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Things to know before buying a condominium

admin September 10, 2013

There are plenty of choices available when it comes to buying new homes. You might like the grandness of a villa or the no-frills approach of a studio apartment. However most people like to settle somewhere in between and that’s why condominiums have become so popular. Here are some of the things that you need to keep in mind before making the purchase.

Buying a condo

The current real estate market and economy dynamics are perfectly suited for sale and purchase of condominiums. While people are refraining from making the splurge on luxurious villas as a precautionary measure, the developers are also focusing on providing more affordable real estate to maximize their market reach. Thus, buying a new condominium is the perfect option right now. A condo or a flat, as it is known in most developing economies of the world is a large residential complex divided in independent units and sold separately to different buyers. As is evident, there are parts of a condominium which are owned privately while there are other parts which have a common ownership with other residents of the complex.  You can call it by another name, which happens to be much more in use; apartment.

The apartment culture is more popular in urban cities where the residential land is becoming scarce commodity. Owing to less readily availability of residential land and consequently high rates, the working class of the city prefers to buy and stay in an apartment. A condo provides the satisfaction of home ownership without actually breaking the bank. Therefore, if you are planning to buy a new pad but can’t afford a house, a flat or condo would be perfect choice to make.

Buying a condo

Finding a flat or condominium is more or less the same process as searching for a single-family house. If you have an idea about your requirements, the best thing to do would be to take the help of a real estate agent. A realty guy would help you find out places as per your preferences which you wouldn’t have had the opportunity to find by yourself. An alternative would be to check the listings on various online real estate classified sites or newspapers. You can find many killer deals on these sites.

When buying a new flat, besides the usual sales contract you are bounded by another agreement that the builder or residential complex owner has with you regarding the use of different common amenities and areas of the complex. Before you sign the final contract it is good to go through the entire contract to avoid a catch twenty situation later on. Let your real estate agent help you with the finer details of the contract.  Ask questions from the residential complex owner about everything that pertains to the usage of condo facilities. This is important to know whether the condominium suit your lifestyle or way of living or not.

Benefits of a condo

There are some obvious benefits that a flat or a condo has over individual single-family homes. You live in closely knit society of flat owners who are bounded by similar contracts, sharing of resources and follow similar lifestyles. From a purely monetary point of view, the price rise on condo is slower as compared to other dwelling types and thus they are more affordable. When it’s not all about money, owning a condo can also free you from worries like electricity supply, water supply, parking and so on, as all these are taken care of by the developer.  Besides, you can treat your condo as a vacation retreat by buying it in a place that you frequently visit for a yearly or quarterly getaway. This way you will save from spending thousands of bucks on hotel and would enjoy the privacy of your own home.

About Author:

Delhi born Saurabh Tyagi has a penchant for writing, which he discovered early on in life. He likes to put pen to paper every now and then for topics such as flat for sale in Noida, serviced apartments for sale and commercial real estate property. . Currently he writes on behalf of a leading real estate site

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