With a boom in condo ownership, buyers are expected to become savvier about what makes a condo unit stand out. Whether you are a first time buyer or a seasoned investor, you’ll find home buying exciting and equally overwhelming at the same time. You will be entering a vast world of terminology, conditions and process you likely have little or no experience with. In this article, we discuss 5 tips you need to consider before taking the leap to help you navigate the process smoothly.
1. Builder Reputation
Before you put your money down to anything, it is imperative that you research diligently more so when buying a condo. Do you know the ins and outs of your developer? What past buildings have they developed? Do they have a good reputation in the real estate industry? By doing so, you’ll avoid landing into a project that will take ages to complete or one that will be cancelled altogether.
2. Design and Layouts
Don’t be distracted by the noise populated by marketers and the media as not to look carefully at the design and layouts of the condo you intend to buy. Mere paying a passing glance to the designs and layouts without giving it a second thought is deleterious. Based on your intended use, the building plans of the condo you intend to purchase should be in congruence with your needs. In other words, your condo should be functional! Keep in mind that the ultimate glamour, hospitability and comfort of your condo will be determined by its design and layout.
3. Prospective Fees
The ultimate condo would be lacking without basic social amenities such as the gym, yoga studios, dog runs etc. While these amenities are an extension of the condo’s living space, they also provide a sneak peek of the bills you’ll be expected to pay in condo fees. Knowing the actual figure associated with your investment will help you figure out the monthly/annual rent charges and your ultimate returns.
4. Lifestyle and Convenience
Condos are synonymous with convenience. From the glamour of downtown to varied transit options to something as simple as a grocery store, social amenities define your condo experience. Understand the demographics that your soon- to- be neighborhood attracts. Check whether the area offers you the convenience that you’d be looking for in a condo.
5. The Details
The success of any worthy condo investment is often in the details. From the anticipated floor finishes to color themes and everything in between, seek to find out what to expect once the unit is completed. You should settle for a unit whose prospective finishes blends seamlessly with your expectations.
Wrap up
There you have it. The best way to debunk your fears is by sorting the truth from myths. The tips discussed above will help you to overcome your fears and go for a condo that suits your needs.
