Dipping your toes in the real estate market can easily be overwhelming. With the large sums of money and big commitments involved, you have to make sure that you’re 100% ready for it. Even if you prefer brand new condos for sale, you still have to be prepared.
Doing a lot of research can boost your odds of getting the best value for your money. However, there are still a few crucial points that tend to get overlooked. It’s a shame, really, as knowing such details can help you avoid unnecessary expenses and make the right choice.
The Smallest Units Have the Best Room for Growth
If you’re buying a brand new condo as an investment, then you should make sure that it has a great potential for cash flow. Aside from the location and amenities of your property, the size also plays a huge role in how valuable they can be.
Experts actually say that the smallest units can be your best options.
In most cases, people base their search on the unit type and not its measurements. So your 700 square foot 2-bedroom can have rental rates at around the same range as a 900 square foot 2-bedroom. The best part is that the smaller unit will cost a lot less and will require less maintenance, giving you a more promising ROI.
They also tend to appreciate at a faster rate than larger units. While the numbers can be relative, with smaller units having lower investment costs than others, there’s no denying that they can be considered as good investments.
Hiring a Real Estate Lawyer will Prove to be Useful
Lots of people, especially those who have experience in buying a property before, think that they can already handle buying a new condo without the help of a real estate lawyer. In some cases, this can be true, but if you’re buying a condo, it’s best to hire one.
It’s one thing to deal with the local government, previous homeowners, and real estate brokers, but it’s an entirely different ballgame with a property developer. This is particularly true if you’re buying a pre-selling unit as there can be lots of changes that you might not agree with.
A real estate lawyer can handle issues like hidden costs, delays, and last-minute changes. They can get you better acquainted with the developers you intend to buy from. In turn, they can also help protect you from the unscrupulous practices that some condo corporations practice.
You Shouldn’t Rely on Brochures and Artist Renditions
Every condo brochure shows a bright, beautiful, and spacious unit but they might not always exactly depict the actual property you’re about to get. Don’t take these things at face value as it’s common for developers to change the floor plan or include outside areas and bathrooms in the marketed measurements.
If you can’t visit the property yourself or if you’re buying during the pre-selling phase, it’s best to ask for the breakdown of the unit’s measurements per room. You can also request for plan details and get everything in writing. This way, you can be sure to get the agreed-upon size of the unit. If not, you can negotiate a lower price or get out of the deal.
It’s true that the real estate market can be one scary place. But if you’re armed with the information you need to protect yourself and your money, you don’t have to stress yourself out too much with the process. Keep these points in mind and make sure that you do a lot of research before you invest in a condo.