7 Tips When Buying a Condo Unit
7 tips when buying a condo will help you decide in owning a place that you can call a home.
- Developer’s Reputation and Track Record
This is more important when buying on a pre-selling stage. You will be paying for a condo unit that is not built yet so all you are holding on are the contract and the receipts. There were cases where constructions were halted and in such cases, it’ll be difficult to get your money back. You don’t want that to happen to you, do you? So choose a developer who has a proven track record and reputation over the years.
Make your due diligence and research on how well a developer handled their projects in the past and how well they are currently managing these projects.
When it comes to real properties, residential or commercial, location is always the number one concern.
2.1 Market Value Appreciation
The location of the real property is a big factor on determining the potential appreciation of the property’s value. The condo unit which you bought for 2million could be worth 2.5 to 3 million the following year depending on how good the location is. Some people even buy condo units not for personal use but for investments purposes.
Check the surroundings of the condominium and feel if you can walk around it during ungodly hours and still feel safe.
3. Accessibility and Convenience
Is it near public transportation? Is it near supermarkets, banks, schools, church, restaurants, convenience stores and other establishments that you and your family would often go to?
4. Features and Amenities
You know what you and your family’s interests are. Do you like to go swimming, do workout, play basketball, etc.? Check if your interests and hobbies can be accommodated by the amenities in the condominium you are considering.
5. Association Dues
You’d think that you’ve spent a lot already in paying for the condo unit itself. But that doesn’t end there. You still have to pay the association dues every month as your contribution for the shared costs on the amenities, utility bills on common areas and wages for the security guards, janitors and the maintenance staff. The amount you pay will depend on the floor area of your condo unit.
6. Security and Maintenance
This one is related to number 1 – on how well the developer manages and maintains the condominium. Do they impose security measures to protect the condo owners? Are the maintenance workers quick in helping the condo owners in fixing things? Do they practice proper maintenance on common areas?
7. Rules and Regulations
Condominiums have their own policies or rules and regulations to maintain order among condo owners. Some would have rules in using the amenities, on things concerning pets and animals, etc. These are just to name a few. Know the rules and regulations in the condominium you are eyeing for and see if you can live with those before purchasing.
It’s very important that you consider the things listed above before signing a contract. Condo living is not the same as having a house and lot. Depending on your lifestyle, it can be very convenient and comfortable. If you go for developers who have proven to be reliable and trustworthy over the years, then you sure can have the peace of mind when buying a condo unit.