Location is a primary element that affects the value of any property and this goes for condo units too. Usually condo units in the metropolitan area have greater value compared to others that are located far from the city. It will not be surprising that after a year upon purchase, the price can appreciate significantly. It is normal to see a 40 % increase within a period of one year.
In addition, if you place a greater value on convenience and comfort, then a condo location accessible to work, restaurants and other places you frequently go to is ideal for you.
2. Condo rules and regulations
Living in a condo means you have to abide by the rules and regulations set to all residents. There are condominiums who do not allow pets around the complex. So, if you have a puppy, you better see to it that it will not get you in trouble. There are condos which do not allow repainting or any minor changes within the unit. These are just few of the limitations you might encounter when buying a condo. It is therefore essential to understand the rules and regulations of the complex before closing any deal.
3. Developer’s reputation
It is wise to research about previous accomplishments of the developer of the condo unit you are eyeing on. This is true if the units are not yet completed and are still on the pre-selling phase. This will give you the certainty that the complex is going to be completed. Likewise, knowing the reputation of the developer will help you evaluate if the unit is worth buying or not. Developers who have established their names produce high quality properties. You will not have to fear that the building will collapse in just one tremor!
4. Parking Space
Do you know that parking space is for sale too? It can even cost you thousands. If you have the money then it will not be a problem. However, if you think the cost will be too much then there is always a parking space for rent on a monthly basis. It will be wise to ask around to know the going rate.
5. Association dues
When you live in a condo, most often, you will be required to pay association dues. This fee will cover expenses relating to utilities used in common areas like electricity in common facilities, salary of security guards, water for watering the plants within the complex and many more.