Congratulations! You have decided to purchase a condo. Some consider it to be a lifestyle choice. But, there are fewer responsibilities involved in buying a condo than a house. Condos are usually available in urban locations and are relatively affordable.
Once you’ve made up your mind to invest in a condo, there are few things that you should consider. Here are some of the factors to consider when buying a condo.
You won’t live in your condo for your lifetime, right? You must consider a long-term resale value. Moreover, you must also look if there is any development planned that could increase the property’s value. Look for the spectacular view. Hence, location is a very vital thing to consider when buying a Charan Condo (คอนโดจรัญ, which is the term in Thai).
Everyone loves that extra add-on in the form of amenities. The amenities can include a swimming pool, gym, guest house, and visitor parking. Consider all the amenities of the building and if those amenities will be of any use to you. Remember, the more amenities, the higher will be the fees.
Condo does not come with the same liberty as the house does. There are likely restrictions on the residents. The most common restriction is pet restriction. You may be allowed a small pet, or pets could be banned. You might have limitations on the renovation of the condo as well. However, think twice before purchasing a Charan Condo.
Size is the most significant factor to consider when buying a condo. Ask about the square foot of the condo. Check if your existing furniture will fit in the new condo. It becomes crucial when you are planning to buy pre-construction as you are prohibited from entering into the Charan Condo.
It’s highly crucial to make sure that there are sufficient provision funds in your account. Generally, provision funds are used to pay for capital expenses like recovering the parking lot, amenity repairs, and roof repairs. You must consult your real estate lawyer for the status certificate to make sure that there are sufficient provision funds.
Thus, condos are a better investment. Unlike difficult times, it can become harder to buy or sell a detached house. Before purchasing a condo, make sure that you get a real estate agent and a loan officer that has a lot of experience in dealing with real estate purchase.