The Main Differences Between Selling a Condo vs. House
To some the real estate game seems like a one size fits all industry. Where marketing strategies for selling a condo would be identical to a single-family home.
But nothing could be further from the truth. There are a number of fundamental differences that you and your realtor need to take into account.
Also, there are differences in market prices and fluctuations that affect condos and single homes differently.
Either way, when comparing condo vs house sales, they are both difficult undertakings. Each with its own specific challenges.
While these tips are focused on selling, they’ll also help you answer the question of, “Is it better to buy a condo or a house?”
Let’s look at a few factors that will determine whether someone will consider buying a condo vs house.
What factors to consider when buying a house versus condo?
To ensure you sell your home as quickly as possible, you need to understand the mindset of the buyer. And it’s these insights that will determine how your market feels when asked whether they are considering a house or condo.
Market Value
As a rule of thumb, in most markets, condos are going for lower asking prices. This shouldn’t come as a surprise as square footage is normally smaller than in free-standing single-family homes. This means that when there’s an upturn in the market, condos don’t increase in value as much compared to houses.
However, in some markets, particularly those with high concentrations of retired homebuyers, some condos will appreciate faster than in the usual circumstances. Whatever market you’re currently in, if most individuals are looking to downsize, the lower price will be a big drawcard for them.
Homeowners’ Associations
While single-family homes don’t normally have homeowners’ associations (HOAs), condos often do. These HOAs can be tricky to navigate as they stipulate a number of rules that need to be followed. Also, most HOAs have a monthly fee attached to them. These fees cover a number of routine jobs that need to be completed around the complex.
If these HOAs are overbearing, it can be difficult to sell your home to a new potential owner. While on the other hand, an efficient body can make moving in a bonus. Usually, these by-laws just cover what you, the homeowner, are responsible for, and what your fees will cover as well as what color you can paint your home.
If your potential buyer is looking for financial help the mortgage lenders will want to investigate what's in the HOAs.
Lifestyle
All real estate decisions are based upon the future lifestyle you want. While condos may offer less space, they are generally closer to attractions. While single-family homes offer more space, they require more in regards to upkeep, however, they do have a broader appeal.
Also, with a single-family home, you’re not attached to HOAs, which will dictate what you can hang in your windows, etc.
Another benefit of single-family homes is that they are freestanding. And families can be noisy, so space between homes can be a necessity for happy neighbors. Then again, you might still be asking, “Why should I buy a condo?”
A huge benefit in regards to lifestyle is that in a condo you have access to many built-in amenities like pools, fitness centers, and clubhouses, just to name a few.
Loan Approval
With a condo, it is more difficult to find financial support for loans. This in turn means that you have fewer buyers interested in the property. There are two sides to this situation, you might have less buyers but they will mostly be cash buyers.
If you’re looking at selling your home quickly, this double-sided coin will hamper proceedings.
Now that we’ve covered the basics, take a look at the key differences between selling a condo vs a single-family home.
Selling a condo
As we’ve mentioned there are a number of key differences when selling a condo and a single home. But now let’s focus on the key attributes:
Affordable, convenient, and location
Most potential buyers of condos are looking for a home that has a number of factors. The first, affordability, is a big driver. A condo is often a starter home purchase, or for those in the later years of life.
But many people in those circumstances have tight budgets.
Convenience is also a big factor. If the condo is in the higher price bracket, it’ll mean it is close to attractions and shops. Also, most buyers want to be assured that the HOA is taking care of the surrounding facilities, so the owners don’t have to. The smaller footprint is often the main reason why individuals buy condos, especially in younger and older demographics.
When listing your condo, make sure you put together a pros and cons list that answers, “Why buy a condo?” or “How much is a condo?”.
Once you understand why the potential buyer is purchasing the home, you can be sure that you’ve priced it correctly.
HOA is part of the package
When selling a condo, the HOA is a huge selling point. A good HOA is worth its weight in gold. If the grounds around your condo are in a poor state it has a direct impact on your price. Also, if there are continuous issues with funding, staffing, or any other problems, potential buyers will be put off.
If you have a great HOA, you can confirm this by supplying buyers with criteria like financial records, and the percentages of owners who have not taken legal action (if none - great).
Another factor is the varying costs of HOA fees. If your board is charging hefty fees, this can easily put off potential buyers.
Now that we’ve covered condos. Let’s look at single-family homes.
Selling a single-family home
Single-family homes are perfect for young couples expecting their first child. It's a property where they will be establishing their roots and hopefully a stepping stone to something larger.
There are still a number of factors sellers need to be aware of that buyers will be looking for.
Space, privacy, and turn-key
When selling a single-family home there are generally more details to consider than compared to condos. Namely, privacy and space. When a buyer views a condo they’re not expecting to be separate from their neighbors.
That’s why most potential buyers will take a while to make their decision. More variations mean more to consider. Also, when potential buyers are looking at your single-family home, they are also envisioning potential renovations. If your home is on the slope this could hamper potential plans.
Understanding what the potential buyer might want to do will also enable you to price the home correctly.
Also, the condition of the home will have a large influence on the price. If there is extensive work to be completed, this could drive prices down.
Curb-side appeal matters!
When you own a single-family home, you are responsible for the state of the curb. Your property is unlikely to be tied into an HOA. Unless your house is in a security complex.
This means you’ll need to put some money towards repainting the home and maintaining the garden. Curbside appeal is a major factor when trying to sell a home. There are a large number of potential costs to selling your home.
Before you consider making any major changes, it might be wise to do a return on investment exercise. This leads us to the next point.
Consider which renovations will help sell your home
If you’re selling to a wider audience you’ll need to ensure your home is ready for appraisers. As most potential buyers will need financial help. Generally, most appraisers is looking at:
Square footage (does it match the listing);
Number of bathrooms and bedrooms;
Remodeling and updated kitchens and baths;
Foundation type;
And the conditions of walls, floors, ceilings, and windows.
If there are any exposed wires or plumbing issues the appraiser will take note of these issues. You can also review a home buyer’s checklist.
Make sure that you’ve attended to the basic needs.
This can be a lot to take in. But what if you want to streamline the process and find the exact cash buyer right now for your home? Why not choose House Buyers of America?
Why trust House Buyers of America to buy your home?
Since 2001, House Buyers of America has bought and sold many condos and single-family homes. We operate in Virginia, Maryland, and Washington DC. During this time we’ve innovated the real estate game, as well as impressed thousands of customers.
It’s this longevity and success that sets us apart.
And if you don’t trust us, you can trust our hundreds of references.
Not many companies in our industry are as well respected as House Buyers of America.
Currently, we have over 100 reviews with 5 stars, with testimonies from a select few! Most of these reviews highlight that House Buyers of America will:
Sell houses fast
Pay cash for homes
Treat you with the utmost respect
House Buyers of America has also earned an A+ rating with the Better Business Bureau (BBB), which is an organization that helps United States, Canadian, and Mexican consumers find businesses they can trust.
But it’s our positive rating on Facebook and Google we’re most proud of, with hundreds of positive reviews.
When you’re selling your home you want to be 100% sure that you can trust the company you’ve contracted to help you. And nothing will put your mind at ease more than reading our clients’ reviews of our services.
And because our clients have spoken about us with such fondness, we’ve been asked to contribute thought leader comments to various publications.
Now that you know we’re trustworthy, and you are assured that we can answer the question, “Sell my home fast!” How does House Buyers of America work?
How House Buyers of America works
We’ve ensured that every step is simple, quick, and efficient. That’s why our first step is you approaching us.
Simply give us a call at 855-659-3289 or use our online form to get started!
Within 10 minutes, if the call is made during office hours, we will have a fair cash offer for your property. Also, answering another question of, “Condo vs House investment?”
Once we’ve gathered your information, we will arrange a time for us to come by the house to finalize that important paperwork.
And once you’ve signed on the dotted line, the money will be in your bank account in a matter of days.
It’s never been easier to sell your condo or single-family house!
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Sell your home directly to House Buyers of America and can skip all the hassle and months of uncertainty. Simply enter your address – and get our offer with a few simple steps.
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Whatever your job transfer needs are, we offer cash for your home and we can close quickly. Buying a New House Perhaps the thought of juggling the sale of your current home and purchasing a new one at the same time in the same local market might be creating a lot of stress. Have you considered having to have your home staged and then factor in coordinating where to live after you sell? What should you do? Put a home sale contingency in an offer to purchase a new house and risk making your offer much less competitive. Or should you buy a house first and then risk not being able to sell your current house, leaving you stuck with two mortgages? This is the age-old real estate dilemma. If you’re in this situation, you’ve come to the right place! With House Buyers of America, you get a guaranteed sale of your house and we’re flexible on the closing date (and no closing costs). After the purchase agreement is signed, your home sale is covered and you can start looking for a new home without worrying about selling your existing home. Divorce Divorce can be a huge disruptor, emotionally and financially. In most cases, the divorced couple needs to sell their house fast so they can divvy up the assets and make a clean break. Many in a divorce situation look for a “sell my house fast Maryland” company so they can sell their house without having to go through the arduous process of a traditional sale. Finding a real estate agent, renovating, cleaning, and staging the house, agreeing on a list price, negotiating the terms of the contract, etc. This is normally a stressful enough task, but if you add divorce into the mix, it feels impossible. Why not pick up the phone and get an offer in 10 minutes? Or simply fill out our online form and get an offer quickly. No need to renovate, stage, select a Realtor, and deal with people traipsing through your house and losing all of your privacy for 6-12 months. Real solutions are well within reach. There is an alternative: House Buyers of America! Financial Distress Are you in a financial bind with thousands of dollars locked away in your home? Most people do not realize they can directly access the accumulated equity of their home in their hands in as little as 7 days until they contact House Buyers of America. We offer fair prices for when you need an immediate cash infusion to stave off foreclosure, bankruptcy, or whatever life throws at you. Medical Emergency, Retired, Downsizing Some of our clients are elderly and have stayed in their homes for years, but have stumbled into a medical emergency and need the equity in their homes to pay for hospital bills. When this is the case, whether you are a homeowner or a care provider, you might need to sell your Maryland home quite quickly. Others simply want a hassle-free solution for downsizing into a smaller home and want equity in their legacy home. Estate Sales House Buyers of America have also helped thousands of people who have suddenly inherited an unwanted or unneeded property. When dealing with an estate, many heirs can’t decide or agree on when to sell the house or who will take care of the paperwork, so the house is left sitting vacant and deteriorating for months or years. Estate sales can bring out the worst in people and families often get torn apart in the process. The traditional real estate process can be complicated and often doesn’t work well for estate sales. The unique estate laws that apply in Maryland can also create some additional complications. So why not try a simple, fast, and hassle-free solution that all of your family members can agree on? Get an all-cash offer in as little as 10 minutes by contacting House Buyers of America. A Fresh Start We’ve talked about several reasons you might want to sell your Maryland house to a cash buyer. Then there are those unfortunate circumstances in life that require a complete and total liquidation of your assets when you need a speedy exit from your current home and town. By getting an all-cash, guaranteed offer from House Buyers of America and getting your house sold in as little as 7 days, you get that fresh start without waiting. That’s why we continue to be the choice of people looking to “sell house fast in Maryland,” as well as other nearby states.