In comparison with a single-family residence, possession in a condominium plays host to part ownership in a communal “common property”. A situation that presents special challenges for condominium purchasers. If you are thinking about buying a twin vew showflat, read further to know a bit more about this property type as well as what ownership involves.
What’s a Condo?
In a condo, some aspects – your house – are owned privately, while other parts – common areas – are jointly owned by all the residents of the condominium. A less technical manner to view a condominium is an apartment that belongs to you. In practice, condos mostly exist as an apartment or similar shared building as what’s obtainable with townhouses, however, hypothetically, a condo could look like anything physically.
Condos are particularly common in areas that have high property values – urban settings and vacation hotspots are both areas where you could expect to find them on the market. This is hugely due to the fact that purchasing a single-family home could be prohibitively costly in areas where extra building space might be rare. To this effect, condos could expose home ownership to whole new groups of individuals. Therefore, if you are prepared to own your own home, but can’t really afford a house, a condominium could be an avenue for you to penetrate the market.
How do I choose the right condo for me?
Now, since we’re talking about property investment, you should invest both time and money in choosing the right condo for you. Since the market is big and constantly changing, it can be easy to make the wrong decision without even knowing it until you pass the point of no return. Here are the following tips that might help you make the right decision.
- Look beyond the appearance
It is easy to fall in love with a condominium because of its great appearance. However, a smart buyer would look beyond the appearance. Check out the condo. Is the location of your bedroom gives you a fantastic view of the city at night? Is the bathroom easy to access? Is the living room big enough to provide coziness for you and your family? Is the kitchen fit for your enthusiasm in cooking?
The condo should fit your lifestyle, make your routine easier and convenient. As much as possible, bring your developer’s agent with you when you tour the condo. They can help you make the right decision in choosing the perfect condo unit for you.
- Observe the neighborhood
It is important that you fit in with your neighborhood once you’ve moved into the condo. Hence, when you visit the unit, you might want to take a look at who’s going to be with you once you start living there. Neighbors can either make your residence a great experience or can make it a living nightmare. As much as possible, choose a neighborhood with the same preferences and lifestyle that you practice. There is nothing worse than living in a luxurious unit only to feel like an outsider among your neighbors.
- Services from the developer
You might want to check the background of your developer before you finally purchase the condo. If there are any unresolved complaints from their residents, you should be wary of it. Pay attention to the services from the recipient in the lobby to the maintenance team. Having a luxurious condo unit is rendered useless if the services are of poor quality.
- Secure emergency situations
Another thing with purchasing a condo unit. Make sure that the developer’s office is near the location of the condominium so that you can easily contact them if you have any problems that require immediate action. Self-managed condos with owners that live far away pose a series of hassles in the long run. You can’t ask for help from them if they’re miles away from you. Aside from that, communication over the phone or email is not very reassuring compared to talking to them personally.
Keep these tips in mind when you are going to purchase a condo, especially if this is your first time doing it. Aside from that, seek professional help from an agent who knows the market better than you do. Professional real estate agents can help you make the right decision and avoid complexities in your first property investment.