How To Choose The Perfect Condominium Unit
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Now, this short article is here to guide hopeful home owners and investors choose the right unit for their specific needs and preferences.

Whether the reason for the purchase is for investment, personal use, or business, these 5 elements will surely aid the buyer in his quest to condo ownership:

1. The key is location, location, and location.

When hunting for a new space, this factor should always be on top of the list. It all boils down to the kind of environment the individual prefers, the type of people he is willing to deal with everyday, and his preferred mode of transportation. For example, a condo owner that doesn't own a vehicle may be more comfortable living in a transit-oriented unit. A car owner, on the other hand, is highly suggested to check the traffic density of his target property. Aside from these factors, another matter that investors should consider is the price inflation of the condominium. Of course, other locations may not offer an increase in value as high as prime districts. We will discuss this further in number 4.

2. Price

Before settling on a target unit, try to value your potential investment and your ability to afford it. As mentioned above, condominiums vary in prices and units in business districts tend to be more expensive than other locations. Developers also have various types of payment schemes. So, if a home-seeker chooses to opt for installment methods, he must assure that his monthly income can accommodate the expense. He must also consider the monthly association dues that he has to meet once he gains full ownership of the unit.

3. Physical status of property

A condominium usually has the life span of 20 years and can be extended up to 50 years at max. So, once you have a property in mind, make sure to know its age and check its amenities including the elevators which can be quite costly to replace. This gives you an idea about the period you can benefit from your investment. Aside from the age of the property, a home-seeker should also inspect the building's security and preparedness for adversities such as fires, floods, and earthquakes. Safety is a number one priority, after all.

4. Return of investment

Whether the buyer is looking to purchase a condominium unit for investment or personal use, they can both choose to resell their space and profit from their investment. If this is the case, they have to consider the inflation value of the property. As mentioned in number 1, investing in prime locations can result in higher profit than other districts. For example, an investor who bought a unit in a business district can get as much as 40% return after a year compared to the 10% that other locations can offer.

These are just a few of the important elements that an investor should consider before leaping into the real estate market. If one is still uncertain about their next move, they can also consult a broker to answer their remaining concerns. Happy home hunting!


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