After some thoughts, you have decided you will buy a condominium as an investment or for your living. The finance may have been through a mortgage, regular loan or saving. Most people fail in this process by doing hasty decision without either digging deep through research or questions. This being a big and expensive project, you probably have many questions you seek answers to before signing a deal with the developer or the selling real estate agent. Therefore, this article will highlight popular questions one can ask and the answers to expect.
Questions to ask before buying a condo
Is the land a lease hold or free hold?
Matters land become complicated every day due to often change of ownership. The condo will have many owners when each buys a unit or two. Things will be easy when the land is a freehold to the developer since buyers will now become part of its shareholding.
However, a leasehold land may complicate matters since the developer does not own. Some entice buyers in the promise that the developer will buy it eventually and change shareholding rights. This in some cases may fail where the owner claims the land after the lease expires. An understanding of this fact before buying will help you make a right decision.
What amenities do you offer?
Every person has what they would like to enjoy in a condo. Thus they need to ask and have it clear all from the beginning. Some condos may miss offering an amenity like a swimming pool or gym house which you love only to have you regret after making a purchase. If it’s for investment, buyers probably will be looking for value addition amenities to give them an upper hand when selling or leasing out. You too need to ask this clearly and get clear answers.
What is the price?
This ought to be the first question so that one can relate all other value with price. Most developers or condo sellers will try and justify their price tag with factors like market value, location, cost incurred and amenities provided. As a buyer, it is prudent to make similar arguments or consult a professional real estate valuator to assist. An experienced investor may not need much consultation and negotiations can proceed.
Buying a condo successfully and at fair prices is one of the best things. This mega project may take a few days depending on the processes involved, but if not careful, a great budget whole can be the results.
If you are looking for reliable and state of the art condos to buy, you can consider, Yonge Parc condos.