5 Things to Consider Before Buying a Condo

For a long time, you’ve dreamed of having your very own home—a place where you can pursue your passions and interests as well as a safe haven where you can relax at the end of a tiring day. You’ve decided that a condo is the perfect place, given your needs and budget. But before you start looking at interior design pegs on Pinterest and canvassing for furniture, make sure you get all the nitty-gritty details out of the way. Before you even purchase your home, lay a strong foundation by doing your research and covering all your bases. That way, when the time comes to move in, your experience will be fun and hassle-free.

Investing in a condo is a big step. Since there are so many factors to take into consideration, proper planning is essential to ensure that you are making the right choice. As you consider different options, here are a few things you need to look for.

1. Location.  Is the condo near your place of work? Is it easily accessible via public transportation? Is it close to good schools, shopping malls, and hospitals? Is it safe? These are just some questions you need to ask yourself before investing in a new place.

2. Unit size and layout. Consider who will be living in the condo, not just today but also in the future. You may be thinking about getting a studio or one-bedroom unit right now, but if you’re getting married in a few years, then perhaps a two-bedroom unit may be better. Or maybe you only have one kid now, but if you’re planning to have more children, then you should definitely invest in a bigger space.

3. Price.  How much is the condo? Is it within your budget? Can you afford the monthly payments? Look into financing options, such as housing loans, and talk to your agent about payment schemes that are right for you. It’s wise to choose a place that is within your price range, but also think about how your purchasing power may change in the future. If you’re expecting to be promoted soon or if you plan to get married and your fiancé is willing to help with the expenses, then consider those factors as well.

4. Amenities. Think about your hobbies and interests. Are you an exercise buff who needs to have a gym just a few floors down? Do your kids love swimming on weekends? Are you a nature lover who likes to take morning walks in the garden? Then make sure the condo you choose is equipped with these amenities.

5. Experience and reputation of the developer. Look at the other properties this developer has built. Are they known for the excellent quality of their work? Can you trust that they will finish building the condo and turn over your unit on the date that they promised? Think of the developer as your partner in building your dream home. You want your partner to have years of experience and a good reputation because you’ll be depending on them to create a great place for you and your family to live. Check on the reputation and track record of your sales agent or real estate broker as well. Keep in mind that your agent is your personal guide in each and every step. If you’re not satisfied with your agent’s service, you can request for a new assignment from your developer of choice, and they will be more than happy to assist you. After all, it is a significant investment so you need to feel at ease with the whole process.

To know more, download ‘Your Complete Guide to Buying a Condo’ here.

 

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