So you have considered to buy a condominium? I can understand that, but there may be many factors that led you to make the decision. It could be the design of the unit (aesthetics) as well as the 24-hour security, or the prestige it can bring. Before you make your final decision I'd like to offer some suggestions. These tips are based on my personal experience as a condominium owner.
5 Things To Take into consideration when buying the Condo
Location - This may not be something you've heard of before. When investing in real estate or even when putting up your business, the primary thing that you should consider is location, location location! It's impossible to relocate a condo from one place to the next so you might want to take this into consideration. What is the condition of the area around the condominium look within 3 to 5 years' time? Is it easily accessible? Are there any nearby shops or places where you can buy food? These are crucial in the case of a condo that is to be rented out, however, they are equally important if this is your primary home.
Budget - Apart from the cash out usually needed to purchase a home, you may want to consider having a reserve of at least 2 months of your planned monthly amortization. Sometimes, unexpected events will just pop out like your broker will typically not tell you that there are processing costs involved when your in-house loan is scheduled to be approved.
Prize - What's the value of the prize? Prices rise as condo units become more expensive or are close to the point of completion. It may seem absurd to first-time buyers, but buying blossoms by the park on the pre-selling stage might be an option if you consider prize as a deciding factor. It is possible to receive a discount of 10 to 15% based on how much the developer would give. Also, you might consider buying a condominium that is within your budget, but purchase as large as you can. Condos are generally warmer than houses inside so it is better to have ventilation. Take a look at the prices, some condominiums don't have all the amenities however they are priced lower and you can buy bigger condos when you buy the "bare" ones.
blossoms by the park condo - Consider researching about the credibility of the condo developer or unit owner who is selling it to you. I live in an condo that I bought from a developer with 15 years of building condominiums. I've visited their other projects and have spoken to people who resided there for a while. I'm sure my cash is safe. Even if you receive your money, it could take a while as legal issues need to be settled before you get the money back. Research thoroughly and request references from past clients. Also, make sure to check their website.
Maintenance - Finally it isn't a good idea to buy a property which could easily decrease in value because of lack of maintenance. A dirty swimming pool is not something you would like to make. Be aware that you are purchasing air space, and there are many common areas or places that are shared by all. You want to buy a condo that is meticulously maintained, but with that comes a cost. This is where the cost of association dues are usually charged per square meter of your unit. It is crucial to locate a property that will help build an community.