Real estate

Six things you need to know before you buy a condo unit

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Written by Ralpha

Investing in a condominium comes with a hefty price tag so it would be better to make the most out of it when it comes to purchasing one. Before you even decide to purchase one, you have to learn some important considerations so that you will not regret anything after you signed the contract of sale.

There are a lot of important considerations when it comes to purchasing a condominium unit, and to get you starting off, here are some of the most important of it courtesy of Singapore’s Ki Residences Clementi.

  1. Find the best location- When you are purchasing a real estate property, it is already given that buying one should always be based on the location. The location is a very crucial factor when it comes to choosing a condo unit. Make sure that the condo unit that you are choosing is very accessible to public transport, amenities such as hospital, bank, shopping center, restaurants, church, supermarkets, schools, police station and fire station in case of emergency.
  2. Find a reliable developer- Make sure that the developer of the condominium building has a reputable portfolio when it comes to developing properties and condominium. The reputation of the developer should always matter with your decision because it ultimately determines if the condominium can actually be completed on time or not knowing that there are many causes that condominium projects are stalled or the construction is halted for many reasons mainly related to finance which could affect the investment that you have poured in.
  3. Check out the parking- Purchasing a condo unit is already expensive, not to mention the miscellaneous that you have to pay including the parking slot which costs people thousands of dollars for its annual fee. If you really need to have one, then you have to secure one especially if you are planning to appraise your unit and sell it in the future.condominium projects
  4. Make sure the unit is free from noise pollution– In a condo unit, you have neighboring tenants beside you, there are amenities that creates noise above or below you. Make sure that you choose a condo unit that is located in the higher levels of the building because there is lesser noise there and most probably, your neighbors there are also residing there for the same reason.
  5. Check the amenities and the population density of the entire condo community– A condo unit can be very expensive because of the amenities that come with it. Normal amenities always include a pool, a gym, a clubhouse for functions, and a children’s playground. Make sure you have a proper assessment with the price which corresponds to the entire value of the amenities that are offered to you.
  6. Determine the Monthly dues– Residing in a condo does not settle its payment right after your purchase it. In fact, you have monthly dues to pay for the owner’s association which represents your contribution to the shared costs that are incurred by all of the condominium owners like your electricity in the common areas of the entire building, the water used in the swimming pools, the staff wages and building maintenance.