A Guide to Buying Condos for First-Timers

condo interior

You may hear how great it is to live in a condo. You’ll get to live in the hottest location, and you will also be pampered with all the amenities like a gym facility, a swimming pool, a park, etc. But now that you’ve got interested, and you are planning to buy a condo, you’re probably still confused about where to start. 

First, you can check Clavon to take a quick look at how a professional condo developer is supposed to market their units. From there, let’s discuss the details below. 

Learn the Ownership Law

The laws of property ownership vary from one country to another. And unlike a single-family detached home, if you buy a condo, you own the condo unit, but not the land and the whole building. The paperwork on this may get a little bit complicated, especially about the rules of condo improvements and renting. 

However, in some countries, the law can get specific. In Singapore, for example, there are two kinds of by-laws. First, the Second Schedule of the Building Maintenance (Strata Management) Regulations is constituted by the Building Maintenance and Strata Management Act (BMSMA). BMSMA is like the regulating institution of all condos in Singapore. Second, there is another set of a by-law that is made by condo managements. Different condos will have different rules regarding this second type of by-law. 

Now, back to the BMSMA, condo owners are not allowed to cause a disturbance, obstruction to common property, damage to the lawn, trees, and shrubs, to deposit rubbish and unwanted items on the common property, store flammable liquids, etc. You need to be aware of rules like this before you decide to buy a condo. 

Assess the Location

a crowded districtLiving in a condo is common in urban areas because condos are often strategically located there. If a condo unit is too far away from the central district, there is no reason to invest your money here. In other words, location is a critical aspect to consider when you want to buy a condo. 

However, some condos may not seem like they possess an immediate location benefit. And that is because the developer may have seen some potentials that are not obvious to you. If you see such condos, you should learn the city’s development projects. There may be malls, companies, universities, or other commercial attractions in the next two or five years. In that case, you’d better buy a condo there before the price spikes. 

Evaluate the Pricing

stacked-up coinsThis step requires you to do a little bit of research. First, you have to know the average price of condos in the selected area per square feet. Second, learn about past sales of condos in the neighborhood. If you can’t get this information, you can hire a realtor to consult. Third, you need to scrutinize the offered floor plans of the condo. You should check if the price you are paying is worth it. 

Moreover, if you are applying for a mortgage for the condo, you need to consult a financial advisor. Closing cost, lawyer fees, property taxes, levies, monthly utility fees, monthly condo maintenance fees, and insurance are the topics that you must discuss.