For anyone thinking about investing in a condominium or a complex, consider the following rules to consider before doing so. Whether a residence or an investment, it pays to go by these rules.
The Rules of Condominium Purchase
• Don’t forget carrying costs
• Never rush into a purchase
• Buy at the right time
• Bargain prices may have high maintenance fees
• Always make a low offer
• Be careful buying during preconstruction
• Consider the physical facts
• Take into account future resale and demographics
These rules will give the buyer knowledge necessary for the size and type of condominium or unit offering the most on resale value. Investors save thousands and avoid ending up with an undesirable unit. For those that have previously owned a condominium unit, these steps will help them learn more so they can make an even better deal next time they buy. One can never have too much knowledge.
Never Rush – The Most Important Rule
It’s easy for someone to buy on impulse, especially if the condominium is presented in a very pretty package. However, most often when people fall in love with a good-looking investment and purchase on a whim without taking all the necessary steps to make sure it’s a great deal, they find out what issues the item has later.
This holds true for property as well, don’t end up with a “lemon.” Take the time to have inspections, get a good look at all the details, and consider everything from location, to condition and possible future value. The time spent before making an offer will make a huge difference not only in the amount offered for the unit, but also the satisfaction with the purchase overall.
Many investors that succumb to rushing to buy a condo unit are victims to:
• The excitement of owning a great unit
• The thrill of being a landlord
• Problems with important units within the property
• Sales pitch pressure and empty promises from the seller
• Not being prepared for all the issues that come with property ownership.
Taking time to go over all the benefits and possible issues before making a commitment to such a huge financial investment is smart. Take a breath and slow down, so that the real estate brokers’ or developers’ need for quick income and a crafty sales pitch don’t result in a less than wise choice.