Hello, before you go ahead and offer a credit to remodel the home to a buyer, you should wait to see what type of offers you get first. You never want to over extend yourself out of the gate until you see what the buyers want.... more
At least you have been wise to ask Realtors' opinions on your selling strategy! List when ready, hire a Realtor and make sure her comparative market analysis ends up with you listing your home to match the 2014 housing market. The first month you have your home listed is the window to attract Realtors with their buyers and to get an offer. Buyers are very well educated these days and will simply remember your house as the over priced house from 2013 that the seller is still trying to sell in 2014. It is imperative these days if you want to sell your home that the list price is correct. Remember, your home will have to appraise if the buyer needs a mortgage and that could be another issue along the way if the price is too high and it doesn't appraise.... more
Hi Keely. In my experience it is difficult to figure an "average" maintenence charge. Remember that a large portion of your maintenance charge is property tax which is where you derive your deductability from. That can be up to a 50% deduction of the yearly carry charges.
Remember, maintenance covers an assortment of things. Among these things are care and cleaning of the common areas, garbage disposal, liability insurance, snow removal, etc.
It's also important to know that any building amenities tie into the maintenance charge as well. This would range from things such as a doorman (ther's usually more than one and they get a salary), common area like a garden or roof deck, gym, laundry room, etc. Many people love amenity laden buildings. Some don't care either way and others want as few as possible because of the added charges. You also don't make mention to this point.
In my experience maintenance charges have a negligable effect on pricing. Comparable value within the building is the determining factor in price. You can also get a feel for comps based on a search of recently sold properties within a small radius of your building.
Do yourself a favor. Hire a broker to help in the sale of your co-op. Realistically, you simply won't be able to reach the most amount of qualified buyers by yourself. Statistically you have little more than a 1% chance of selling on your own. Good luck.... more