Buying a new property in Malaysia, such as condominium, is not the same as purchasing the new landed property in Selangor. There are several considerations that you need to be taken into account before buying the condominium!
In many real estate markets of Malaysia, buying a new condominium in KL can come at a much lower price than buying a single-family residence. Typically, the condominium is a shared piece of property with individual owners of each unit. Click here to find out more info!
In most cases, the new condos in Malaysia near MRT offer services such as fitness centres, pools and tennis courts. Many people opt for a condo due to its less requirement for maintenance and its community lifestyle of living in a condominium.
When purchasing a condominium for sale in Penang, you must know every crook and nanny of the community. It is vital to understand each community as they will have their own community rules, management company, association fees and amenities that might be different from others.
It is all depending on the respective community, there may be only a handful of condominium communities, but they’re also could be hundreds, so do your research beforehand!
Tips 1: Determine the Right Condo
It is vital to ask yourself before buying your first Bangi new condo, “Should I buy a condominium or landed property? As mentioned above, owning a condo is much different than owning a single-family residence.
One of the main differences between the condominium and single-family residence is the proximity to your neighbours. You may have multiple neighbours’ condos attached to yours instead of your own, free-standing residence.
There are other essential considerations in determining whether a condo is the “right fit” or not, relates it to the maintenance usually included in the association fees.
Tips 2: Know What the Condo Includes
This might sound cliché, but it is one of the important factors as you need to know exactly what the Kuala Lumpur property for sale includes. When buying your first condominium, you need to make sure that your condo consists of a reserved parking spot or additional storage space!
You need to know that the parking space or additional storage is going to be available at the time of closing before you purchase the condo! The last thing that you would want to find out is that you have nowhere to park your car before the end.
Tips 3: Research Maintenance & Management Company
Well, knowing who is responsible for the maintenance of the property is extremely important as well! Having the condo community that is not well-maintained can be quite frustrating can also affect the resale of the condo in the future!
Most of the condominium communities have their own management company. The management company usually will in charge of day-to-day operations. This also includes enforcing the association rules and regulations, handling the finance of the condo and managing the questions from the residents.
When buying your first Rawang house for sale, if you have questions regarding the community regulations, rules, fees or management company is whom you should speak with. Thus, having an efficient management company plays a vital part in whether a condominium community is thriving or not.
Tips 4: Predict Your Future Plans
Predict the future? This might sound a little absurd and ridiculous! It is almost possible to know precisely what would be going to happen in the future, but most people have a plan for their future.
Nevertheless, this should be no different when buying your first condominium. The value of the condo will not be appreciated as much as the single-family residence. Thus, this is why it is vital to have a good idea of your future plan.
If you are planning on remaining in the condominium for ten years, then the appreciation rate is not as vital if you plan on moving in a year or two. Just like knowing that the future will hold for you, it is impossible to know what will be going to happen on local market values in the future.