Have you considered the idea of purchase a condo? It's likely that there were several factors that affected your decision to buy a condominium. This could be the look of the building (aesthetics) as well as the 24-hour security, and the prestige that it brings. But before you make your final decision I'd like to offer you some suggestions. These tips are based on my experiences as a property owner.
Five Things to Beware of When Buying a Condo
Location - This may not be new to you. When you are investing in real estate, or in the process of establishing a business, the first factor to think about is location, location! It's impossible to move a condo from one place to the next therefore you should consider this. What is the space around the condo look like in the next three to five years? Are the condo's amenities easily accessible? Are you able to walk to work or is there a nearby store that allow you to easily purchase food? These are particularly important in the event that you plan to offer your home on the market for rental, but it is equally important even in the case that you just want it to be your primary home.
blossoms by the park - Apart from the cash-out typically required to purchase a house, you might want to think about having a cushion of at least 2 months of your planned monthly amortization. Unexpected events could occur. Your broker might not inform you that processing fees are applicable to your in-house loan approval.
Prize - What is the value of the prize? The prices rise when condos increase in price or are close to completion. Although this may sound absurd for those who are first-time buyers, purchasing condo units at the pre-selling stage could be an alternative if you are looking for a prize consideration. There are occasions when discounts as high as 15% could be obtained depending on the price the developer offers. You might also want to locate a home that suits your needs but isn't too big. There are condos that are more comfortable than homes inside, so it is best to have ventilation. Compare prices, some condos aren't fully furnished, but are sold cheaper and you can buy bigger condos when you buy those that are "bare" ones.
Reputation - You must research the reputation of the condo owner or developer you are considering buying from. I live in a condominium one, which I purchased from a developer who had been building condos for fifteen years. I've visited their other projects and talked to people who have lived in the area for a time. I'm confident my cash is secure. If you do get your money, it could take sometime as legal matters must be resolved before you can get the money back. Research thoroughly and ask for references from past customers. Also, visit their website.
Maintenance - Last but not least, you wouldn't wish to buy a home that will quickly lose its value because of lack of maintenance. A dirty pool is not something you prefer to take care of. Keep in mind that you're buying air space and there are plenty of common areas or places that are shared by all. You want to buy a condo that is meticulously maintained but with high maintenance comes price. Association dues are charged per square meter for each unit. But, it is essential to choose a home which will aid in the creation of the community.