Five Factors to consider before buying Condo Apartments

Today, people are preferring condos over private homes because they are a lot cheaper to buy and it is a lot easy to maintain them.

Reputation of the condo builder

Spend a little time on inquiring about the repute of the builder. Find out whether he has other properties or not or what do the owners of other properties think about him? General market opinion carries a lot of importance and you may find it out by only making simple telephone calls or paying small visits around the area.

The condition of the condo unit

You are doing an investment so you better find out about the resale value of the property as well. This existing resale value depends upon the condition of the residence. If you find a property that is very cheap then it does not mean that it is the right solution or you might think of buying. It might not be a good investment because if the building is in a poor structural condition and needs a lot of repair then the unit will not have any resale value whether it is in a supreme condition. Always ensure to make a thorough inspection before making any decision.

Inquire about the ratio of rented or owned condos

The market value of the condo apartment will be more if there the number of apartments owned are more then the number of apartments rented.

Market value of the Complex

Always try to inquire about the buying and selling price of condos of the building in the past. Compare the prices of other condominiums in the nearby buildings. You might also inquire about the time a condo unit takes to be sold. If the process takes a lot of times then give it a second thought before buying the unit.

Maintenance charges

Always find out about the inclusions and exclusions of maintenance fee that are required to be paid by the builder.






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