Are you thinking about buying a condo? Here are 9 things you need to consider before buying one.
1 LOCATION
The location of the condo greatly affects, one, the potential of price appreciation and, two, access to conveniences like the transportation area, malls, restaurants, schools, etc.
2 AMENITIES AND POPULATION DENSITY
It is easy to find out whether an agent you’re considering is licensed, just check through the “Verification of Professional Licenses” page at the official website of the Professional Regulation Commission or PRC.
3 REASONABLE MAINTENANCE AND ASSOCIATION DUES
Be wary of condo developers who may charge you these fees higher than you expect. These developers may just be out to rip your money off, rather than giving you the quality of condo life that you deserve.
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4 INSURANCE
Your condo building is going to have an insurance and while personal insurance isn’t required, it could be a good idea.
5 NOISE
Living in a condo does not necessarily mean you can get away from the noise and bustle of the city.
6 ATTEND YOUR CONDO MEETINGS
Meetings may be long and boring for you but it is the best way to stay up-to-date on any new information about the finances of your building and it could help you prevent headaches later on.
7 RULES AND REGULATION
As a resident, you are bound by rules and regulations applicable to all residents and tenants of the condo building.
8 SECURITY
Also consider the security and traffic management. Does the building have security guards and strict protocols? They must have lobbies, and administration office, too.
9 TRACK RECORD AND 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 will actually be completed.
Always make the right choice! Remember that buying a condo is no joke. Stay alert and believe on the right impressions.