Considering purchasing a condominium? As someone considering buying a condo in B.C., you’ll probably want to maximize an investment chance or opt for a turnkey solution – a hassle-free, budget-friendly option to purchasing a house.
Residing in a condo implies that the space you live in is owned solely by you. So, it might feel a little more independent than usual if you’re living in a house for the very first time.
In the Singapore region, condos often resemble apartment buildings or clusters of townhouses. In a technical sense, a condominium can have any design, if each unit is owned individually, and shared spaces are taken care of by a community group. Below are a few useful tips we suggest considering as you navigate your journey to owning a home:
1: Look for an Ideal Neighborhood
One of the main draws of owning a condo is its high level of convenience.
Considering how well your new location and lifestyle align with each other is important to think about before making an offer. Attempt to outline the usual schedule of a day or week in your life (and that of your partner or family, if relevant).
Do you dedicate a substantial amount of time traveling to and from your workplace? You might be willing to sacrifice some space to live closer to public transportation.
Do you enjoy hosting gatherings at your house, or do you prefer going out to discover hip bars, cafes, and restaurants? Based on your individual preferences, you may choose a residence located among various businesses, restaurants, and entertainment options, or you could prefer a quieter location near your preferred grocery store and adjacent to a main transport station.
Each person has unique priorities, so consider which traits are most important to you. By doing this, you can easily determine which neighborhoods will be suitable for you.
As per best Condo interior designers in Singapore, equally important is to research the upcoming surrounding development projects, particularly if preserving quietness and views are important.
2: Review Community Guidelines and Rules
Condominium owners often have more frequent interactions with their neighbors compared to apartment residents, as they collaborate on shared duties and socialize in communal areas.
This could be a valuable advantage that allows you to quickly establish a feeling of unity. When starting a new relationship, it is important to put in a sincere effort to understand and agree on appropriate behavior, just as with any new relationship.
If you love dogs but can’t have them in a strata home, it’s best to find a property that allows pets. Attempting to negotiate this policy with your new strata is probably not going to be successful, although it may have been worth considering with a previous landlord.
However, if you have allergies, a building with a no-pet policy may be the ideal choice for you! If you are willing to invest some time in researching, you will surely discover the perfect community for you.
Make sure to request a copy of the condo association meeting minutes from the past few months to a year to understand how current homeowners in the strata communicate, handle finances, and address unforeseen issues.
3: Learn about the Benefit-Cost of Amenities
Accessing amenities like swimming pools, saunas, gyms and tennis courts is an important benefit of purchasing a condo. It makes sense that the greater the amenities your property provides, the more you can expect to pay in condo fees. Although it may be accurate for certain buildings, it is generally beneficial to look around and compare prices.
A compact residence in a highly fashionable area might lack some amenities and features yet still come with a hefty price tag because of its location in a very desirable neighborhood.
On the other hand, a spacious structure with plenty of amenities might have cheaper fees as there are more occupants to divide the upkeep expenses. Think about what amenities are necessary for you, and search for the best option that meets those needs.
4: Learn More about the Insurance
The insurance policy for your strata will cover communal areas like the roof, swimming pools, elevator, and more. At the beginning stages of buying, ask for a copy of their policy.
Examine it carefully to understand what is and is not encompassed. Their business policy usually does not cover personal belongings, liability, or upgrades made to the unit.
Typically, when purchasing a condominium, you should secure your own Condo Insurance and possibly Homeowner Insurance to cover personal belongings, liability for injuries, earthquakes, and living expenses if your home becomes uninhabitable due to certain losses.
If you are unsure about what is covered by your strata’s insurance, please feel free to bring a copy of the policy for a review with one of our specialists. We can also offer you a free quote for the specific condo insurance coverage that suits your needs.
5: Learn about the Expenses Related to the Condominium
For a comprehensive understanding of how purchasing a condominium aligns with your financial strategy, request a thorough explanation of association charges.
You must budget for the monthly fees and be prepared for any additional costs not included. These charges may be designated for various purposes, like painting, landscaping, and cleaning.
Repairs and utilities become increasingly complicated and varied as you move from one stratum to another. Part of this money is typically set aside for unexpected repairs and maintenance. Pose many inquiries to enhance comprehension of the extent and boundaries.
The Final Say: Learn about the Limitations Related to Pets
Though it may be hard to believe that buying a condo could be hindered by a pet, cats and dogs frequently interfere with condo sales. It is because most condominiums do not allow any type of pets.
Condo associations often enforce strict rules on the size and type of pets allowed in units when permitting pets. At times, certain specials like dogs or exotic animals may be prohibited, while in other instances specific breeds like Rottweilers, Dobermans, or Pit Bulls may be mentioned.
Another popular method COAs use to restrict pet ownership is by setting a limit on the maximum weight allowed. Some buildings may restrict pets to under 20 pounds, while others are open to having 1-2 or even 3 pets weighing 50 pounds or higher.