So you have considered to buy a condominium? It's possible that there could be many factors that you've considered that drove you to create that decision. It could be the design of the unit (aesthetics) and the 24 hour security, or the prestige it can bring. However, before making your final decision, I would recommend you to get an advice. These suggestions are based upon my experiences as a condo owner.
Five Things to Beware of When Buying a Condo
Location - This may not be a new concept to you. You should first consider your location prior to making investments in real estate or when you are setting up your business. It is impossible to relocate a condo from one location to the next so you might want to take this into consideration. What will blossoms by the park condo surrounding the condo appear like in the next three to five years? Are you able to get there easily? Are there any nearby shops or locations where you can purchase food? These are particularly important in the case of a condo that is to be rented however they're equally important if it is your main residence.
Budget - In addition to the cash out typically required in purchasing a property you should think about having a buffer equivalent to at least 2 months of your planned monthly amortization. Sometimes, things unexpectedly happen and appear as if your broker might not tell you that processing charges are that apply when your home loan is scheduled to be approved.
Prize - How much is the prize? Prices increase as condo units become more expensive or are near completion. Even though this could sound odd for those who are first-time buyers, purchasing condos at an early selling stage is an option if prize is a consideration. It is possible to get a reduction of between 10 and 15%, based on the you can afford the amount the developer offers. Additionally, you may prefer to purchase a condo that is within your budget, but buy as big as you can. There are condos that are cooler than houses, which is why it is better to have air circulation. Comparison of prices: Some condos are not fully furnished, but they can be purchased at a cheaper price. You can also buy larger condos by purchasing the "bare" units.
Reputation: You should investigate the reputation of the condominium owner or developer who you're considering purchasing from. I reside in the year condo, which I purchased from a developer that had been developing condos for 15 years. I've visited their other developments as well and I've talked to people living there for quite sometime and they were satisfied. I'm sure my cash is safe. It might take a few months until your money is returned. Research thoroughly and ask for references from previous clients. Also, make sure to check their website.
Maintenance - Finally, you wouldn't want to purchase a home that would easily lose value due to inadequate maintenance. A dirty swimming pool is not something you like to take care of. You're purchasing air space, and there are numerous common areas that can be shared with all. A condo that is well maintained is expensive. This is where association dues are usually paid per square meter of your unit. However, it is important to find a property that can help create the community.