Things You Need To Know When Buying a Condo
A condominium or condo for short is one of the most preferred residential units of many people. If you are planning to purchase a condo unit, it is a must to perform a townhome review (รีวิวทาวน์โฮม, this is the term in Thai) and do all the necessary research. That way, you can increase your chances of finding the best condo property.
Below are the things you need to keep in mind when buying a condo
Think of the location
Location matters when selecting a condo unit. It applies not only in buying a condo unit but also in buying a residential property, and more so when purchasing a commercial property. The only difference with a condo unit is that many condo buyers don’t live in it forever. Therefore, when selecting a condo location, you have to also think of the long-term resale value. Choose a condo unit situated in an upswing neighborhood.
Consider the available amenities
Amenities are added features that make the condo unit all the more enticing to buyers. Examples of amenities that make condos enticing to buyers include a swimming pool, visitor parking, party room, gym, and guest suits, to name a few. Therefore, before you go ahead and purchase a condo, you have to check the available amenities and whether such amenities are beneficial for you or not. However, you have to keep in mind that the more amenities the condo has, the higher the condo fee.
Consider the condo rules
If you are living in a condo, you are bound by the condo admin rules. So, you don’t get to have the kind of freedom homeownership does. Condos have some restrictions, such as the number of pets allowed in every unit. Some condos don’t allow pet ownership. When doing a renovation, you need to ask permission from the condo admin. If you are not comfortable with such restrictions, then you have to think twice if a condo is really what you want. If it is, you have to know the specific rules beforehand so you will not be caught off guard later on.
Consider the size of the condo
Condos are not as huge as residential properties. Therefore, you need to consider beforehand the size of the condo unit. It is all the more important when purchasing a pre-construction as you can’t step inside the unit while the construction is going on.
Have reserve funds
Condo fees can sometimes heavily affect your finances, especially if it is your first time owning a condo unit and you are not aware of the associated fees. It will help a lot if you have sufficient funds at hand. Have a reserve fund that you can use for capital expenses, condo amenity fees, repairs, and parking fees, to name a few.
The key to successful and worry-free condo ownership is knowing all the important things beforehand. By doing so, you will avoid any surprise, especially when it comes to condo dues and payments. The factors mentioned above can help increase your chances of finding the best condo unit.