Are you buying your first condominium unit? Unlike groceries at the supermarket, you do not buy any property on impulse. Not only should you first consider the cost of the unit, but you must also factor in a number of details before signing a contrast. Here are some tips when scouting around foe your new home.
Always bear in mind that good location is a key factor in choosing a condo unit. Although you may be residing in a condominium, but if flood-waters will keep you trapped inside for a few days, then it would be unwise to invest your money.
Some homeowners prefer a popular neighborhood for their home because this guarantees that the unit will keep and even raise its value. However, some buyers also consider buying condos in new or developing locations. These new locations could turn out to be an in-demand place in a few years time. Consider issues such as security and the reputation of the neighborhood since these could greatly enhance the value of your property.
Consider the basic amenities offered within the building. Does it have 24-hour doorman, adequate security to cover the whole building, a lobby, a swimming pool, gym, playroom or even enough elevators? Are there private businesses within or near the building, such as a grocery, laundry or water refilling station? These could greatly affect your convenience.
Avoid typicalnees. Choose a building that has some unique feature about it, since this can add value to your property. It could be a special amenity like a garden or outdoor space, or even a celebrity resident.
Consider the issue of exclusivity. The less number of homeowners in a condominium, particularly in a medium-rise one, means there is less traffic when it comes to using an elevator and the lobby is not as crowded as in other buildings. It is also peaceful and quieter at any time of the day.
Choose a reputable developer. Can your developer deliver on time? A developer's reputation will tell you whether you will get a quality product or not. Your developer should also be able to answer questions regarding issues that may arise regarding your unit after it has been turned over to you.
Compared to a high-rise condominium, some buyers prefer a mid-rise condominium because the developer can deliver the units in a shorter time. In many high-rises, turnover takes at least five years. If you are renting in the meantime, a fast turnover means savings on rental expenses. On the other hand, if you are investing on a condominium unit, a fast turnover means an immediate returns from your investment.
Always bear in mind that good location is a key factor in choosing a condo unit. Although you may be residing in a condominium, but if flood-waters will keep you trapped inside for a few days, then it would be unwise to invest your money.
Some homeowners prefer a popular neighborhood for their home because this guarantees that the unit will keep and even raise its value. However, some buyers also consider buying condos in new or developing locations. These new locations could turn out to be an in-demand place in a few years time. Consider issues such as security and the reputation of the neighborhood since these could greatly enhance the value of your property.
Consider the basic amenities offered within the building. Does it have 24-hour doorman, adequate security to cover the whole building, a lobby, a swimming pool, gym, playroom or even enough elevators? Are there private businesses within or near the building, such as a grocery, laundry or water refilling station? These could greatly affect your convenience.
Avoid typicalnees. Choose a building that has some unique feature about it, since this can add value to your property. It could be a special amenity like a garden or outdoor space, or even a celebrity resident.
Consider the issue of exclusivity. The less number of homeowners in a condominium, particularly in a medium-rise one, means there is less traffic when it comes to using an elevator and the lobby is not as crowded as in other buildings. It is also peaceful and quieter at any time of the day.
Choose a reputable developer. Can your developer deliver on time? A developer's reputation will tell you whether you will get a quality product or not. Your developer should also be able to answer questions regarding issues that may arise regarding your unit after it has been turned over to you.
Compared to a high-rise condominium, some buyers prefer a mid-rise condominium because the developer can deliver the units in a shorter time. In many high-rises, turnover takes at least five years. If you are renting in the meantime, a fast turnover means savings on rental expenses. On the other hand, if you are investing on a condominium unit, a fast turnover means an immediate returns from your investment.
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