If you have been keen with the trends in the real estate industry, you must have realized that many prospective home owners are choosing to purchase condos as opposed to private homes. This can be due to a number of reasons, the major reason among them being that condos are very cheap to purchase and maintain as compared to private homes. Having said that before you make a decision to purchase a condo, there are some important factors that you need to take into consideration before you finalize the purchase of the condo that you have settled on. Let us look at the important information that you should have.
Things you should know before buying a condo
1. Reputation of the developer
The very first thing that you should endeavor to find out and take into consideration is the reputation of the developer of the condos that you want to purchase. Establish whether the developer has developed other properties in that area. Enquire and establish what the owners of the former properties that the developer has sold to them are saying about the developer. What is the general opinion about the developer in the market? If you want to ascertain this, call some few real estate agents and brokers, and you will have all the information that you need.
2. Condition of the condo
Another important factor that you should consider before making a purchase is the liability of the condo, and the resale value that it will have in case you will want to sell it in future. For example, when looking for mls regina condos, do not always make a cheap purchase as it might not be in a good condition or it may be situated in a dilapidated area. The value of your condo will tremendously come down if the outside of the entire building is not in good shape. That is why it is advisable that before you make the final settlement, you not only inspect the inside of the condo but the entire building as a whole.
3. The percentage of a rented and owned condo
This is a factor that has immense importance when one is purchasing a condo; this is because it has a direct impact on the market value of your condo. The higher the percentage of the privately owned condos in that particular property the higher the market value. It is advisable therefore that you go for a condo in a complex where the percentage of ownership is higher than that of rented condos.
Before you make a final settlement, be sure to establish the previous performance of the condo complex and also look out for the amount of maintenance fee that you will be giving out at the end of every month.
After you have taken into account all the above factors, is when you will make your final decision.