Buying a condo is a lifetime investment. You finally get the house you have dreamed about for so long. There is a high chance that you may need a big loan to make the payment or have invested your life savings into it. When there is so much at stake in just one purchase, you want nothing to go wrong. In this article, Handy tells you about the things that you need to consider before buying a condo.
- Check whether a condo suits you – Before you buy a place in a condo, weigh the pros and cons of staying in a condo. A condo is a high-rise building with public amenities in it and is quite different from a house. If you love mowing your front lawn, tending to your kitchen garden, and most importantly, your privacy, a condo is not meant for you. Buy a condo only when you don’t mind sharing the wall of your house with your neighbor, kids playing and creating noise in the evening is a welcome sight to you, and you love mingling with people of different cultures and beliefs.
- Deal with an experienced real estate agent – Buying a condo requires you to enter into a detailed contract with the seller. Not only do you have to agree to their terms and conditions, but you also have to agree to abide by the rules and regulations of the association looking after its maintenance. Therefore, it is a good idea to hire an agent who has a record in selling units in a condo. An experienced agent will guide you through the process and ensure that the important documents are not overlooked.
- Do not get misled by fancy advertisements – Every real estate developer puts a lot of time and brain behind making the marketing brochure of its condo in order to attract more buyers. Do not believe every promise to be true. It is best to check and verify each of the services offered before making a decision. For example, a brochure may mention that the condo is just five minutes’ walk from the next station. A young man may take five minutes walking uphill to the station, but you may not.
- Walk for yourself and verify it. Similarly, never get attracted to any condo by seeing its model house. A show-house has a lot of lighting and mirrors in order to make it appear bigger and spacious. In some cases, the internal walls are removed to make it look bigger.
- Check the financial status – The most important thing to check before buying a condo is whether the plan is government-approved so that there is no hassle when getting a loan. It is also recommended to check the lease and future plans. Before signing the dotted line, enquire about the association’s maintenance fees and the services included in it. It is also advisable to check whether the construction has been approved by the required research and maintenance company of the area.
Handy believes that conducting a little more research and spending more time before buying a condo can save you a lot of trouble in the future. Otherwise, you may regret the decision and blame yourself a few months later.