The process of selling an apartment and a detached house is different in several aspects, which sometimes surprises owners.
The physical differences between an apartment and house are obvious, but the techniques to maximize the value of each are different.
The types of buyers each property style attracts can be distinctly different.
The benefits often offered by your average house are unlikely to impress many dedicated apartment dwellers.
Ownership
Let’s start with the most fundamental aspect of the purchase: ownership. The ownership structure for an apartment differs from that of a house because of HOA (Homeowners Association) considerations. The support of an HOA can be a positive for buyers who worry about maintenance.
Shared amenities
Apartments often have amenities that a buyer might only dream about if they were buying a house. Highlighting benefits such as a gym and pool, even if you don’t use them, is critical to achieving the best price.
The rules
Buyers should be clear on the rules applicable to an apartment building. These rules are not necessarily regressive. You’d be amazed how many folks are grateful to know they’re entering an orderly living environment.
Price question
While a house price may be predicated on space and location, an apartment also benefits from its floor level, the view, access to parking and security.
Stage it
More than houses, apartments benefit from professional staging. Highlighting the space available is fundamental to maximizing value.
The HOA
It’s always a good idea to tell your HOA that you’re selling, which is something you’d not necessarily bother to do with neighbors when you own a house. Your closing process can involve specific documents and requirements from the HOA and the building’s management company.
Buyer help
Prospective buyers will go through different assessment criteria with their lenders before obtaining a loan to purchase an apartment.
Inspections
For a pre-purchase building inspection, it’s common for the interior of an apartment to be heavily scrutinized while the outside of the building gets a comparatively cursory assessment. The interior and exterior of a house are of equal importance.