If you’ve recently been interested in getting your hands on a beautiful condominium in the city, there are a couple crucial tips to keep in mind before you begin your search.
If you’re looking to buy, now is the time. Prices have been dropping for the past few quarters as the Urban Redevelopment Authority points out.
Like any real estate decision, getting a condominium is all about the right circumstances. Through these simple tips, you’ll know how to create and look for these circumstances. So let’s get to it!
#1. Hire a Professional
First and foremost, don’t work alone. You can find an amazing condo through a resource like Property Guru, but when it comes to going through the condos on your shortlist you’re best off getting the help of an experienced agent working in your interest.
Real estate agents and realtors are difficult to trust, because ultimately, they want to cash in on their seller’s commission. But when you get together with a property expert on your own payroll, you’re sure to be getting the kind of unbiased information you need to make the right decision.
#2. Search Far and Wide
Unless it’s absolutely necessary, because of commuting reasons or otherwise, don’t get your heart set on a single location. The key to finding the deal you want – especially if you’re buying a condo as a way to make your money work for you – is by being open-minded about what options you’ve got. Search and look all over your area, and the adjacent areas, and whatever else is within reasonable reach.
Go through all types of condo properties, too. Not all condominium developments are high-rise buildings in the business district – a smaller, low-rise building in the residential part of town can also fetch a great price and be attractive to local potential tenants.
#3. Get a Property That Will Sell
If you’re looking to make a wise investment, you’ll want to ensure that the condo you’re getting is an attractive offer. Go over the amenities – does the building come with a gym, or a swimming pool? What’s the quality of maintenance like? What’s the view like? Is it a nice neighborhood? How close is it to the nearest quality private school, shopping mall, and business district?
There are some other considerations to make before you should buy your condo; namely, functional considerations. Hire a professional inspector to inspect the unit’s systems – from cooling to the electrical wiring – and its components, to make sure that all outlets are in proper function, that the smoke detector works, and so on. Then, consider insurance costs and condominium fees. Even if you won’t live in the unit, or rent it out just yet, you’ll have to pay monthly costs for general upkeep, repair and maintenance of the building itself.
#4. Consider the View
Location is extremely important, no matter what you’re buying the condo for. Consider a seasonal rental system, wherein you purchase a property in a tourist-heavy area, and rent the property out during optimal tourist seasons, such as focusing your efforts on finding a tenant for a beach property during summer, as an example.
#5. Understand What Fees You May Be Facing
Whether or not you take on a condo for your family, or just as a means to earn money, there are responsibilities and considerations to make. For one, although you’re not in charge of repairs or maintenance, you are in charge of upkeep for your unit’s HVAC systems, and electrical systems, as well as your windows and walls. You can hire a cleaning service to keep your unit clean in your absence.
If something breaks due to aging, the company in-charge of the building will hire and sort out the contracting work necessary to fix it. Your condominium fees will carry the charge, but the actual repairs are not your responsibility. According to TrustedChoice, this shared responsibility wherein you carry the insurance and repair costs while the building carries out the repairs is a basic part of many master policies in condo insurance. Finally, before you go out to buy a condo with the intention to rent, understand whether or not the available unit is actually rentable. Most condominiums only offer a percentage of their units to investors looking to make money through tenants, due to insurance costs.
#6. Get a Lawyer
Before you buckle down and get to make your purchase, seek the council of a legal professional. Like mentioned, buying a condo isn’t an easy or simple decision. Having a lawyer go with you through the contract and look through the building’s house rules, common and limited common elements, and all of the bylaws will help you get a clear overview of what your rights are as a condominium owner in any scenario.
And that’s it! If you’re sure you’ve found the right condo, and all the legal paperwork and financial information checks out, you’re in the clear to start living the dream.