Buying a home is a complex decision to make, and planning to own a condominium unit is even more confusing in many areas. You need to sort out a lot of factors to make sure you’re going for the right purchase. Say, you’re planning to take an offer from Sims Villa, there are many other critical factors aside from Sims Villa price and included amenities. That’s because condos are practically “vertical subdivisions”, meaning a lot of rules, add-ons and fees are included in a unit purchase.
What Factors should you keep in Mind while Buying a Condo Unit?
To help you sort things up, here are the most essential factors to consider before buying a condominium unit today:
- Understand how a Condo Community Works
Condominiums are vertical subdivisions, meaning height is included in calculating the value of your unit, aside from mere floor area. Amenities in the condominium but outside your unit, such as elevators, swimming pools and parking lots are owned publicly by the homeowner’s association. The homeowner’s association governs the entire condominium community, meaning it manages maintenance; security as well as it imposes bylaws among other functions. And all unit owners in the condominium, including you when finally buying one, are members of the homeowner’s association.
From here, you can have the main ideas of what to consider next.
- Bylaws and Management
Understanding the main point above, you must first check the bylaws and management processes of a condominium before buying a unit from it. Know the rules and regulations, how safety and security are imposed, as well as how maintenance services are done. Don’t miss the critical money-factors too, such as fees and charges you must pay regularly to the homeowner’s association. Avoid condominiums which charge ridiculous amount of fees among unit owners.
- |Purchase Deal Inclusions
Of course, you must know what you’d get when buying a particular unit. Think of size, structure, utilities, as well as furniture and appliance inclusions among other amenities. Also, consider amenities available in the condominium property such as elevator, parking area and leisure areas. They must all be in good condition, and should reasonably fit the price.
- Weigh Brand New vs. Pre-Owned Units
Next, choose if you’d go for a pre-owned or brand new unit. A pre-owned unit likely requires more maintenance because of age, but generally has lesser price than newer units. On the other hand, brand new condo units are more expensive, but they demand minimum repairs and maintenance needs. Plus, you’d get to enjoy new and modern amenities as well.
- Know the People Living in a Condominium
Lastly, it’s wise to have an idea about your potential neighbors. But when talking about buying a condo unit, know if your neighbors are actual unit owners or mere renters. Unit owners tend to closely follow the bylaws of the homeowner’s association, whereas renters tend to break it every now and then. That means you’d probably get a more peaceful living when you’re in a condominium with more actual unit owners than renters.
As you consider a condominium, choose one which renter percentage doesn’t exceed 20%. That means majority of its residents are actual unit owners.
These are the critical points you must keep in mind when buying a condo unit. Other considerations may include your personal preferences and needs, as well as location among other general factors.
Now, to get a good picture about such considerations from a specific condominium property, ask your real estate agent to talk with its homeowner’s association. Inquire about getting a complete list of its bylaws, as well as the condo unit deals available. This helps you come up with a more educated decision in purchasing a condominium unit today.