Monday, November 24, 2014
In the recent decade, condominiums have cropped up as a coveted form of urban living. Built in or close to many city centers, they provide ease of access to many modern necessities, be it for work, play, lifestyle, or learning. As such, condos hold promise for a a well-rounded, metropolitan lifestyle. They come with a host of amenities, to boot. And they’ve proven to be favored investments.
But with their popularity comes a plethora of selections. With so many choices on the market, how do you narrow down the field? How do you choose a condo to live in or invest in? Consider the following factors below.
Location. As with any real estate purchase, location is key. Pick a location where property values are bound to appreciate over time. Such locations are often found in or nearby popular business and commercial districts.
Accessibility. Consider this condo’s accessibility to and from one’s everyday needs, such as schools, offices, hospitals, places of worship, retail centers, and other vital establishments. Take note not only of distance, but the availability and safety of roads and modes of transportation in the area. A condominium building that’s easy to get to will be favored among its competition.
Developer. Go with a known and reliable developer. A trusted developer may have higher costs per unit, but they come with lesser risk of an unfinished building. If you’re buying at the pre-development stage, it’s doubly important that you go with a company that’s known to get the job done.
Amenities. Most condominiums come with a staple set of amenities. Common amenities include a pool, a gym or fitness room, a playground, and a function room or two. The number and quality of the amenities affect the unit price. Consider which amenities are important to your lifestyle – fitness buffs would definitely appreciate the gym, while families may want more open spaces for their children to play in.
Rules & Regulations. Condominiums maintain certain rules and regulations. Some may allow pets within the premises; others have a strict rule against all live animals. Condos may also impose curfews.
Cost. Needless to say, price, ultimately, will determine whether you should go for that new home or investment. Choose a condominium building and a unit type that’s well within your budget. Inquire after accepted payment schemes; look up any existing home deals and promos between the developer and a bank. Banks and mortgage agencies will often strike up a partnership with a known developer to capture its market segment of aspiring homebuyers and investors. Take advantage of the offer.
Additional costs. Condos often come with monthly association dues paid toward the maintenance of shared areas and amenities. Parking is also an added expense. Don’t forget to ask about these costs when you’re shopping around for a unit.