5 Things You Need To Consider Before Purchasing A Condo

You've thought about purchasing blossoms by the park . I can understand that, but there may be a lot of things that led you to create that decision. It could be the design of the facility (aesthetics) as well as the 24-hour security, or the prestige that it provides. Before you decide I'd like to give you some suggestions. These suggestions are based upon my personal experience as a condominium owner.

Five Things to Beware of When Buying an Condo

You may already be familiar with the importance of the importance of location. When investing in real estate, or when putting up your business, the primary thing that you should consider is location, location! It is impossible to relocate a condo from one place to another, so it is important to consider this. What will the surrounding area around the condo look like in the next three to five years? Is the place accessible? Is it near your work or are there nearby stores where you can easily buy food? These are crucial when you are planning to offer your home for rent, but is equally important in the case that you just want it to be your principal residence.

Budget - Aside from the cash-out typically required to purchase a house, you should think about having a reserve of at least 2 months of the expected monthly amortization. Sometimes, things unexpectedly happen and appear as if your broker will typically not inform you that there are processing fees involved when your in-house loan is scheduled to be accepted.

Prize - What's the worth of the prize? The prices rise when condos get more expensive or near completion. Although this may sound absurd to first-time buyers, buying condo units at the pre-selling stage is an option for those with a prize consideration. There are times when you can get a discount of 10 to 15%, based on the much the developer would give. You may also wish to locate a home that meets your requirements however, it shouldn't be too large. There are condos that are warmer than houses inside so it's better to have air circulation. Comparing prices: Some condos aren't fully furnished, but they can be bought for less. There is also the option of purchasing larger units if you buy those "bare" units.

Reputation – You should research the reputation of the condo owner or developer that you are considering buying from. I live in a residence unit, which I purchased from a developer who has been building condos for fifteen years. I've seen their other projects also and spoken to residents for quite sometime and they were satisfied. This indicates that I'm safe... You don't want to be losing your money if that project fails to go ahead, do you? If you do get your money, it may take sometime as legal matters must be resolved before you get your money back. Therefore, do your due diligence and investigate the background of the company/developer by asking former clients, looking up their website and other ways you can think of.

Maintainance - Last but not least, you wouldn't wish to buy a home which will soon be worthless because of inadequate maintenance. Also, you don't want to be swimming in a filthy pool. You're buying air space and there are numerous common areas that could be shared with everyone. A condominium that is well maintained will be expensive. Association fees are charged per square meter of unit. But, it is essential to find a property which will aid in the creation of a community.