Buying a condo can be a little difficult as there are tons of things that you need to consider before you decide on any condo unit for yourself. You can research online for different possible units that are there online. There is Kopar at Newton condo is an upcoming residential development launching in early part of 2020 that is one of the most awaited condo projects of this year. However, there are certain things that are really important if you are looking for a condo.
●One of the best ways to keep the condo rent under control is that you buy condos that are constructed recently. You will find that this is the best way through which you can control your budget. According to several surveys online you will find that older condos are much more expensive due to the fact that you have to pay a higher HOA fee for maintenance. Although, the location and the amenities that you get with these condos are much better as compared to newly constructed condos.
●Before you buy any condo make sure that you read all the important documents and regulations that are there. You should take a look at the things that you will be taking care of in your condo and the services that you will get in return for HOA.
There are basically three categories that are going to define the way in which you need to take care of your condo unit.
The main unit or the condo in which you live has to be taken care of by you only. Right from your kitchen to the paint on your walls, you have to take complete care of your house.
Besides that, you have some common elements like food courts, swimming pools, parking lots, playgrounds, roofs, fencing, and every other amenity that is used by everyone in your building is maintained by the HOA only. You can access these facilities free of cost because all this is covered under the HOA fee.
Lastly, you have basic amenities such as shared garages, balconies, etc. that you need to take care of on your own. You have to share all the maintenance expenses with your neighbor that you are sharing these facilities with.
In order to learn about your responsibilities, it is really important that you read all the terms and conditions so that you manage your expenses more efficiently.
●Before making any offer for a condo make sure that you talk to all the neighbors and inspect the condo on your own. This will give you a fair idea about your neighbors and the community that you are going to be a port of.
Additionally, you should also find the rental ratio of the condo that you are looking at. This is particularly important in case you are taking a loan for buying the condo as there are banks that would not be giving you a loan if you are buying a condo high rental ratio.
●If you are seriously interested in any building you can also ask the HOA about their budget and their future plans. This will give you an idea about the amount that you are going to pay to HOA and the facilities that will be added to your community soon. This budget report will also give you a fair idea about some of the common problems that the people living there are facing.
These are the thing that you should be considering before you invest in any condo.
Jane Castro is a journalist and media enthusiast. She graduated from the University of Bacolod in the Philippines. She loves skating, scuba diving, and archery on her free time.