Do you own a condo unit and have made a decision to sell or rent it? Well if you are, you ought to know that full disclosure of all the relevant information about your condo unit is essential in putting your condo for rent or sale.
What Does Full Disclosure Mean?
Full disclosure is simply an act of telling your potential buyers all the important facts related to your condo unit. Any repairs, as-is unit structures and even the reason for selling or renting the condo must be made known to your potential buyers. In short, anything that affects the buying decision of the potential buyers must be told in full disclosure. This also includes any doubts that you have regarding your condo unit. Here are some things that are necessary to be included in the full disclosure of information regarding your Bangkok condo:
1. Stigma
Buying of properties has gone too sensitive nowadays. Do you know that even the believed existence of ghosts in your unit or the unfortunate happenings like suicide, murder or other awful events can affect the buying decision of your potential buyers? All of these factors that are deemed potentially harmful to the future condo owners are now as stigma. If your condo unit is stigmatized, expect that less people would be willing to purchase it, unless you lower your selling or renting price in comparison with the neighboring condominium buildings.
2. Restrictions
Full disclosure of information related to your condo unit also involves any restrictions that the buyers must know about. Each and every condo building has its own rules and regulations. As a condo owner and seller, you must be very knowledgeable at these restrictions so you can fully disclose important information to your potential buyers. For instance, you should tell your animal-loving buyers if pets are not allowed in your condominium building or unit itself. Explain the reason behind such rule so the selling power of your unit won’t go down in the eyes of the potential buyers. Other common restrictions include no satellite dishes on the balconies, a maximum of four or five people are to live in the condo unit, the parking space is not included in the sale of the unit, bikes and other recreational vehicles are not allowed on the premises for parking, etc.
3. Financial Health
Does the condominium corporation have enough money to cover future expenses such as hallway repainting, new roofs, etc.? This must be disclosed to the potential buyer to give him a hint of whether the condo fees should be expected to rise sooner. Also, this information would let the buyer know how sturdy the corporation is.
Surprise is not always good, especially if it’s about paying high expenses which were not disclosed before the buyer purchases the condo unit. Make sure that your potential buyer knows every little but relevant information with regards to your condo unit to prevent any legal disputes or damage in the developing trust between you and your buyer.