How to Buy and Stage a Condo for Less and Sell it For More
How To Win on the Buy, Make it Pretty and Re-sell a Property For More.
Negotiate the best purchase price possible to help you make a profit on your property sale. Your realtor can help you with this part. I purchased a studio condo for $278,000.00 and it was listed as 'fully renovated.'. I furnished it for cheap, rented it back to the original owner for a few months, and re-sold it for $364,000.00 a few months later for an $86,000.00 profit.
1. Find a property in your price range and get approved for a mortgage or pay cash.
Buy a starter studio condo in a good building with a central location that is well maintained and has a good strata council who has put money away for a contingency fund.
Look for an up and coming neighbourhood with new construction, new amenities, schools and transportation and shopping nearby.
2. Pick a suite that has a minimal amount of renovations or clean up to be done to make it look sharp, saving you time and cash.
Look for continuity in the colors of paint and the flooring. When a neutral, solid paint color is on the walls, the space looks bigger and brighter. When the floors are the same throughout or at least in the main living areas, you avoid a distracting checkerboard/patchwork look. Clean and simple is best.
3. Spend time in the surrounding area, getting a feel for the kind of style and vibe the area caters to in the local shops, and check the style and ages of the people walking around the area. Then you can stage the apartment accordingly.
4. Staging For Less With a Theme Creates a Lifestyle Buyers Desire. I picked a contemporary style as the area had apartments and modern tech stores surrounding it.
5. Buy Used and Refurbished Furniture and Accessories in Your Theme and Clean and Polish Them to Look New. Pick a color scheme. I chose grey and peach throughout.
6. Offer The Condo Furnished When You List it For Sale, or Re-sell The Furniture After it Sells. You can offer the new buyer a great price on the furniture when you make money on the property sale then you don’t have to move the furniture!
7. Lighting, Cleanliness and Clutter- Free, are Keys To A Quick Sale. Up the Wattage on the light bulbs, buy inexpensive floor and table lamps at the thrift store, open the curtains to add natural light through clean windows to add sparkle!
8. Request A Quick Possession Date From The Buyer of 1-2 months to save yourself HOA or Strata Fees and Property Taxes and utilities.
9. People Buy With Their Emotions Not Their Logic - Tempt Them With Scents, like lavender candles burning, candles, essential oil sprays, linen sprays, or baking an apple pie in the oven.
10. Enjoy Hanging Out in The Space and others will Too. Have new fluffy towels in the bathroom, and handsoap, and tissues and flowers in vases to make it homey! You willl Sell it!
11. Set a date you will take offers on the property to add exclusivity to it. Perhaps a week after you list it, you will take offers. I got 3 hot offers on my condo, and accepted the highest one!
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