All You Pay For Must Reflect In the Value of the Property
When you decide to buy a condominium, you must verify a few details. We have looked at this from various other angles before such as legal, macro perspective just to name some. This article comes to add to the subject and discusses a few other important factors that need be checked when making your purchase.
In many cases, the purchase serves well defined purposes i.e. investment when you look at “buy to let” and capital preservation and appreciation. Or to use the property for your own residence, of course capital preservation and appreciation still plays a role, but a secondary one. Even if it’s for investment only, a good advice is buy and furnish as you would be living there.
- The surrounding area. Make sure you research and are close to interest spots: parks, shopping malls, school, work places, public transportation, highway, hospitals, etc.
- Evaluate the offer. The price must correspond to your financial possibilities, and it must at least be aligned to the price of the area (if not lower).
- The facilities and quality of the building itself. Make sure they all correspond to the levels you pay for.
Now let’s say you found a property that checks these boxes, this is what you need to check next:
- verify that the surroundings contain sources of noise that might be a stress factor for you like: clubs, noisy markets, school yards, ongoing construction sites etc.
- check the vehicle traffic around your new place, it might be noisy.
- calculate your distance to the work place to make sure you will be making good time.
- verify the age of the building and how the management has been effectuating repairs and upgrades. Your unit might appreciate or depreciate in time just because of this factor.
- verify how is positioned on the cardinal points. At the tropics you might want to be facing North to save energy in the summer.
- assess the surrounding area for possible new constructions that can block your view.
- get the information relating to maintenance fees and other hidden costs.
These are just a few basic factors for you to consider in order for your investment to be appreciating and for your new property to feel like home.
About the Author:
Sorin Gligore has more than a decade of experience in Sales and Entrepreneurship in South East Asia, has completed BA studies in Journalism and Social Studies and an MBA in Hospitality, currently co-owning Shambhala Realty Co., Ltd. in Bangkok.