Are you planning to buy a condo? What do you know about condominium ownership? Perhaps you have heard something about Reflections at Keppel Bay, and you want to buy a condo just before the units are sold out. Or maybe you want to enjoy the fantastic waterfronts associated with this proper and you are ready to take the next step of owning a home. Whichever the reason, condo ownership comes with some unique responsibilities. Here are some factors to consider when planning to buy a condo.
Condos, especially those in prime neighborhoods, do not come cheap. This means that you should be well prepared to meet the financial obligations that come with buying the condo. The first step, of course, is to raise the capital needed. You can pay the entire amount, or you can take a loan. Sourcing funds is not the only thing; you also need to think about other aspects of your financial life and plan accordingly.
The location or neighborhood is one of the most important things to look at when buying a condominium. Choosing a condo based on location requires you to think strategically. For instance, you should be looking at things like proximity to your workplace, schools, availability of public transport, security, and the future of real estate. See to it that you buy a property on a location that comes with lots of benefits.
Another critical decision that you will have to make is whether to buy a new or pre-owned condo. Each option has its unique advantages and disadvantages. A new condo, for instance, is attractive because you will be the first person to live there. But it also means that you are never assured of how things will turn out a few years down the line.
Buying a pre-owned condo could mean buying it at a relatively lower price than what you would have paid when new. Old condos also allow you to assess the build quality of the apartment or the competence of the homeowners association. On the flip slide, buying an old unit could mean doing some renovations if things are not up to your taste.
Besides buying a condo to live in, what about buying a condo for invest reasons? The possibility of having the value of the condo double as a long term investment can be quite attractive. Always think about the earning potential when buying a condo.