Selling a coop in DC is different than selling a condo. The fees for a coop tend to be higher than for a condo because the taxes, insurance, many utilities and exterior maintenance are included in the fee. It is really important to show the difference in costs between a coop and a similarly sized condo - so that the buyer will understand the benefits of owning your coop!
For instance, your coop might be for sale for $250,000 with a coop fee of $800.00. That might scare off a buyer UNLESS they understand that that $800 includes $150.00 for taxes, $250.00 for the underlying mortgage, and $75.00 in utilities (including basic cable.) Suddenly that coop fee looks more like $325 ($800 minus $150 plus $250 plus $75). The buyer compares your coop at $250,000 with its 850 square feet of living space and an adjusted monthly fee of $325 to a condo at $375,000 with 850 square feet and a $400 condo fee each month. Now your coop looks like the deal of the century!
If you are thinking of selling your coop in the DC metro area, don't make the mistake of hiring an agent who doesn't understand coops and how to market them. Save yourself time and money by calling a coop expert like the Lise Howe Group! As Washington natives we have sold many coops in the DC area and we would like to sell yours! Just give us a call at 240-401-5577 or email us at email@example.com.
If you would like to get the value of your coop in the DC metro area, just click here! We would love to put together a comparative market analysis of your coop with no strings attached!