Buying a condo might not be similar to buying a single-family home. Hence, it would be best if you made some considerations before buying the condo since it is a shared property with individual unit ownership and might come at a lower price compared to a single home. The condo is low maintenance and comes with amenities such as fitness centers, pools, tennis centers, and other communal spaces. Every condo has its rules, association fees, and management. You can find a new condo for sale in Singapore online, and you should do your research before purchasing one. You can apply these condo buying tips when buying the property.
Determine If the Condo Is the Right Fit
You should know if you want to commit to a condo instead of a single-family residence. You should weigh the pros and cons associated with condos and single-unit homes. One thing you will encounter is the proximity to the neighbors, so can you envision yourself so close to a neighbor? Another issue is the association fees and shared communal spaces. However, if these issues are not a problem, then you should start hunting for a condo that meets your needs.
Hire a Real Estate Agent
Buying a condo is a complex process, and you should have a real estate agent who is experienced with condos. The agent guides you through choosing the best condo which comes at a reasonable price. Additionally, they ensure that you sign a community and sale contract before closing the purchase.
Know What the Condo Includes
You should know the amenities that come with a new condo for sale in Singapore; these include swimming pools, a parking spot, and additional storage. It is also wise to know when the amenities will be available and the closing time. The condo amenities can make your life easy, and you should choose condos that provide proper amenities which meet your needs.
You Should Know the Association Fees
The condo fees cover the common expenses like maintenance and insurance, and an effective condo will share the financial statements with potential buyers. It is better to go for condos that have enough reserved money to renovate the facility. You can ask the management how the fees will be divided among residents. The association fees might determine if you can afford the property or not.
Review the Community Rules
Since the condos are close to each other, the association will have rules and regulations to keep peace within the community. The association might have rules which can restrict pet ownership. You should also know if you can rent your condo to a third party or if there are quiet hours.
Research the Property Management Company
Most condos will have a property management company, and it will be wise to know who will be in charge of your property. It can be difficult to watch your unit falling into despair due to poor management. You can talk with other community and board members to determine if they are satisfied with the management.
Final Thoughts
A condo will put you close to your neighbors, but you will enjoy cheap communal amenities, and it might be cheaper than a single-family home. However, a real estate agent who deals with condos can guide you through the buying process. If the condo meets your lifestyle and is within the price limit, you can ask the agent to vet it before you purchase it. Good luck finding a condo that meets your needs.
