If you are looking to occupy a major spot in a famous city like Singapore, you should consider practical options like the executive condos designed by Rivercove Residences EC floorplan. With this, you will get the full value for your money, although, you will have to create some spaces and pay at a higher price rate, you will be compensated with some incentives like facilities, dining area, activities, transport system and create the best route to your workplace. Listed below are some essential guides for first-time condo buyers;
– Get to know about the various kinds of ownership. As we have numerous varieties of buildings or apartment, we also have various kinds of legal ownership – such as freehold, leasehold interest, joint tenancy and tenancy-in-common.
– Get some professional help. Hire a qualified lawyer or real estate agent who is acquainted with condos that can assist you in navigating through the market thereby reducing risks.
– Compare the prices of different condos. The number doesn’t reveal the full details – you should find out the features covered by your monthly budget.
– Know the laws and regulations guiding your province. Each province has its unique laws as regards condos purchase and acquisition (Visit your province’s website to find the Condo Act.)
– Get yourself acquainted with the rules, regulations, and bylaws. As mentioned earlier, endeavor to know the rules guiding the purchase of condos. Remember, they will assist you in getting the best deal.
Furthermore, since this is your first time buying a condo unit, it can be easy to commit mistakes. Here are the most common mistakes that you should avoid in the process of choosing the right unit for you and your family.
- Not checking the background of the developer
It is imperative to check the background of the developer, especially that it’s your first time buying a unit. It is easy to fall in love with the physical attributes of the condo unit and ignore the underlying issues that can cause headaches in the long run. Do your own research and track the record of success by your developer. If there are unresolved complaints from the residents, you might want to find another developer.
Property buying is a major investment. Hence, you need to get to know your developer first before you pull out cash and sign the contract.
- Prioritizing the physical attributes
As what we’ve mentioned above, perhaps the most common mistakes of first-time buyers is that they tend to prioritize the physical attributes of the unit above anything else. While it’s great to live in a luxurious unit, it would be rendered useless if you can’t sleep well at night because of the noise brought by the traffic or your neighbor’s stereo that keeps on blasting loud music all night.
You need to make sure that it would cater to your family’s needs. Not too big and not too small. If you have children, you should choose a location near any educational institution. Furthermore, you need to make sure that the condo is just minutes away from the hospital especially if you have a family member who suffers from any chronic diseases.
- Ignoring the on-going costs
You must be aware that the expenses don’t end once you have fully paid the property. There are lots of on-going costs, depending on your care. It should be paid monthly, especially the maintenance fee. Make sure that you do not ignore these on-going costs because you will add it to your budget. Luxurious condo units have a maintenance fee of up to $1000 per month while typical units can only reach up to $200-$300 per month.
- Not working with the real estate agent
Say, you have hired a real estate agent, but if you tend to rely on him on everything that needs to be done in buying a condo unit, you might as well give him the permission to choose the unit for you. Even if you hire an agent, if you don’t work with him accordingly, you cannot assure that you’ll buy the property that can cater your family’s needs. Do not be a yes-man and do your own research as well.
Buying property, especially a condo, it not done overnight. There are lots of factors that you need first to consider before you buy the right condo. Since the real estate market continues to expand, make sure that you equip yourself with enough knowledge in buying condo units and property investment.