Selling Tips for Lake Bonavista Sellers

Selling Your Lake Bonavista Condo

Selling your Lake Bonavista Condominum isn’t quite the same as selling a home in Lake Bonavista. The difference is that you can only control what goes on inside your unit. You must rely on other parties such as the condominium board or your management company to provide some critical information that your buyer will want to review before they make a final purchasing decision.

The condo corporation will establish rules as it relates to pet restrictions, alterations, acceptable noise levels, & usage of common areas. These are all important factors to a prospective buyer to consider.

Here is some advice as it relates to selling your condominium unit in Lake Bonavista.

You aren’t just selling your home. You are selling your financial obligation to the unit, because as an owner, you have a shared responsibility with other owners for common expenses in the development. Every condominium unit in Alberta is assigned a unit factor out of 10,000, which is the total unit factor for every building. For example, if your unit has a unit factor of 80, you are responsible for 8/1000 (80/10,000 or .008) of common expenses, special assessments, insurance costs etc.  You are also selling your portion of the reserve fund, which you have been contributing to via your monthly condo fees. You don’t get a refund on what you have contributed. You are also selling your portion of any outstanding or levied special assessments.

Have the right documents available. When you sell, there are a number of documents that you need to obtain to provide to your buyer for their review. There are some documents that change on a monthly or yearly basis (financial documents, meeting minutes), and there are other documents such as the bylaws or the reserve fund study which are valid for a number of years. We can help you with what documents you will need, and when you will need them.

Pay any outstanding condo fees which you owe. If you owe fees, you will have to clear them before someone will purchase your unit. Otherwise, condo fees owing will be deducted from your sale proceeds at closing.

You can only improve and change your own living space. When selling a home, you can enhance the curb appeal by landscaping, painting, or touching up the exterior. You have to count on your condo corporation & management company to ensure that work that is outside or borders your unit is kept up, such as damaged carpets or exterior deficiencies.

Hire us, we have experience in your building. It’s critical that you work with a Realtor who has experience selling in your building to ensure that you get the best value. We have worked with many sellers & buyers in the area, and have excellent expertise on your building.

Understand the tax implications.Selling Your Lake Bonavista Condo If you have been renting out your condo for rental revenue, there are certain tax implications that you will have to consider when selling. It’s best to get in touch with your accountant to get the most informed position, and we can point you in the right direction if you need to speak to a professional.

Price it right. We can also help you with the right pricing by showing you a range of comparable properties that have sold in your building. We have the most up to date information to help you make the most informed decision as you can on your pricing strategy. 

Please tell me about the property you're looking to sell & any additional details, by using the form below or by contacting me directly. Let's get started!

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