A lot of potential homeowners across the country are going for condos over private homes for various reasons. One of the reasons is that they are cheaper to purchase and easier to maintain as compared to private homes. My Grand Park Village is the latest condo in the market. You should learn more about this listing before buying. The truth is that there are various factors to consider before you finalize a deal on the condo.
The Reputation of the Developer
You have to check the reputation of the developer. Has the company or developer developed other properties in the said area? What to do owners of the said properties say about the developer? Also, you need to find the general market opinion about the given developer. This does not have to be difficult to ascertain. In fact, a few visits or phone calls to the brokers should offer you an idea.
Condition of the Condo
You have to check the resale value or livability of the condo. If you want to purchase a condo as a property investment, you have to consider its condition. You need to understand that a cheap property may not make a good investment or buy, particularly when it is in a dilapidated condition. The aspect gets exemplified if the building is in poor shape or desperate need of repair. The perceived value of the condo will get down even if the inside is supreme. Therefore, you should thoroughly inspect the condo before you finalize the purchase deal.
Percentage of Owned and Rented Condos
This factor is quite important and it will have an impact on the market value of the condo. When the percentage of owned condos in the complex is higher, it’s market value is equally higher. Thus, assuming that the condo is a complex with 50 units, 40 are owned and 9 rented, then the 50th condo you will purchase will have a better market value as compared with other units.
Past Performance
This is another important factor to consider when purchasing a condo. If the condos in the complex have been sold in the past, what were the prices? Do the prices match those of other condos in the area? That will offer you an idea of the feasibility of purchasing a condo. It is a good idea to find the average duration each condo takes before it is sold. If the condos take a lot of time to sell, you should rethink your purchase.