8 things home buyers should consider before buying a condo
06/08/2019 11:51 | Source: Tuoi tre Online
Condo is currently the top trend among single-family home buyers as it is a good way to own a home without breaking budget, in addition to various utilities a condo could bring to its owner. For a first-time home buyer, here are 8 things to consider before purchasing a condo if you don't want to regret it later.

1. Location

Does the condo have a favorable location for you and your family? We are all agreed that it’s not easy to find a condominium with a "soft" price and a prime location, especially when apartments priced under VND1 billion are all located far from the city center. Still, here is the tip to choose the most suitable one.

Advice for condo buyers

Balance your budget and your needs – You should accept the fact that there is no "perfect apartment", just "suitable apartments", then choose the best out of the available options. Also, consider the facilities around the home area like markets, schools, workplaces, etc., along with the traffic flow (does traffic jam occur regularly?). 
A low-priced condo may not worth that tiresome long-distance you travel to work every day

2. Legality

If you decide to “take the risk – save the money” and choose an under-construction condo, then it is essential to give it a legal check. Dig down the history of the project, find out which is the actual responsible for your future home and whether it is a mortgage or not. If the project is mortgaging and you still decide to sign a sales contract, you must ask its developer to provide the related legal documents for your future condo.

In addition to the legal documents of the project, home buyers need to carefully review sales contract. Terms of the contract must be clear, understandable, and include information about service surcharges, payment schedule, and right/responsibility of the parties.

3. Developer

Don’t trust anyone other than yourself – The sellers may “accidentally” forget to tell you about that crack on the bathroom ceiling or overly emphasis its modern lighting system, all for closing the deal as fast as they can. Therefore, it is at your own good to verify the information as well as finding those “unrevealed truths”, especially those related to the project's developer (its reputation, capacity, and legality).

Go on a field trip to the construction site or asking the future neighbor about their satisfaction with the project. You may be surprised by how useful these small actions are when making the purchase decision.

4. Utilities 

As living in a condo, you can enjoy utilities of the project and the surrounding area like parks, malls, etc. But not all project have these utilities, especially the small and medium-sized projects.

Advice for condo buyers
Utility and facility is one of the vital factors that affect the purchase decision of homebuyers.

Moreover, home buyers should also pay attention to internal facilities of the building, which are elevators (How many elevator does the building have? Their speed?), emergency exit (Does it still functional?), etc.

The construction density is also one of the top concerns for home buyers. The average density for the condominium project is 8 units/floor. If your future home has a higher number, it might lead to inconvenience in using facilities and overloaded situation. 

5. Security

Safety and security is the first priority when buying a home and should be taken into careful consideration. Does the building have a proper security and fire protection system? How does the developer manage the building? Is the alarm system still functional? Ask the seller these questions or go on a “field trip” for more accurate information.

6. Parking lot

Advice for condo buyers

According to regulation issued by the Ministry of Construction since 2013, developers must spend at least 20sqm of parking space, including a walkway, for every 100sqm of apartments. However, the actual parking space of current projects is much smaller than this number. Thus, you should take the parking matter (the total parking area, convenience, parking fee, etc.) into consideration before purchasing a condo if you don’t want to walk a long distance to park your car.

Choose a home with a parking lot if you don’t want to walk a long distance to park your car 

7. Price

“Know your enemies” – Having the basic insights of house pricing is the key to effective negotiation. Thanks to technology development, you can now easily access the internet and refer house price online. 

If you have a limited budget, it is common to sign up for an instalment purchase agreement, which a widely offered by developers and financial institutions.

You can also make a bank loan as it could pay up to 80% value of the sales contract. However, it is recommended to have a budget of at least 50% of contract value and monthly payments of 30% to 40% of total income to ensure the affordability.

8. Things should be “off-the-table”

No windows? No trash dispensers? Next to the elevator? These are things homebuyers should say no to when purchasing a condo. The lack of windows may lead to a “cramped and dark” feel in your living space. No public trash dispenser around means that you have to travel a long way to take out the trash every day. Also, if your condo is right next to the elevator, you may have a hard time with all those noise and disruption of people coming out of the lift.

Home buyers should also avoid apartments with distorted shapes as it is more difficult to decorate and a taboo in Fengshui. In addition, the home should be facing the South or Southeast.