Condo living, especially at Fort Lauderdale oceanfront condos may be the closest you can get to enjoy the ideal lifestyle of living-work-play. The competition among condo units and real estate brokers is becoming fierce as more and more residential communities are developing here and there, especially in urban areas where there is an arm’s length away from the basic needs of man. This type of lifestyle is appealing to buyers looking for an affordable dwelling with top-notch amenities, located in a prime location, and requiring less maintenance. But just like any large property complex in which units are individually divided and sold, condo owners have partial or shared ownership of all common areas within the vicinity.
This may pose an issue, concern, or conflict for people who have been used to living in a house where security and space are respected. Still, it should not be an obstacle to one’s pursuit of a home, because while there are things to consider first before buying a condo, the benefits that come with living in one are invaluable. Here’s a checklist to direct first-time condo buyers to a pleasant transaction.
- Evaluate your financial ability. It merely means that apart from the loan to be paid to your lender, there are other expenses to be planned for, such as group dues, real estate taxes, and utilities. Make sure you’re financially ready for these future expenses before you buy a condo.
- Determine the location of the estate. Determine the position that best fits your lifestyle once you have an accurate assessment of your financial capacity. Consider the safety of the community, the area traffic, and the proximity of the property to your office, school, friends, and family, particularly if you’re leaning towards long-term investment.
- Choose the condo type. Choosing which type of condo that best suits immediate needs is another important consideration. Preselling, occupancy ready (RFO), low-rise, and high-rise are the most common types of condos in the Philippines today. Preselling condos are units sold before completion or during construction, while RFO are homes built to be purchased and used immediately. Low-rise buildings offer more privacy, while more amenities are available in high-rise towers. Each one has its advantages and pitfalls, but it will be effortless to choose a type of condo if you understand your needs.
- Scout for the right agent and designer. Make sure the property developer has a solid reputation and portfolio while shopping for a home, and the broker with whom you are negotiating is a licensed practitioner. Colorum brokers are accessible in various real estate countries, so ask your agent for their license and do a background check before you engage in any transaction.
- Attend the open presentation of various condo units. Imagine your furniture inside when viewing the actual unit, so you’ll find it easier to see if the rooms are spacious enough for all your possessions. Hence, this is also an excellent chance of opportunity for you to ask questions from your agent and inquire about possible future changes. It’s also an excellent time to examine the interior and exterior of the unit extensively to see if any underlying issues have not been identified, particularly if you’re purchasing a previously owned condo.
- Inquire about responsibilities and other expenses for the future. Among the many things most first-time buyers don’t ask their broker is how much the association fees are, where they go, and when they are likely to rise. Make sure you can afford this extra payment before sealing the deal, as it’s not the only expense you’ll have to pay for.
- Enjoy the comforts. With the purchase of a condo unit comes the luxury of experiencing modern and state-of-the-art facilities and utilities that are not provided by most residential properties such as subdivisions. More and more designers are now vying to produce “themed” projects with more sophisticated features such as mini-beaches, volleyball and badminton courts, yoga centers, event halls, and much more.
- Comprehend the rules and regulations of the house. While purchasing a home, there are many frequently asked questions, but there are also many unique inquiries that are often ignored, mostly by first-time buyers. To stay in a condominium implies to invest in the common property. That’s why rules and regulations are strictly enforced and followed — to maintain all residents’ privacy, peace, and security regardless of their lifestyles. Make sure you fully understand the restrictions and are willing to comply with each one before signing any contract.
- Determine the saleability amount of the unit and the lifespan of the property. Before buying your first condo, consider that at some point, as lifestyles and priorities change over the years, you will be bound to sell, lease, or flip it, and condos are not making an ideal heritage. One recommendation is to consider the place carefully when buying, as it can be one of the most critical factors leading to the resale price of your property in a decade or so.
- Know your options for funding. You will eventually have to apply for a housing loan as a prospective condo buyer unless you plan to pay for the unit in full. Determining which lending source would work best for your current and unique financial situation is advisable as early as now. And, once you’ve found the perfect condo and are ready to buy it, you’ll have a better chance of getting approved for a mortgage.