A condominium is a great choice if you are looking to buy a home or invest in a property. Condominiums or condos as they are popularly called are multi-unit properties that are sold as individual units. The basic difference between a single house and a condo is the ownership pattern. While you own the entire property in a single house dwelling, the common areas in a condo are owned by all the owners of the individual units there. In layman terms, a condo is like an apartment that you own while areas like the building lobby, the garden, etc are owned by partially by all apartment owners. While condos are often in the form of apartments or row houses in practice, theoretically it could be any shared building.
Popular in places where the property values are high, you can find them in almost all urban areas and vacation hotspots. These are areas where owning a single-family home can be very expensive or building space is scarce. For those looking to invest in a condo, the following points will help in understanding about condos in general and what the owners of a condo entails.
Why Choose a Condominium?
While there are numerous reasons why a condo can be a better buy than a single-family unit or apartment, one of the biggest reasons is the cost. Since condos generally appreciate at a slower rate than single-family units, you could easily get one within an affordable cost, even in areas where real estate prices are on the rise. While money is certainly a big reason for choosing a condo, there are other equally strong reasons why a condo could be a better choice.
Very popular with young professionals and retired people, condos offer an attractive lifestyle choice. For those who like to socialize, a condo is a perfect place to live in. Another advantage is the amenities that most condos offer, such as swimming pools, fitness centers/gyms, sports areas, jogging tracks and a garden to relax or walk-in. This allows you to use these amenities without having to take membership at a club outside. One big plus point is the maintenance of the common areas, which is taken care of by the management of the complex. In a single-family unit, you would be responsible for either do it yourself or find the right people to do it for you.
Finding the Perfect Condo
Searching for a condo is no different than searching for a single-family unit. Hiring the services of a real estate agent will certainly help if you have an idea of what you are looking for. Another way is to go through the listings of condos in the location of your choice and then visit the properties. Real estate company websites like Cornerstone.co.th feature a listing of entry-level to high-end luxurious condos in their area. Once you shortlist the condos you are interested in, they will show you the properties and help you with the process of purchasing one. Another method is to visit buildings or complexes under construction. Most have their on-site sales office and even a show suite to help you see what the final product would look like.
Points to Consider Beyond the Sales Contract
Before you sign the sales contract to purchase your desired condo, there are certain points that you need to consider and find out about. Along with the sales contract, there is a document that is an agreement between you and the management of the complex. The agreement states how the complex is governed and how it operates. Consider these points to help understand the management and running of the complex.
- How large is the reserve fund and how is it used?
- What are the rules and guidelines that you need to follow?
- Are the owner’s requests/complaints taken care of by the management?
- Does the complex experience any regular problems?
Selecting a condo is a challenging job. There are so many factors that need to be looked into. The following parameters should help in selecting the right condo for you and your family to live in.
Does it fit the Budget?
While it may be tempting to stretch your budget a little bit for that really attractive condo, you need to remember that other regular costs need to be taken care of as well. You will need to budget for monthly dues, electricity bills, HOA fees and other such that need to be paid regularly.
Location Advantage
Is the condo located in a safe locality? Are there shops/stores nearby? What about public transport? If you have children, how far do they need to travel to get to school/college? These are important when selecting the place where you are going to live.
The reputation of the Developer
You are going to put your hard-earned money into a property. You must get the best returns for your investment. Find out about the developer. What other properties have they developed? Checking the earlier developed properties will give you an idea of the quality of their work and give you an idea of the amenities and services that you can expect.
Is Property Secure?
Most condominiums have security systems and people to keep the property and residents safe. However, you must look at the system in your selected condo. Are the CCTV cameras functioning and manned? Can you see security guards active around the property? What about emergency exits and fire escapes? Your family is important to you and keeping them safe is equally important.
Rules and Regulations
All condominiums have certain rules and regulations that owners are supposed to adhere to. It is important to know the rules and regulations in force in the complex where you wish to buy your condo. Do they allow pets? If not, and you have a pet, you will need to look for another property. Are you comfortable with the set of rules and regulations? It is best to find this out before you decide to put in your money into the property.
The Bottom Line
Weigh all the pros and cons before you invest in the condo of your choice. Choose wisely and enjoy your choice.
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