Things you should know for new condo buyers

Our purposes for buying a condominium vary. Some buy for residential purposes, while others buy for speculation. The latter group isn't particularly concerned, as their goals are clear from the start, so they've thoroughly researched and prepared from the start. However, for the former group, their primary deciding factor may be their workplace location. This could be a bit of a challenge if their goal for living in a condo changes one day, from working in the city center to working in the suburbs.

The biggest challenge is stubbornly staying where they are, as commuting is inconvenient. If they keep their condo, and they can't rent or sell it, it's a huge burden. They have to make new payments on the new apartment and pay off the vacant condo. Therefore, as a guideline for new condo buyers, don't overlook these factors when considering buying a condo.

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Choose a location near a magnet for people.

From all directions, the best magnet for commuting in urban areas today is inevitably an area with a skytrain. Next, it must be near work and shopping areas. Expressways, especially if they have river, sea, or garden views, are especially good.

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Look for projects with increasing value in the future.

While your goal in buying a condo today is simply to live in it, it doesn't hurt to open your eyes and consider future investment as well. Therefore, before purchasing a condo, be sure to do your homework to assess the trend of your chosen condo. A condo's increasing value will also drive up rents, to some extent. The significant increase in value will be attributed to large-scale investment projects in the area, such as the upcoming electric train line and the opening of a new shopping mall.

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Find the lowest interest rates from multiple banks.

Don't underestimate the ability to comfortably pay off a condo loan. The future is unpredictable. Interest is a constant expense. Therefore, before deciding on a loan from a bank, compare at least five banks and apply to at least three to find the one with the lowest interest rates, the desired loan amount, and acceptable terms and conditions without any hassles. Buying a new condo from a well-known brand often offers special interest rates from the bank.

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The right room sizenot too small or too large.

This may depend on your financial means when deciding to buy. But if you can afford it, you should choose a room size that's appropriate. Besides being comfortable for the owner, renting out a unit can also be an attractive option. Generally, a suitable one-bedroom unit size is 28-35 square meters, while a two-bedroom unit is 45-60 square meters.

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Think carefully about whether to choose built-in furniture or freestanding furniture.

This may depend on individual preferences, but to prevent future problems with tenants who may not have the right tastes for the room you've invested in, you might choose to be safe by using freestanding furniture. Don't worry, however, as these days, there are services available to design freestanding furniture that fits any space just like built-in furniture.

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Use social media to your advantage.

It's never a good idea to let your condo sit empty. Therefore, in addition to advertising through multiple channels to find tenants, don't be complacent. If you haven't found a tenant within three months, ask an agent to help you find one. Even if I have to accept a cut of my salary and have one month's deduction as a brokerage fee on the day of the lease contract, I have to accept it.

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Source of the article: REIC