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Smart Money: 4 Key Pointers to Consider when Buying a Condo Unit

high rise condominium buildingMany people today are considering living in a condominium for many reasons. Other than the fact that most projects are being managed by world-class contractors and developers, living in a condo has become a practical choice for anyone. With so many options available, particularly in the metro, choosing a condo unit can be a little confusing.

Before sealing the deal, Land Estimate recommends considering the following pointers:

1. Consider the Location

Just like buying any property, the location should always be on top of your priority list. Whether you’re planning to move or you’re making an investment, the location is one of the biggest deciding factors when choosing a condo. Check if it’s accessible to schools, hospitals, shopping malls, and other establishments that are suitable for your lifestyle.

2. Evaluate the Overall Appearance and Condition of the Unit

Checking the photos may seem convincing, but it is always better to check the unit personally. Inspect every area and the materials used. This includes the structure, architecture, electrical wiring, and the plumbing system. This is to make sure you won’t be spending a lot on maintenance or repairs. To be safe, check out the leading contractors and developers in the country. Read online reviews to get more feedback from previous and current tenants.

3. Review the Contract

This is where most buyers get more careless. Before signing any document, it is advisable to review the contract. If you’re not sure about it, it’s best to consult a legal counsel or seek advice from the experts. Understanding the contract should give you a peace of mind on any lawsuit they could charge you. Make sure you have copies of all the documents you signed.

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4. Stick to Your Budget

Never settle for just one option. Maximize and study your choices. Set a realistic budget before looking for a unit. Compare the prices online so you would know what to expect. Knowing the market value in every area would help you determine the baseline when negotiating the price.

Getting a condo unit can be the best choice for you or your family. You just need to do your homework to make sure you’re getting what you paid for.

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