6 Concerns Before Buying a Condo

DDproperty Editorial Team
6 Concerns Before Buying a Condo
Purchasing a condominium is a huge decision that must be carefully made. Many people aspire to invest in real estate, however, they’re still unsure which project is the best one to buy. Accordingly, these six simple points could filter your choices, while giving you some tips to select the best condominium project.

1. Finance

Don’t go for a luxury project if it could lead you to a financial struggle. Instead, select a project with a starting price that matches your savings. One tip to ensure is that your monthly installment shouldn’t exceed 40% of your monthly income. You also need to pay for the contract, and booking fees, besides the down payment.

2. Location

Visualize your ideal condominium to make your decision more precise. If you want a tranquil-environment condominium, a suburban project would suit more for the purpose. On the other hand, if you love the bustling city life with a strong transportation network, condos in the city would be preferable.
But if you want a mix of both worlds, a low-rise project in the city might be the best option as it has a low number of residential units.

3. View

The unit’s view is a huge concern, especially when you buy a unit in an under-construction condominium because you are not able to see the real view of the room. What you should do is to study the floor plan and ask the developer about the view you will have. At present, many developers offer a 360-degree view of the project for you to observe at the sales office, or via the developer’s website.

4. Size

Make sure the unit you select can accommodate your members with sufficient space. Advertising pictures are usually exaggerated to entice buyers, while the actual unit size might be different. We suggest you go observe the show units which can deliver you the real feelings when living inside. Normally, a 28-square-metre unit is the smallest size to accommodate two people.

5. Price/Sq.m.

Do you know that starting price and average price per square metre are not the same numbers. Some projects have a high average price per square metre but they come up with tiny unit types to have an attractive starting price number to promote. As a result, next time if you want to know whether the project is expensive or not, look at the average price per square metre instead of the starting price.

6. Inspection

When the paper works come to the last step of signing an ownership transfer, hold on a moment and inspect your unit first. It’s an important duty as things get more difficult to change after you sign the ownership contract.
Bear in mind that you have to live there for a long period of time, why not have a cautious check that everything is okay. In general, some locals usually hire a person for a property check as the process usually takes a whole day to complete.
In conclusion, while there is no guarantee about which project is the best one, these six concerns could help you filter down your choices and possibly find the right project that matches your true aspiration. Buying a condo is a huge decision, always make sure to have the best one.
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Disclaimer: The information is provided for general information only. DDproperty by PropertyGuru c/o AllProperty Media Co., Ltd. makes no representations or warranties in relation to the information, including but not limited to any representation or warranty as to the fitness for any particular purpose of the information to the fullest extent permitted by law. While every effort has been made to ensure that the information provided in this article is accurate, reliable, and complete as of the time of writing, the information provided in this article should not be relied upon to make any financial, investment, real estate or legal decisions. Additionally, the information should not substitute advice from a trained professional who can take into account your personal facts and circumstances, and we accept no liability if you use the information to form decisions.

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