Condominiums are one of the most popular and convenient ways to get housing in busy cities, especially for working professionals and families who wish to live within proximity of comforts and conveniences. It’s the closest you can get to enjoy an urban lifestyle with just the right work-life balance.
There are many benefits that come with living in and owning a condo unit, but you need to do thorough research to find the right property that fits your needs and get the most value of it. For one, this type of living is attractive to property hunters who are looking for affordable space with excellent amenities, situated in a prime location, and requires less maintenance.
Have you been browsing condo listings in search of your new home? Take a look at the condo-buying guide below. This should help clear your questions about choosing a condo, make your search process easier, and make you more informed with your decision every step of the way.
The Beginner’s Guide to Choosing the Right Condo
Buying a condo unit is a lifestyle trend and an excellent long-term investment for many working professionals and small families or couples. But to make the most value out of this investment, you have to choose the right condo unit for your needs.
5 Factors to Consider When Getting a Condo
- Budget: Establishing the budget helps make looking for units easier, encouraging you to find properties within your budget and narrowing your search to avoid overspending.
- Location: The location and distance of your property to essential establishments, the workplace, transportation hubs, relatives, and other accessibility factors should be considered.
- Developer: Look for developers with an established reputation and a solid track record in developing condominium properties and communities.
- Amenities & Building Features: Check the property’s unique features that will suit your lifestyle and assure your safety, as these are additional elements you can look forward to and use. This may include a swimming pool and fitness center.
- Unit Type: There are different types of a condo with varying unit sizes. Moreover, some come with balconies. Survey the units personally or ask for a 3D view to better assess the rooms.
5 Tips for Choosing the Right Condo Unit
Tip #1: Choose a unit with a preferred-facing direction.
Some people like it when the sun hits the space in the morning, while others prefer more shade with minimal sunlight. Choose a unit that has a proper window orientation and view. Check the unit’s direction to see how much sunlight travels through it.
Tip #2: Look into the pros and cons of each floor level.
Lower floor levels are closer to amenities and are more accessible. Meanwhile, high floors get a better view and generally have low noise levels and a low risk of pest infestations.
Tip #3: Choose a view that inspires you.
Lower floors give you a view of community events, pedestrians, and people’s pets right outside the window. Top floors provide an expansive view of the surrounding area – city skylines, greenscapes, and parks, while middle floors generally offer a good balance of view.
Tip #4: Select the right unit type.
Choose the type that’s right for you—a studio/1-bedroom unit, 2-bedroom unit, 3-bedroom unit, loft-type, bi-level, or penthouse. For instance, studio type units aren’t suited for families with kids, but are perfect for career-driven millennials.
Tip #5: Ask about maintenance and management.
Asking and researching who fixes common problems in condo properties will come in handy. Knowing these details shows how the developers take care of their property and tenants.
6 Condo Buying Tips for First Time Buyers & Investors
Tip #1: Know your why.
Do some reflection before you search for units. Are you condo-hunting to get closer to your job or establish your investment portfolio? This is a big investment, so you have to think it through and find your reason.
Tip #2: Research on financing options.
Look into both bank and in-house financing. Determine how much your lender can cover, the lead time you need to get approved, proof that you can pay, and other documents required to secure a loan.
Tip #3: Hire a real estate agent who has experience with condos.
Find a real estate agent specializing in condominiums, for they would know what you should look for and ensure critical documents aren’t overlooked.
Tip #4: Consider the condo’s potential rental rates and its value appreciation over time.
Some condos have rental restrictions, so make sure that you are allowed to rent it out if you’re planning on earning some side income. It’s also a good idea to take note of how much you think the condo’s value will appreciate over time, which brings us to the next point…
Tip #5: Know the resale potential and lifespan of the property.
At some point, you will have to lease, flip, or sell your condo. With this, ask for the property’s life span to determine the unit’s resale value in five to ten years.
Tip #6: Review the legal documents.
Purchasing a condo unit is a prime investment, so you must secure and review the legal documents required for the transaction and ensure that the investment is well-documented.