Saturday, 9 February 2013

GUIDE ON BUYING A CONDO/APARTMENT

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Buying property is no longer the investment that it used to be in years gone by.  In 'those good old days', as they are fondly remembered, it was commonplace to hear that the best place for your money was not in the bank but in 'bricks and mortar'. But alas the property market reached its maximum peak back in the year 2001 and has never again recovered since its downward journey which has made people realize that they can no longer rely on any single property being sold for any significant profit.  

The only case where this wouldn't apply would be where one had bought a run down condo that was going cheap after having spent some money in refurbishing it and then been able to sell it on for a slight profit. But here again one has to choose carefully as to what kind of condo one should buy, in what area one should buy it in and what facilities and amenities it should have.
One also has to bear in mind that buying a condo in the right area could also prove to be an investment if instead of trying to resell it, one were to rent it out. In doing this you would be guaranteed a monthly income, which in the case of having bought the condo with a mortgage, would help in the repayments.
Though the following are a few guidelines for any prospective buyers of a condo which may prove to be helpful:
1. The area in which you buy a condo should have public transport within walking distance, as not everyone has their own means of transport. There should also be a commercial area nearby which at least provides the basics such as a supermarket, chemist, newspaper shop, bank, and post office.
2. A school, hospital and a sports or recreation area are also quite important to have within the area.
3. At the same time one does not want to be buying anything that is near any airport as you can almost be guaranteed that that sort of property will not be easy to resell!
4. When viewing the condo itself, it should be in a block that is fairly well maintained. Items to look out for are whether the outside of the block has been painted recently. Whether the entrance hall to the block is clean and welcoming and very important as well is that the block has a functional and efficient lift.
5. Try to avoid viewing or even considering one bedroom condos, because despite the fact that they are obviously cheaper and more appealing to your purse/bank account/pocket or what ever you want to call your source of money! they are NOT easy to sell on and they are NEITHER easy to rent out. Most people look for two bedrooms even if they are just one person. This is because you always need an extra room in which to put up a guest or relative for the night, an extra room in which to keep all your sports gear, extra clothes, sewing, ironing, hobbies or what ever.
6. Plus points to look for in a condo are things such as air conditioning, double glazed windows and solar panel systems (for electricity and hot water) on the roof of the condo. Nowadays these are almost considered basic requirements much as tap water was considered a basic requirement in the past century!
7. Lots of natural sunlight steaming through the dwelling is also a very attractive selling or renting point, as a place filled with light is a happy and welcoming place, so always opt for south facing properties where you can.
8. The higher up you go in the block the better the view and so consequently the greater the resale value of the property in the future!
9. And finally, don't be put off by the condo if it looks in terrible condition inside because a large tub of white paint can really do miracles and transform any dingy place into a modern, light and airy dwelling !

1 comment:

  1. Buying a condominium unit is a very important decision to make and being able to read this article helped me a lot in making a decision.

    Toronto Condominiums

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