Condominiums are becoming more popular than private homes with prospective home owners across the nation. This is because they're generally less expensive to buy and maintain than private houses. When you are signing the lease on the condominium you've seen, there are some things you should remember.
Reputation of the Developer:
This is vital and you should conduct your own research to find out the credibility of the developer. Does the person or company also developed other properties well in and around the region? What are the views of the owners of these properties about the developer? Also, what is the general opinion of the market regarding the developer? It shouldn't be too difficult to ascertain; usually, a few phone calls or visits to brokers within and around the region will provide you with a decent idea.
The condition of the condo:
The livability as well as the resale value (if you plan to buy the condo essentially as an investment) of the property would depend largely on the state of the condo itself. A home that is cheap may not be a good deal or a good investment. This is especially the case when the condition of the condominium is in poor condition. This is especially true when the entire building is badly damaged and in need of being repaired. The value you perceive for your condo will come down significantly regardless of whether the condition of the building from the inside is exceptional. Before signing a purchase contract, you should inspect the entire building and the condo.
Percentage Of Rented And Owned Condos
This factor is immensely important because it has an impact on the value of your condo; usually more owned condos in the complex more market value. So, assuming that out of the 40 condos in a complex, if 30 are owned and 9 are rented, the condominium you purchase will always have a higher market value than the same in another complex, with the reverse, i.e. 30 rented, 9 owned even if the other aspects remain the same.
Past Performance Of The Condominium Complex:
Another aspect to look into is whether condominiums have ever been purchased or sold in the past. Additionally, how do these prices compare to those of similar structures in the area? This can help you determine if it is feasible to buy the condominium complex you're interested in.
In tembusu grand would be interesting to find out how long each condo will take to sell in an average complex. If the general opinion is that condos require long to sell, you may again want to have a rethink on the purchase.
Maintenance fees:
Most likely, you are already aware of the maintenance fees for condo residents. Many condo owners and dwellers commit the mistake of not making sure that they know what the maintenance charges are. Don't do it!
These factors will give you a clear idea of the aspects to be aware of when considering the purchase of an apartment. Together they help us remember that the decision to buy a house should not just be driven by emotion and more importantly, practicality. A lot of people are lost in irrelevant and unimportant aspects, which could result in costly mistakes at the end.