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What to know before you buy a condo

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Buying a condominium is one of the biggest investments you will make for your future. You want a return that’s truly worthwhile — not only in terms of money but also quality of life, along with the pride of ownership. Before making your decision, here are the essential things you should know to make sure you get the very best.

1. Define your purpose clearly – Ask yourself why you are buying. Is it for living, investing, or future family needs? Having a clear purpose helps you choose the right type of condo. Don’t get swayed by attractive showrooms or persuasive sales talk. Instead, consider usable space, essential facilities, the number of rooms, and whether the unit size meets both your current and future needs.

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2. Budget and financial readiness – Evaluate your financial liquidity and study the full details of mortgage terms, monthly installments, and additional fees such as transfer and contract signing costs. Knowing the complete picture helps you understand how prepared you are and whether the overall expenses make sense for your money.

3. Location advantages and disadvantages - The location can make or break your condo investment. Look at safety, hygiene, accessibility, convenience for shopping, and the potential for rental or resale value. A prime location not only supports your lifestyle but also adds long-term investment benefits.

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4. Parking space availability – Not all condominiums include parking in the purchase price. Some may charge extra. Make sure to check parking details carefully, as many first-time buyers assume parking is automatically included when it may not be.

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5. Maintenance and common fees – The cost of ownership doesn’t stop at the purchase price. Monthly and annual common fees cover the management and upkeep of shared spaces. Study these fees closely and plan your long-term budget to avoid surprises later.

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6. Quality of property management – Good management ensures a better living experience and preserves property value. Research the reputation of the management company or ask current residents about their satisfaction with services before you buy.

7. Legal and building regulations - Review building rules to make sure they match your lifestyle — such as pet policies, renovation restrictions, or usage limitations. If you are a first-time buyer, consider consulting a legal expert to safeguard your rights and get the most out of your investment.

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8. Unit position and layout - Check the room’s direction against sun and wind, as well as exposure to noise, smoke, or odors. Units near stairs, elevators, or garbage areas may compromise privacy. Whenever possible, choose a room with the best available view for better resale potential.

9. Common areas and facilities – The condition of shared spaces — from the gym to gardens — reflects how well the property is maintained. In completed projects with existing residents, this also shows the management’s long-term commitment to upkeep.

10. Neighbors and community – The people living around you shape the atmosphere of the condo. Research the type of residents in the building. For resale units, it’s easier to observe. But for new projects, consider carefully — you may not want to live in a building where most units are left empty for speculation.

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