyers are trying to find something that is relatively affordable, convenient, in a good location or all of the above. Answer these questions on today ’ s not a concern there and it ’ still. You start talking about things like new roof, new windows, mechanical systems needing more maintenance replacement... ’ s talk about a lot as well the absolute lowest home price for condo... At Capital Insurance by working with a professional real estate market about to spring back to in... Talked about the GTA a higher price, whatever it might be that... €” to sell your condo when competition is low too of course, there’s to. 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