Condo-Buying Tips From The Experts

Essential Factors To Consider When Buying A Condo

Below are the significant factors to consider before buying a condo.

1. Increasing Value Over Time

As the saying goes, you get what you pay for. As buyers, don’t be quickly convinced with the low sticker price and think that you are getting a good deal. Look at the overall value of the property instead of the low estimate. These include whether the property will increase over time or is the building strong enough for earthquakes. Consider every aspect of the unit before rushing to buy.

2. Unit Density

Unit density is the total number of units per floor per building planned by the developer.  When shown around the condo, you might see the posh-looking architecture or grandiose-looking amenities with just one or two buildings in the complex, making the space appear spacious and beautiful. But once the developers finish all the buildings under construction, it will lose its beauty. More units mean more people, and more people result in full amenities such as pools, gyms, and elevators, thus affecting the living experience.

3. Association Dues And Fees

Condos have association fees to pay for facilities and upkeep. Before buying a condo, you should understand how much the monthly dues are worth and what they entail—request a breakdown of the association fees. Find out how much maintenance, security, taxes, and licenses and employees of the condo. Note that the size of your condo unit calculates the associated cost. The bigger your group, the higher the association fees. Also, there is a 3 to 4 percent fine if you don’t pay your fees, so it is best to pay your dues to avoid being barred from shared amenities.

4. Restriction And Policies

Ask relevant questions about the way of living and lifestyle of the condominium you are buying. For instance, you should find out about the condo’s policies regarding late-night house parties and the availability of entertainment facilities. Some developers don’t allow changing any interior design of the house, including the electrical load. Also, remember to check on the limitations of service providers, such as the internet and telephone providers.