Top tips for buying resale condos

โพสต์โดย Hipflat 26 Feb 2017

If you are just starting out in life, considering a property as a bridal abode or as a place to lay your head close to your place of work, a resale condominium unit seems to be the most appropriate.

According to real estate agency Plus Property, the decision to choose a pre-owned condo unit that is already available in the market is a good choice. This is because you can see the actual unit in its actual condition.

However there are many factors to consider to make sure you get the best. Here are four to consider:

1. Transportation and convenience

The first and foremost factors are transportation and convenience. If you are likely to use the mass-transit routes or other forms of public transport, the project should be located within walking distance from a station. The availability of parking space may not be such a crucial factor but if you regularly drive your own car then you may consider a project that is a bit further into the suburbs, which would be cheaper- while looking closely at the availability of included parking spaces.

2. Reason to sell

If you can check the reason behind the decision to sell the unit by the owner – which might be good or bad for you – it could help make a faster decision. If the seller wants to move closer to the office, or move the family elsewhere, or is short of money, then you have higher bargaining power because of the short lead time required by the seller. But if the reasons are negative, such as the project maintenance is bad, or the neighbours and the environment is intolerable then you may be faced with problems in the future.

3. Unit inspection

Another important factor to consider when buying a condominium unit, especially a pre-owned one, is the detailed inspection of the condition of the unit. This is especially true for the integrity of the structure and the utility systems. If the project is not more than two-years-old then everything would still be under warranty and you can ask the owner to make necessary repairs before the warrantee period expires. But if the building is already old, all utility systems such as water and electricity, should be meticulously inspected by qualified technicians for possible leakages. It is wiser to invest a bit more than to be sorry later when problems arise.

4. Management of the juristic person

When choosing a condominium unit for use as your own residence, another important factor to consider is the management by the juristic person. If the central management is good, effective and attentive to the needs of the co-owners with standard quality governance, then you can live happily and safely in this project. Furthermore, a well-managed project will also increase the value of the asset and project a good image for the residents.

This story was written by Andrew Batt, Head of Content at Hipflat,com. Contact him with your own news, views and comments at [email protected]