October 2, 2015
A Yuppie’s Guide to Condominium Investment
What better way to venture into the “unchartered” waters of the adult world than by moving out and living independently?
For young professionals who are financially ready to take on the challenge, investing in a condominium may be the first step. With so many developers offering various properties with clickbait keywords like competitive price range, convenience, and unique aesthetic edge, choosing the best condo can be tricky.
Yuppies who want to get the best deal may refer to following tips and avoid making poor investment choices:
Research, Double-Check and Referrals
It’s never a good idea to scrimp on oneself and go for small developers without conducting proper research. Hasty decisions usually end up messy with buyers ending up shelling out more money than what they originally pay for. To avoid this, buyers must be extra cautious. Check out the website or set a meeting with the real estate agent to ask for a tour of the prospective condo. A short inspection for the important and usual “problem” areas like the kitchen and bathroom as well as lighting, electrical and plumbing system is necessary.
Another way of getting a good condo unit would be to ask referrals from friends and family. Their own experience will help buyers distinguish good developers.
Financial Consultation from an Expert
Financial advisors can clarify a multitude of finance or budget related questions when acquiring the condo. These professionals can help point out what buyers want and what they can expect from their investment. A financial advisor can walk buyers through the whole process by helping know the difference between capital appreciation and income approach. Property taxes and costs of maintenance are important aspects to be talked about. These people can help make informed decisions and give practical and solid advice on specific financial situations and goals.
Once a condo unit has been bought, certain documents must be filed and stored properly. For instance, buyers must secure a copy of the homeowner’s association agreement, also called the covenants, conditions and restrictions, or CC&Rs. These documents can help owner compute for the profability of the unit.