Is it YOU who have difficulty finding a perfect home for yourself and your family? Is it YOU who want to find an ideal place to live that is near prime locations such as supermarkets, restaurants, hospitals, government offices, schools and many more? Is it YOU who want to live your life to the fullest and enjoy modern facilities such as gym, swimming pool, sports facilities, outdoor garden and many more at your fingertips? If your answers are YES, then Condominiums would be a great option for you.
What Is A Condominium?
A Condominium, often referred to as “condo” for short, is a privately owned individual unit within a building of other units. Condo residents mutually shared common areas like swimming pools, parking space, elevators, outside hallways, and gymnasiums, just to name a few. Some condo projects also consist of outdoor garden, study room, library, childcare center, sports facilities, BBQ pit, function room, auditorium or conference hall as well as laundry room.
Consider These Helpful Factors Before Buying Your First Condo
1. Pre Construction Condo OR Brand New Condo
One of the surest and smartest ways to grow your wealth is to invest in pre-construction condo. As the value of the condo will continue to appreciate from the first day you purchase the unit, when you decide to sell in the future, you will definitely benefit from it. This could be your long-term investment strategy to generate passive income and the good thing is that you are in complete control of your own investment. Depending on the situation, the real estate market will go up and down. For example, the ongoing Covid-19 crisis has significantly affected many markets including the property market over the course of 2020 and we do not know for sure whether it will continue to fall or stabilize in 2021. Therefore, if the market is down, you can continue to hold on to your property but when the property market bounces back and you’re ready to sell, you can make a high return on your investment (ROI).
While investing in pre-construction condo sounds like a good investment, some people would still prefer to buy a new launched condo over the pre-construction one due to one obvious reason. They can immediately move in or rent it out to the potential tenants which can earn them an approximate 8% return on investment (ROI) annually. Another reason is that they can personally have a look at the finished construction of the unit they’re planning to buy and assess whether they should buy it or not. Therefore, there’s less risk involved in case the finished products do not meet their expectations.
2. Layout & Design
Let’s say you’ve made the decision to purchase a condo as your living solution, now here comes one of the main factors you should keep in mind before buying — choosing the right floor plan and design. It is important to choose a layout and design that will accommodate your personal requirements but this will also prove to be useful when you decide to sell it to your potential buyers in the future. One thing you should consider when buying a condo is to see whether the design of the project features lots of green and community-dedicated spaces where its residents can enjoy walking, cycling and relaxing outside. The look and design of the project is also important. You should choose a project that enhances your modern lifestyle and quality of life. Also, consider the design that leaves enough space for proper ventilation and natural light that allows and encourages free air circulation and sunlight. This will significantly reduce the cost of your electricity bill thanks to its smart design. And of course, you should look for the project with large parking space. Before purchasing your condo, keep in mind whether the condo that you are going to buy comprises of a sizeable parking area or not.
Another important thing to keep in mind before making your decision to buy a condo is the interior design and the room layout. Interior design plays a very important role in our lives today, making our lifestyles more modern and stylish. It introduces us to elegance and comfort and helps raise the functionality in our lives. You also need to know whether the quality of materials used in your unit is made of high-end or premium one or not. Another main thing to keep in mind is how well-designed the room layout is. Look for the condo layout that is able to utilize the best of the overall room in their functions and makes you feel like you get the most out of every space available.
3. Excellent Facilities & Services
Facilities play a major role when it comes to buying condos. They enhance the quality of lives and contribute to the pleasure and enjoyment of the residents. Having facilities such as swimming pool, gym, green space, huge parking lots, auditorium, study room, library, sports facilities, BBQ pits and many more at your fingertips will significantly increase the desirability of condo buyers. What brings a sense of community and belonging in a residential project like Condominiums together is engaging the residents in some form and that’s where facilities play an important part. It helps foster social interactions among the occupants.
Apart from the facilities, most condos offer 24/7 security services. Condominiums, like apartment complexes and hotels, have people coming in and out all the times. This means that on-site security must be very vigilant and on high alert to prevent the potential issues happening to the premises and to protect the residents living in the condos and those who visit them.
Another thing to look for when buying a condo is to see whether that project has a good Property Management or not. There’s a clause in the contract which states that the project developers have the right to manage their own project for 3 years. After that, it is up to the condo residents to arrange their own board of directors or an equivalent group by any other name such as a council who are responsible for making all the major decisions regarding the maintenance of buildings, grounds as well as condos’ finances. And these are no easy jobs. Overlooking the prospect of using a Property Management Company could be one of the biggest mistakes many condo residents could make. The services provided by a condo Property Management Company is one of the greatest benefits of condo ownership. When there is a good Property Management Company in charge of their condo, they no longer have to worry about finding good tenants, signing leases, bill payment, repairs and maintenance. The Property Management Company will be responsible for these services. All the residents need to do is pay the management fee that is calculated according to the size of their units.