Are you interested in buying a condo unit this 2022 but don’t know where to start? We got you covered. In this blog, we will guide you on buying condo units from North Gaia EC or any other condo developers that might strike your fancy. Without further ado, let’s start:
- Consider what amenities or facilities that you want
A condominium complex may provide a broad range of facilities. Some may be bare-bones that just provide snow removal and other necessary upkeep in essential areas, while others are quite generous by including gym facilities, outdoor barbecues, spas, and other high-end amenities.
When talking with your real estate agent, be sure to discuss the features or amenities that you want as well as other variables such as condo location and price.
Remember that when you purchase a condo unit, you are also purchasing access to these facilities. As such, do not be hesitant about including them in the things that you are looking for in a condo. In addition, even if you don’t intend to use amenities like swimming pools or recreation rooms, they may still be worthwhile to have. This is because when you want to resell the condo, those amenities will factor in for the resale value. A condo that has all the extra amenities will have a higher selling price, while a condo complex that is missing some may fetch a lower selling price than others in the same neighborhood.
- Look into the company managing the condo
Finding out the company that is responsible for the care of the property is critical if you want to ensure that the condo unit you buy is properly maintained after you acquire it. It may be discouraging to pay for HOA fees only to find out that the facilities have become decrepit due to no maintenance. A bad management company can have a negative impact on the value of your home or cause your HOA dues to rise.
When you are on a condominium tour, make sure to inquire as to who is in charge of the day-to-day maintenance of the building. You may send inquiries to the property management business, or those that are is in charge of dealing with resident requests as well as the formulation of community regulations.
In addition, you should conduct your own investigation into the reputation of the management company – look into the other projects they handle, and speak with board members to find out whether or not they are pleased with the services provided by the management company.
- Look into the condo association fees
In addition to the mortgage payment, you’ll be required to contribute to the maintenance of the condo complex and its various amenities via your condo association fees. Examine the prices and inquire as to what expenses are covered by the association fee, and what expenses are still shouldered by your own money. These condo association fees can increase every year, you should also take into account the rate at which they increase.