So you have considered buying a condominium? There might be a lot of things that you’ve considered that drove person to create that decision. These things might be things like the look of the model unit (aesthetics), nice amenities, and 24-hour security and of course the prestige that comes with it
IMPORTANT THINGS TO CONSIDER WHEN BUYING A CONDO
When investing in real estate or even when putting up a business, the first thing that you should consider is location; location one cannot move a condo to another place so it might be wise to give this a lot of consideration. How will the area surrounding the condo be in 3 to 5 years’ time? Is the place accessible? Is it near your work or are there nearby stores where you can easily buy food? These are especially important if you want to put your condo for rent but is equally important even if you only want to be your primary residence.
Aside from the cash out usually required in purchasing a property you may want to consider having a buffer equivalent to at least two months of your expected monthly amortization. Sometimes, unexpected things would just pop out like your broker would usually not tell you that there are processing fees involved when your in-house loan is about to be approved.
How much is the prize? As condo units rise higher or near completion, the prices also go higher. This might sound ridiculous for first-time buyers but buying a condo unit on the pre-selling stage might be a good consideration if you consider prize as a deciding factor. You can sometimes get a discount of 10 to 15% depending on how much the developer would give. Also, you might want to buy a condo that fits your budget but buys as big as you can. Condos are warmer on the inside compared to houses so ventilation through more space should always be favored. Compare prices, some condos doesn’t come fully furnished but are sold cheaper, and you can buy bigger condos when you buy the “bare” ones.
Consider researching about the reputation of the condo developer or the unit owner who is selling to you. I currently live in a condo that I bought from a developer that had 15 years of developing condominiums. I’ve seen their other projects as well, and I’ve talked to people living there for quite some time, and they were happy.
Finally, you wouldn’t want to buy a property that would easily lose value because of poor maintenance. You also wouldn’t want to swim in a dirty pool. Remember that you are buying air space and there are a lot of common areas or places that are shared by everyone. You want to buy a condominium that is highly maintained but with high maintenance comes a price. This is where association dues come in which is charged per square meter of your unit. Regardless, you should always look for a property that aims to build a good community around it.
For more info check on Pemberton time and space.