Questions To Ask Before Buying A Condominium

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?

dfgfgfdgfdgfdgdfgfdgMatters 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?

gfhfghfghfghfghgfhThis 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.

Conclusions

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.

Phyllis Castillo / April 25, 2017 / Condos

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Tips For Purchasing A Condo That Meets Your Needs

Purchasing a condo is like buying any real estate property. Thus, a lot of factors such as security, location, price, mortgage, and several other factors ought to be considered. Via Bloor Condo is suitably located to offer you convenience and access to various amenities. The following are tips to help you choose a condo at the right price.

If you are buying a new condo, then you may not face a lot of challenges as compared to buying a renovated one. If you are buying a renovated condo, you need to check a lot of things. Particularly, the electric and plumbing work should be checked. Moreover, check the condition of doors, windows, shelves, and much more. Ensure you hire professionals to inspect it first.

Surroundings and the community

If you want to htg3e6dy273eu38i322ave an amazing stay at the condo, you need to know more about the community around it. Are they helpful and friendly in nature? For instance, you should avoid purchasing condos that are located in noisy areas. To ensure the area is ideal for you, visit it at different times of a day. If you are living with kids, you should choose those that are located near schools. It can be quite convenient to choose an area, which best fits your lifestyle.

Cost

This is another important aspect you need to consider before you sign the sale of a condo. Remember that price of a condo is mainly dependent on its size, location, and amenities offered such as gym, library, swimming pool, and clubhouse. You need to check all these costs and ensure you get one that fits your budget.

Condo maintenance

This is another reasotg23wed6y273wu2n people like owning a condo instead of a house. In fact, you are not in charge of maintenance. Condo maintenance association is in charge of maintenance and overall care of the condo units. You just pay a monthly maintenance fee. Thus, when buying a condo, you should inquire about the monthly charges of the condo.

Number of people residing

This is another factor a lot of people overlook when buying a condo. It is advisable to buy a condo complex that has over 70% of the residents who are owners. This is because such units are well-organized and structured. Condos that are poorly taken care of do not look good and may result in a low resale value. Ensure you consider all these factors before buying a condominium.

Phyllis Castillo / February 23, 2017 / Condos