Buying a condo is no cheap investment. If you are in the middle class, the chances are that you will have to take a mortgage. This might be very costly for you especially when you are unable to account on how the money was spent. Before you can decide if a condo is a good investment, first of all you need to know about condo and why buying condos for investment is a good idea? A condominium more commonly known as a condo (a short word of condominium). Condo is a property complex that is owned by an individual. Residential higher are an example of condos.
When you buy a condo, you personally own your individual unit and share joint owners of the building with the other owner - tenants. That joint ownership includes not its common area, such as the gym, pool and ground, as well as the air space. Buying condos are good idea. If you are buying at the right time in the market cycle, when interest rates are law and your plan a living in the condo as your personal residence for a few years or more you should be able to move forward with your condo purchase with confidence. As mentioned above, buying a condo will in most cases make you part of a larger community. As it is, in any association, there are rules that you will need to follow. Some of these rules might just be a deal breaker for you. It is therefore important to request for full disclosure of all that entails living in such a all that entails living in such a community before making any permanent decision.
Why buying condos for investment is a good?
Yes, buying condos are good idea. If you are buying at the right time in the market cycle, when interest rates are law and your plan a living in the condo as your personal residence for a few years or more you should be able to move forward with your condo purchase with confidence.
New vs. Re-sale
Once you're set on condo living, it's worth nothing that there are several distinctions between buying a new condo and one that's been previously owned (known as re-sale). Aside from the peace of mind associated with being the first occupier, buying a new condo my offer buyers the opportunity to ask for alterations in the build to fit their lifestyle. Newer units are less likely to experience maintenance issues in the immediate future, and come with a level of warranty protection.
Buying a condo will in most cases make you part of a larger community. As it is, in any association, there are rules that you will need to follow. Some of these rules might just be a deal breaker for you. It is therefore important to request for full disclosure of all that entails living in such a all that entails living in such a community before making any permanent decision. However, pre-sale buyers risk the finished build differing from the architect's plans, as well as delayed constructions pushing back their move in date. Purchasing a re-sale condo offers less flexibility in your choice of unit. With older buildings modern communal amenities (such as pools and hot tubes) are less common and as mentioned, major repairs (that can cause an increase in monthly maintaince fees) are more likely to occur during your ownership.
But while buying a condo
Please choose properly, condos offer a multiplicity of benefits: they are secure, easy to maintain. They also place their residents in homes that are easily accessible to places to work and play. Condo indeed has a lot of advantages; it can be a very tricky undertaking that needs street-smarts and know how to navigate through all the many condo option out there.
There are a few important considerations that you need to know before buying a condo.
1) How old is the property?
Find out how old the condo is. Older developments generally come with extra assessment charges for major repairs. This includes things like replacing the roof or paying the driveway. Each unit owner must contribute an equal amount each year, and the greater the repairs the higher their amount.
2) The location of condo
The location will always be a factor when buying a condo and it goes beyond market value. The condition and price of any condo can be changed. The one thing you can't change is the location. A great location can change an entire neighborhood seemingly overnight as happened in Downtown Raleigh. You need to know a neighborhood that fits your lifestyle. Location creates desirability, desirability creates demand, and demand raises real estate prices.
3) Research the property management company
Understand who’ll be in charge of doing the upkeep is crucial since you want the property you purchase to be well-maintained. It can be frustrating to pay association dues only to have the amenities fall into poor condition, potentially affecting resale values or pushing dues higher. When touring properties, ask who is in charge of maintaining the day-to-day operations. You can direct questions such as who handles resident requests and community rules to the property management company itself. You need to know all rules and regulation. Consider doing your own research on the company’s reputation.
4) Proximity and Quality of Schools
The value and market price for a condo are driven up by how good the schools are in the area. In fact, good schools create more potential buyers and more multiple offers. This is a very important factor to consider when making a condo buy because, if you don’t have children now, you may want them in the future. Being close to good schools also helps the resell value of the unit.
5) Condominium Reserve Fund and Status Certificate
The condo corporation is responsible for the maintenance of the building and for allocating funds from your condo fees to the reserve fund. This reserve fund is what pays for large repairs and replacements, such as roof damage from a hail storm. It is imperative to know if the condo corporation has a good reserve fund. If not, you could face sudden large fee hikes or special assessments (a one-time collection of a very large fee). To avoid the uncertainly, request a status certificate.
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Never too late to find your dream home. For available properties, visit http://www.gtarealstar.com. Call Naveen Vadlamudi @ 416-837-9696 Now.
Author : Naveen Vadlamudi
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