Condos for Sale: 7 Crucial Questions to Ask
Finding condos for sale is easy; getting a good offer, however, can be difficult if you don’t know how to negotiate the deal. In this article, you will learn 7 simple but important questions to ask before you buy any condo.
1. Do I need a real estate broker?
This very first question is something you need to ask yourself or people closed to you who have certain knowledge in real state. But it is recommended to have a broker on your side if you are not an experienced buyer. Buying condominiums presents several difficulties and requires technical and legal knowledge. The most difficult purchase in the real estate world is a condo. With this in mind, the assistance of a professional makes sense.
There is no law requiring you to do so, but it is crucial for new buyers. The real estate broker represents an added value for the transaction as he has audit, information and advisory obligations. In addition, he prepares documents necessary for the transaction: brokerage contract, seller’s declaration, request for information, and others. He must use mandatory forms and ensure that the rights and obligations of all parties are recorded in writing and this writing reflects their will.
2. What are the restrictions of the condo?
Life in condominiums brings a lot of restrictions and prohibitions. And the more luxurious the condo, the more the restrictions are numerous. For instance certain declarations of co-ownership prohibit hard flooring. If you are allergic to carpet this can create serious health problem. You also need to ask if pets are allowed; some condo association trustees ban cats, dogs, rabbits…
3. What amenities you need in the Condo?
Do I need a condo with pool, parking, and gym? This is an important question you need to ask yourself before you start searching for condos for sale. This question needs to be asked fairly early in the reflection process, as its answer will impact on the type and price of the condo. Nothing is free in this world; there is a cost for every single luxury provided to you.
4. Should I buy a divisible or undivided condo?
The divided condominium is the best known form. An indivisible condo is obtained as soon as two or more persons own a property. This is the case, for example, when a brother and sister inherit their parent’s condo upon death.
There are few advantages to acquiring an undivided condominium. If you buy the undivided, it means that you have no choice. There is no declaration of co-ownership, a document setting out the rights and duties of co-owners and administrators. There may be an indivision agreement, but it is not mandatory. And if no clause deferring the division is written down, any co-owner can ask for the end of the joint ownership and the division of the property, and therefore the sale of the building, without the consent of the others.
5. What are the common charges required?
Common expenses are the monthly fees paid by each co-owner for common expenses and work of maintenance. They also include the costs to be paid for the contingency fund, intended for emergencies or unexpected major repairs.
It is important to use caution with low common fees; you get what you pay for. If you pay small prices, you get small price services. Low condo fees generally equal under-financing of building maintenance and the contingency fund. Before purchasing, it is therefore essential to inquire about the percentage of common expenses that will be invested in the provident fund. Not all condos for sale have the same policy; inquiry about these fees.
6. Will the promised area be respected?
With respect to the condo area, purchasers must differentiate between the gross and net acreage. They must ask the proponent which is indicated in the Guarantee Plan. This potential problem does not arise in the case of a used condo. And although this type of condominium leaves less room for bad surprises, being a buyer you must remain cautious. It is therefore recommended to make the purchase offer conditional on the inspection of the premises and a series of documents on the management of the condominium, in particular the budgets of the last years, the minutes of the meetings of co-owners and the state of the contingency fund.
7. What Types of Security You Need
For security purposes, some condos have gated or locked entries, and doormen. The most luxurious even have professional security to protect residents. While some people don’t like it to be under constant surveillance, it can be very important for some others. Therefore, if you live alone, concern about your security, you need to search for condos for sale which offer these features.
Buying a condo is a major investment; this is the place where you will spend most or the rest of your life. You cannot decide vaguely. In addition to these tips, consider do some research on financial and legal aspects of this major transaction. And remember to search and compare many condos for sale before making a final selection. Certain organizations, such as New Launch Singapore, offer free support to buyers. You can take advantage of these free tools to get answers to your specific questions.
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