Getting Ready to Sell Your Apartment?

Unlike a house, where you are in control of the whole property, selling an apartment is different.

Sure, you can make your apartment very attractive to buyers by de-cluttering, freshening up the paintwork and some styling. But if the rest of the block lets you down, it could have a negative impact on the marketability of your property.

Here are a few tips to avoid this.

Being Part of an Owners’ Corporation (OC)

When you buy an apartment, you automatically become part of the OC for the building. And any maintenance and upkeep of common areas is a responsibility of the OC. As an owner, you pay your share of the maintenance costs for the building through annual levies. Therefore, you are entitled to raise concerns with the Strata Manager and Strata Committee (SC) if you feel the building is not being well-looked after.

If you are thinking about selling, now is the time to make sure that cleaning in the building is being done regularly, any gardens are being weeded and any minor repairs have been taken care of.

Inspect Common Areas

Walk around the building and look for minor defects that might need attention. These may include leaking taps, scratched paint, damaged doors, or broken light bulbs. You can then request that these items be repaired.

If your SC is not committed on these matters or they do not like to spend money on maintenance until they have to, consider getting any obvious small things fixed at your own expense. If it means buyers will see your apartment in a better light, it might be a good investment. It’s as simple as telling the Strata Manager to arrange the repairs but you’ll foot the bill.

Inspect Your Lot(s)

Inside your unit and any garage or storage area, there might be some minor repairs that you should also attend to. If your property is on the ground floor, or the top floor, consider if there is anything that could be done to help prepare for a building inspection of these areas. Small blocks, particularly older buildings with wooden floors, or townhouses are more likely to be subject to a building inspection.

Watch our short videos to get some tips about simple things you can do to improve your property and get ready for a building inspection.

Keep Records Up to Date

If there have been remediation works going on in your building, make sure the progress of the work is clearly shown in the strata records, as this will be an important consideration for potential buyers. And making it easy for buyers to check the strata records will improve your chances of getting a good sale outcome.

Factor in Special Levies

If your building requires some maintenance but the OC is short of funds, please factor this into your assessment of value of your property. If the new owner is likely to have to pay special levies, it will be a negative factor for buyers. It is important to be realistic because there might be some things happening that you can’t control.

Renovating Your Unit

Renovating your property before going on the market is common. However, make sure that you are aware of any renovation rules (by-laws) that may be currently in place in your building and that all works are carried out accordingly. In many instances, a special by-law needs to be registered and you may need to pay a bond. If you are unsure about the renovating process, contact your Strata Manager and they will advise you what you need to do.

Feel More Confident

One of the major benefits of getting these matters attended to before your property goes on the market is that you will feel more confident and your property will be more attractive. Because remember – when checking out a property, buyers look beyond pretty photos online and need to make sure that the building is okay too. They do this through a Strata Records Inspection.

We have a great service in place that starts the inspection process before your property goes on the market. This not only relieves some of the stress associated with selling a large investment, but also improves your chances of getting the best possible outcome.

If you want one of our inspectors to inspect the strata records for your property, it’s easy to arrange.

To get more selling tips, check out our comprehensive Sellers Guide.

Best Regards,
The EYEON Property Inspections Team

At EYEON Property Inspections, we help you buy and sell with more confidence.