What To Look Into Before You Buy A Condo

Buying a condo in the current property market should be a well-thought process, to avoid disappointment and to get good value for your money.

Think Business

Most companies selling condos are established businesses whose aim is to maximize the profit margin. To get a better deal, you need to negotiate like a proprietor and think of the gains that will come with the property you are about to procure vis-a-vis your budget and requirements. Ask how the place is managed and its financial stability and please don’t be emotional about this.

Preferred location

This should be the first thing to consider. Look for a place that is convenient to your work place and the places you frequently visit. A good condo is all about lifestyle and convenience.

Your lifestyle

Ask to know the occupants of the buildings before buying. If you are a 20-year-old starting your profession and looking for a party atmosphere, you may not find it easy to be in the same building with 50-year-olds who have left their big homes to downsize to condos.

Reputation of the building

Before you commit your money, it I s good to know the desirability of the building that is holding the condo. You can get more information from the agent. You should intelligently assess the desirability of a building or place by asking the time it takes for a condo for sale in the building compared to others in the area. If the price is below that in the market, ensure you get valid reasons for that.

The reputation of the developer and property managers

Informed realtors will give you the information you need regarding the reputation of the developer and property managers of the building. A good reputation is better than silver and gold.

Concrete vs. Wood construction

Concrete is a quitter, structurally stronger, easier to heat, fire resistant, and low insurance rate. You can take a friend with you to help you determine these important aspects of a condo.

Age of the building

Ask other buyers or renters how long they have been in the building and you will be able to tell the age of the building.