Do not let the excitement of buying your own condominium distract you from what’s important. Many buyers would plunge into buying a condo without much research. Prior to signing on the dotted lines, here are nine important questions to ask your real estate agent:
1. How much will I pay for my monthly dues and what are they for?
There will be monthly dues once you’ve moved into your new condo. Know how much your monthly dues would be and what they are for. This might include your building maintenance, water, electricity, parking and amenities.
2. Are there or will there be one-time payments?
We hate surprise payments, so make sure to know all one-time payments you may be asked to pay. Examples are the installation cost for water and electricity, move-in fees and other charges. Also included in the purchase costs is the insurance payment for the condo. Be wary and know your insurance costs and coverage.
3. Are there any declared faults?
When buying a resale condo or one with a previous owner, always ask of any declared faults or damage. Do not skip the condo inspection and the condo document review.
4. Who are the condo’s developer and builder?
Know who’s building or has built the condominium. Learn more about their reputation in the industry, their company policies and their previous projects.
5. Can I take my pet with me?
Pets are part of the family. Before buying your next home, make sure that you can take your pets with you. Condominium building residents are subject to a set of rules and regulations and many have restrictions on pets. Know the building’s bylaws and how it will affect you.
6. Do I have available parking space?
Not all condominium units come with a parking slot and if they do, it is often that it comes as an extra, with a separate price tag.
7. When can I move in?
Condos bought pre-construction or under construction will come with an estimated delivery or move-in date. This is not conclusive and is subject to extension depending on the building’s actual completion. For resale units, you can negotiate the move-in date with the seller.
8. Are there any planned projects nearby?
Know and be familiar with your new neighborhood. That includes knowing its development plans and of any future projects nearby that could affect your living conditions, and maybe ruin your current city views.
9. Can I customize my unit?
In some new developments, builders allow owners’ input in designing their units. The owner can work with the builders to customize their unit to a certain degree. This is a great advantage if you want a particularly large bedroom or a home office with a view.
