Frequently, it is always the young professionals, working individuals and students that are seen securing a condo unit in the city, but as time goes on, we are now also seeing small and large families acquiring condo units as well. Definitely an impressive and progressive popularity over the years.
Condo living has numerous benefits to offer to its future condo owners, particularly for those who are living a fast-paced lifestyle, condo living is definitely perfect for individuals living a busy life in the city.
One of these benefits is that the location gives owners an easy access to prestigious establishments such as schools, hospitals, business, and shopping malls.
In addition to the aforementioned benefits, condo owners can usually take the benefit of the shared amenities particularly swimming pools, especially if you are a family living in a condo with kids, the car park and also the gym.
As a condo owner, you won’t need to worry about the building maintenance because the condo association is the one responsible for the maintenance of the condominium building.
Condominiums these days are evolving and for some, the development and improvement is not that visible. The impact is not just much recognizable since it is the younger generations that are usually enticed to live in the comfort space of a condo.
The recent upgrade is that condominiums these days are becoming kid-friendly in terms of security and recreational amenities, which probably is the top in the list of the most important factors-the security.
Whether you are a working individual, a student, or a family, that are first time buyers in general looking to purchase a condo unit, this article is for you.
This is your beginner’s guide to finding the right condo unit for you.
How to choose a condo unit?
Condominiums, like any other real estate property, are a terrific investment since their values increases with time. However, selecting the proper condominium for you can be an overwhelming task that one should take seriously.
That is why it is really going to be vital that potential buyers take some precautionary measure to ensure that the purchase will provide satisfaction and be rewarded with what the buyer wants from the amount they are about to spend.
When it comes to purchasing this type of real estate property, there are numerous factors that is needed to take in consideration, which differ from those considered when buying a house.
Buying a condo unit will surely cost potential buyers a significant amount of money, a great deal of their hard-earned money, so be sure to take some considerations and take note of important factors before buying a condo unit.
Gazing for areas where urbanization projects and future developments are planned is a wise strategy for future buyers out there. When it comes to choosing the right condo unit, keep in mind that finance do really matters, so opt for the option that is in line with your purchasing goals and most especially, your budget.
Budget
The first thing potential buyers need to consider before buying a condo unit or any other property, is the options for pricing, budgeting and payment to see which unit is affordable to buy while meeting the qualities that they set for in condominium units.
To have an idea on the condominium price ranges and all other fees future owners needed to pay, and also to prepare the budget, what future buyers have to do is to conduct a thorough research with regards to condominium fees.
Condominium Fees
Aside from the condominiums unit’s purchase price, other expenses that owners will need to pay include move-in fees, bank fees, legal fees, property taxes, monthly rent, utility fees, association dues, closing costs, insurance, mortgage, realty tax, parking fee, unit maintenance and repair cost, and the lists goes on. Check to see if the overall cost fits and meets the budget.
Location
Next, in choosing the right condo, the location and distance of condos to access the essential establishments, business, the workplace, transportation hubs, relatives, and any other accessibility concerns should be looked at.
Aside from considering the distance of the condominiums from essential establishments, buyers may check and look into neighborhoods with lower crime rates for security and personal protection. Better to do some in-depth research and background checks on the chosen neighborhood and the location in general.
Select a unit with a preferred direction and access to sunlight
Ask yourself if you prefer to have sunshine in the morning or no sunrays at all. Take a look at where Mr. Sun rises. There are some people who loves sunlight in the morning, while there are others who prefer more shadow with little sunlight, or no sunshine at all.
If you prefer having the sunshine every morning, it is recommended that you purchase a condo unit in the higher floors and cross out those condo units from lower levels from your list of options if you prefer the sunlight in the morning.
To fully maximize the access of sunlight into your unit, choose a unit with an appropriate window orientation and view. What you need to do is check the units direction to see how much sunshine can pass through it.
Choose the floor with the best view
Take into account the advantages and disadvantages of each floor level of a condo building.
Lower floor levels, particularly the ground floor are more accessible and closer to amenities especially if you have kids where your children will greatly enjoy the swimming pool or the park, if you are a family living in a condo.
However, if you prefer to have a greater outlook with a lower level of noise and a much lower risk of pest infections, you may pick a unit or units in the higher floor, if ever you want to own multiple unit property.
Lower floors provide views of community activities and pedestrians, directly outside the window.
High floors can make you savor your eyes with the overlooking view from high floors. Top floors can provide a panoramic perspective of the building and the surrounding area, including the city skylines and parks, while the middle floors often can provide you a decent balance of the views.
Top floor is surely inviting! As of this moment, you may want to take a peek again on your budget to see if you can afford a unit with an overlooking view, then consider buying a unit situated at the higher floors.
Look for a realtor who knows the condo landscape
If you’re determined that buying a condo is the right move for you, and you have been so eager to set foot and start your condo living, you will need to look for a real estate agent who knows all the details of the process – ideally, someone who is skilled when it comes to condos.
An expert real estate agent will be able to address any concerns clients may have and walk them through important stages in house financing, such as studying the condo associations documents.
Client’s realtor should also be familiar with the condo developments in your neighborhood and be able to tell if there is any potential challenges, such as infrastructure or structure flaws or financial difficulties.
Remember that a competent realtor or real estate agent will be able to inform you as to whether there has been any conflicts in condo development in the community you have chosen that you are about to live in, in the coming days. Client’s competent real estate agent will also know which developments have performed well in terms of resale values.
So a great tip would be to look for an experienced, skilled and competent realtor that could help and guide you evaluate and narrow down your list of options to make a better and wiser decision.
Check the community rules
It is also a good idea to ask about the residential’s regulations of properties in the neighborhood. Ask about if there is any or existing restrictions or rules, for using the communal amenities.
Understanding these characteristics beforehand will help you determine whether the community you are considering to live in is the best and suitable fit for you.
Finally, review association fees
On the final steps of evaluation and consideration, clients will have to pay an HOA (Home Owner’s Associations) dues or the condo association fees in addition to the mortgage payments to maintain the building and its amenities. Find out exactly what is covered by those costs by going over those fees.
Next, asks about how frequently, and by how much the cost are raised each year, to provide you an idea of how much you should have to pay once you move in to your property.
After reviewing and checking all the available condos, and you have decided what unit meets the standards and qualities that you are looking for, prepare for you most awaited move in.
To provide you an idea on what you need to do before you move in to your property, you may check Asterra’s previously published article discussing tips in moving in to your new affordable condominium.
