Real Estate

What to do and look for before buying a new condo unit from a developer?

The process of buying a new condo is wholly different from buying a resale unit. The developers tend to put new condos on sale even before developing them. The buyer love to invest in the new condos as developers offer them to choose the unit of their choice and develop the condo according to their needs and preferences. The buyers need to be active and alert while thinking of buying a new condo from a developer. It is imperative to clear your doubts and get a clear vision of everything about the new condos.

If the condo developer is professional, he will finalize the date of developing the condo and will tell the buyer about when he can take possession of their condo unit. The buyer must ask about the construction phase and how long will it take to end. It is good to know about the total time that common areas would take to get ready like a rooftop, terrace, balcony, and other shared areas. People who are about to invest in housing can know about the Ola EC floor plan and can book their units before.

There are many things that must be noted, and the buyer must ask the developer before buying the condos which are as follows:-

  1. Parking areas and storage space

Before buying the condo, you must know about the parking area and must check if the developer is developing an area for underground parking. The underground parking area helps people that save their time and money and help them to keep their vehicles safe and secure. If there is no parking area, then you must know that parking areas charge a lot of money for parking the vehicles monthly. It is good to look for newly developed or developing condos that have parking spaces.

  1. Location

The location of the condos that are developing must be near to all the places of interest like restaurants, shopping centers, and more. Location is an important factor that decides the buyer is attracted or not. The condos are mainly developed in an area where there is high convenience to all the necessary places. The buyers must check if the condo units are close to the areas of their needs and preferences to save money and time for traveling to distant places. People must not face difficulty in traveling to long distances to move to jobs or schools.

  1. Contract deposit amount

All condo communities have their principles and way of accepting the money from the buyers. A buyer must ask the developer on what percent of the amount is required to make a down payment and know about the closing date of the condos. Once the buyer has made the payment, the payment is non-refundable and is tied up till the closing of the condos. It is better to know about the closing date and prepare yourself to be flexible as the days may convert in weeks and months.

  1. Amenities offered

It is good to know about all the amenities that will be offered once the condos and condo community is completely constructed. This will help you to know what will not be there and you have to go out to get it. Amenities are one of the most important things that attract buyers. The buyers love to spend more on getting excellent amenities like playgrounds, yoga centers, fitness gyms, swimming pools, and many more. If the developer is providing all such things, a buyer would love to invest in those condos.

  1. Condo fees

The buyer must know about the condo fees that the developer is going to charge monthly for providing the amenities. The condo fees include charges of using the amenities and for all the maintenance and repairs. It is to know about the fees before and know about the overall charges that will be charged by the developer.

A buyer must know about the steps included in buying a new condo from a developer which are as follows:-

  • Financing the condo

The first includes the buyer to apply for the mortgage for purchasing a condo. The lender or the developer will review the documents of the condo board and all the building operations.

  • Insurance

Insurance is mainly done to protect your property from any loss, which may be human-made or natural. Once the condos are developer, the buyer needs to insure their unit and not the whole condo community. The developers tell all the benefits of insuring the condo units to the buyers.

  • Condo board approval

There is a condo board of the condo community, and the developers always want the buyers to give an interview to the condo board for approval of the condo. This helps the condo association to know more about the buyer’s character and their financial status.

The buyers are required to submit some amount of money for booking the new condo units. It is good to know everything in detail and do homework before thinking of investing in condos. You must check out the things that must be cleared with the developer before buying a new condo unit and know about the steps included in finalizing the condo. A buyer must make it a smart move by collecting all the details of the condo developer and know about the closing details of the condo.

Dane
About author

Dane Judd is a creative writer for SBI Marathon. She has been in the industry of communications for 5 meaningful years and counting. Aside from writing, Dane also loves to surf.
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