Selling your condominium unit in Uganda? Top 6 things to consider.

If you own a condominium unit, there may come a time when you need to sell it off, for one reason or another. It could be that you need to raise money for an emergency or are looking to cash out of your investment. At that point, you will be wondering what the best approach is to maximize the profit from selling your property.

This article delves into the six most important considerations when selling your condominium unit in Uganda.

1.      Minor repairs and Upgrades

When a potential buyer comes to view the unit, they don’t expect to find it in disrepair. If they do, it will negatively impact their perception of the property, and they will assume that you have not taken good care of it. They will imagine even worse defects that are concealed from the eye and therefore will offer you a significantly less amount than they would have if the property was in pristine condition.

So, do yourself a favour and give your walls a fresh coat of paint, fix broken doorknobs, and if you can, upgrade the bathroom to a modern look with newer appliances. Improving the kitchen worktops to granite also goes a long way to increase the appeal of a condo.

These small improvements will add a lot to the overall price you can fetch from the sale of the unit.

2.      Pricing

Potential buyers will be shopping around for the best deal on the condominium they finally take up.

You therefore need to be aware of the prices of comparative units in the neighbourhood so that you are not too far off the buyer’s expectations. Too high a price will scare off interested buyers, whereas a price that’s too low will leave potential earnings on the table. You want to find that sweet spot where you can hit your target profit without taking too long on the market.

Put into consideration other pricing factors such as unique views, amenities, and other perks that can only be associated with your unit. You can use these to justify a higher price for your unit and buyers will be willing to pay that amount to enjoy those privileges.

3.      Advertising Online.

One of the easiest ways to reach many potential buyers is through posting pictures and videos of the apartment online. Consider opening a page on a social media platform to advertise the property and share the content as much as possible. Tag friends, and other related pages, and use hashtags to make sure that you are easily findable online. This way you will be able to reach audiences far beyond your local area. Regularly check for feedback so that you don’t miss any registered interest in the property. Be sure to share more details in case interested people reach out.

4.      Professional Photography

You may think that your ordinary photos taken using your mobile phone are sufficient for use to market your apartment, but this is not always the case. Potential buyers are attracted by nice-looking pictures, which will lead to more bookings to view the apartment physically.

A professional photographer uses more specialized equipment to capture the photos, taking into consideration factors such as lighting, angles, and elements of interest. They will advise you on the best time of the day to take the pictures to achieve the desired effect. If your strategy involves posting online, professional pictures will set your unit apart from all the others potential buyers will be looking through.

5.      Marketing.

When selling your condo, you must emphasize the good elements that attract buyers. It can be the great views it has of the area, a spacious layout, complex amenities like co-working space, adequate storage space and so many other things. Emphasizing these in your marketing material will increase interest in your property, making it easier for you to sell. Let potential buyers know the benefits of staying in that space. Consider working with local real estate agents to market your property. They usually know the best selling points for condominiums in that area and they understand the buyer's needs.

6.      Declutter

In most cases, you may have potential buyers booking appointments to view the property while you are still living in it. Remove all personal portraits from walls to make it easier for the person viewing to imagine themselves staying in the unit. Also, put away any cluttered material from the floor. This makes the apartment appear bigger and more attractive to the buyer.

In Uganda, there is a misconception that re-selling a condominium unit is very difficult. However, this is not necessarily true.

What’s true is that many sellers do not have the right skills to sell off their condos, and therefore will experience a lot of difficulty getting potential buyers. That is why you may need to work with professionals to help you get the right price for your property.  Baros Group Limited is a real estate investment management company that helps people get the best returns out of their real estate investments.

To learn more about investing in Uganda’s Real Estate industry, visit https://www.barosgroupltd.com/

About the author;

Benard Sonko is a real estate investment manager and founder of Baros Group Limited. For comments and inquiries, you can reach him at +256742140251 or info@barosgroupltd.com