Yes, a condo unit looks fascinating and luxurious, that’s why you probably want to buy one. Thing is, purchasing a condominium unit isn’t as easy as buying a home or renting an apartment unit. You must consider many critical factors to avoid big regrets later on. For example, you’re eyeing the Sims Villa in Singapore, you must think of its deal inclusions, management and Sims Villa price among other points.
And in considering such important factors, keep few questions in mind while buying a condo unit. Ask these to your real estate agent, or try talking with some residents in the condominium.
What Questions to ask when buying a Condo Unit today
Who is the Condominium Developer?
This is probably the most important question to ask. You want to make sure you’re buying from a legal project, and a reliable developer owning it is a good sign. Be sure the developer is somebody or an entity with great integrity and reliability in building condominiums. Accomplishment in other real estate areas is great as well.
What are the Standard Structure and Inclusions?
How big are the units available, and how do they look? Do units come with furniture, appliances, storage and utilities among other inclusions? Is it possible for you to customize your unit? These and other similar questions are essential in gauging what you’d get from the purchase.
What Public Facilities you’d Enjoy?
Aside from the unit itself, you’re also entitled to use public facilities in a condominium such as parking areas, leisure areas and storage rooms. Hence, ask about the availability of these facilities, and the rules regarding their use.
What are the Rules and Regulations?
Condominium units have their own bylaws. It may cover rules about customizing your unit, or about prohibiting or permitting pets inside. You must ask about it to see if these rules fit your lifestyle. Taking pet regulations as example, make sure the condo allow pets if you own one.
What Its Homeowner’s \Association Looks like?
How well does the management do its job? Are the homeowner’s association meetings well-organized? Are the residents getting noticeable and immediate results upon raising concerns? These are few vital questions you must ask to residents of a condominium.
This gives you an overview about the community in the establishment. Note that the homeowner’s association is the collective organizational term for residents or unit owners in a condominium.
What are the Fees and Charges imposed among Homeowners?
The homeowner’s association needs finances to function. That’s why they ask monthly fees among members. Such finances will be used for maintenance, security and overall management of the condo unit.
However, be sure it’s reasonable for the services and facilities you’d enjoy. For example, older condominiums may require more maintenance, so its management may charge more fees. The wise step to clear this point is asking members or residents. Ask them if they feel fruitful results from fees they pay.
What does the Home Insurance includes?
Lastly, be sure you’d get the best home insurance deal covering your condo unit, and then know the insurance covering the entire condominium building. This is helpful in keeping your own unit on good shape, while giving you an assurance of a building on good condition. If there are some clauses in the insurance detail unclear to you, talk with your insurance agent about it. If you see it’s not enough to keep your own unit, think of getting your own insurance instead.
These questions are great guides in buying a condo unit today. Note that it’s a major decision and expenses to make, and you don’t want to end up with unnecessary troubles and regrets.
David Robson is the founder of Complus Alliance. He has been writing about different topics for almost 10 years. He’s main focus is delivering quality insights to a wide array of audience.