Hey, are you planning to buy a condo? Have you heard about this?
“I want to buy a condo unit, how should I choose? Please advise!”
This is a common question that Rabbit Finance often encounters when discussing condo purchases. It's clear that real estate, such as condos or houses, requires careful consideration of various factors before making a decision, as these are significant investments. Today, we would like to share some important information that condo buyers should know.
Checklist Before Buying a Condo That You Must Know
Buying a Condo to Live In or for Investment
You should clearly define your purpose for buying a condo. If your goal is to invest in a condo in a business area, you need to look for condos priced below the market rate and with qualities that make them suitable for renting out, as well as potential for appreciation in value in the future.
If you want to buy for residential purposes, it’s simpler; you should focus on long-term comfort and whether you can live there, considering the location and surrounding environment.
Location of the Condo
Popular condos that are selling like hotcakes these days are undoubtedly condos near BTS, MRT, and Airport Rail Link. Although condos in these areas tend to be more expensive compared to those further away from transit, the convenience of transportation and the likelihood of increased value make them worthwhile.
For those who prefer tranquility and want to buy a condo in a more remote area because it’s cheaper, that’s also an option. However, you should consider the public transportation system's convenience and safety.
Reputable and Trustworthy Condo Developers
Choosing a condo project from a reputable real estate developer will give you confidence in the construction quality of the condo and assurance that your down payment will not go to waste.
The advantage of buying a condo from a well-known developer is that you can trust you won’t be taken advantage of, as reputable brands are keen to maintain their reputation, reducing the chances of issues.
Space and Usability
Condos often have limitations regarding space, but the width of the area is not the only important factor. Room design and the shape of the building are also crucial, as room design directly affects the residents.
If the condo can fully utilize the limited space, on the other hand, some developers may include unnecessary furniture. Don’t let that deceive you; consider how much you will actually use that furniture in the future.
Facilities
Facilities, or common areas of the condo, are another attraction for potential buyers. The joy of living in a good condo comes from being able to enjoy the facilities, whether it’s a fitness center, swimming pool, work or reading areas, and a lobby that impresses guests.
If you are someone who enjoys fun activities within the condo premises, you should consider the common facilities, as they significantly impact your lifestyle in the condo.
Ready-to-Move-In Condos or Pre-Sales
Consider whether you want to buy a condo before it’s completed. These condos often have pre-sale opportunities for interested buyers, which may offer better prices but come with the risk of buying an unfinished condo. If you buy a ready-to-move-in condo, it alleviates some of that concern, but you may have fewer options regarding price satisfaction, promotions, and the chance to choose good corner units.
Parking Spaces
Most condo projects typically provide parking spaces for about 40% of the total number of units, which can lead to issues with insufficient parking or overlapping parking, especially for those with more than one car who need to use the condo's parking area.
Some people may not mind because they don’t have a car to compete for parking space, but you can rent out your parking space to other residents.
For readers planning to buy a condo, don’t forget to take this checklist with you to help make your decision easier. Finally, I wish everyone finds a condo they love!
Thanks for the information from rabbitfinance.com
