Tips when buying a condominium unit
For most condo buyers, price is definitely a major issue but that is not the only factor you should consider on before buying a condo unit. Aside from the cost of the unit, here is just a simple list of things of factors you should consider before buying a condominium unit.
The location of the condo greatly affects the potential of price appreciation. The location also determines accessibility to needed comforts and conveniences. If you value convenience, get a condo unit that has easy access to restaurants, schools, banks, or hospitals.
Reputation of the Developer
For condos that are still in pre-selling stage, the reputation of the developer matters a lot because it ultimately determines whether the condo building will actually be completed. There have been cases of condo projects in the past that halted construction because the developer ran out of money. In such a case, it would be difficult to get your money back.
In a condo, you share everything with other residents — elevators, swimming pool, playground, garden, etc. That includes the noise as well.
Amenities and Population Density
A condo may be expensive because of the amenities it offers. Normal amenities include swimming pool, gym, children’s playground, function room, and the like. Assess whether the price you are paying equal the value of the amenities to you. Population density refers to the number of people per unit area of space available. In a condo, this translates to the number of residents sharing the amenities. In short, it is more convenient for you to live in a place where there are not so much people because later on you will have to share the amenities with them.
Living in a condo means paying an additional expense every month: the association dues. This represents your contribution to the shared costs incurred by all condo owners, such as electricity in common areas, water used in swimming pools and for watering plants, and wages of security guards, janitors, and maintenance workers.
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