Buying Condos: What To Consider First
Published on Tuesday, 12 June 2012
The housing market is not in it best situation and many people who want to become homeowners look to condominiums as a second choice. First time home buyers also consider condos more often, and even when the housing market is in a good place. There is no doubt that buying a unit in a condominium can be a great investment. The owner of a condo can enjoy the benefits of property appreciation, but the demands are less than those of a full scale property. A condo can also be sub-leased later if the owner decides to move, which is a nice advantage. Nonetheless, investing in a condo is a property investment undertaking like any other, so it requires many considerations in advance. Before signing the purchase, pay attention to these things.
The Exterior of the condominium
If you already have experience with flat hunting, you should know the basics of the condos market. One of the key factors in making your decision is the exterior of the building. The exterior can tell you a lot about the place inside, its owners and how good the management company is. The good thing about condominiums is that you can very rarely find really shady buildings that make you scared to even go in. Condominiums are different from flat complexes, but you should still keep your eyes wide open about any issues with the exterior or anything that might become a problem later. A beautiful condominium can be ruined by its surrounding as well - railway tracks, construction sites and so on. If the property is managed well by the company this is a good indication for less problems. After all, people buy condos because they require less work, so the better the condo looks when you first view it, the easier it will be for you.
The Interior of the property
Before you make your decision whether to buy or not it's essential to pay good attention to the exterior of the condominium as well. Don't be worried that it may seem to the owner or real estate agent as if you are inspecting the place, looking for flaws. You are supposed to be inspecting the place and there's nothing wrong with that. Check the hallways and see how well the facilities are maintained. Look at the elevator and how secure it is - any worrying sound or bumpy moving are indicators for a problem. A few things every future homeowner checks are the walls, the smell in the air and the general vibe inside the building. If the place has been left to decay for years, you will probably sense that. A good investment is a condo which has had a constant maintenance attention in the past few years. This is the place that is worth your attention and money.
Talk To People
You should never buy before you speak to other residents in the condominium. Being shy or reserved won't help you in this situation -go to a common area like the pool and talk to a few friendly faces. You can ask general questions which interest you, without looking nosey. Most people don't mind pointing out the good as well as the bad things about the place. You can also tell how they feel about the place: do they sound happy, relaxed or enthusiastic? These are all indications for a content homeowner. After all, if you are going to buy a condo, you want to make sure you will be happy with the place for years to come.
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