Making investments is one of the hardest decisions that people face in their day to day lives, including making the decision to buy a condo. A condo, otherwise known as a condominium, refers to a unit within a shared property. There are a plethora of condos in Pattaya that are ready for sale, which in turn makes the buying process even harder, but fret not! So long as you take calculated moves before buying any of the condos, then you are good to go. Remember, buying a condo is a big investment, and you do not want to mess it up or end up being conned in the process. With that said, here are a few tips that will help you purchase your first condo;
- Know what you want
What are your expectations? This is the first thing you need to ask yourself before taking the plunge. Everyone has their own tastes and preferences, even when it comes to matters to do with real estate investment. As such, be sure of the type of condo you want in terms of its size, design, location, and so on. This, as a result, will help you have an easier process while searching for one since you will know what you want from the get-go.
- Find a reputable real estate agent
Working hand in hand with a real estate agent while looking to buy a condo is perhaps a good decision. For one, it makes your search easier, and secondly, you will be working with someone who knows the ins and outs of the industry. As such, they will be in a better position to advise you if the condo you are eyeing is worth it, or you should consider other factors. However, you need to be very particular when choosing a real estate agent to work with. Keep in mind that the real estate industry is one of the most booming sectors hence being a target for many conmen. Therefore, ensure that you do a background check before trusting any real estate agent. Gather referrals from others as well as read online reviews about them before trusting them with the job. Find a real estate agent who has enough experience on the job and are known for their impeccable services.
- Come up with a budget
How much do you intend to spend on the condo? The money factor cannot be ignored when it comes to such an investment. As aforementioned, there are condos of different types, and they all come with different price tags. As such, it is imperative to have a budget beforehand, which will be a guiding factor while looking for the condo to buy in Pattaya. Different condos have different price tags depending on several factors such as the size, location, amenities, and so on. But the good thing is that with a well sought out budget, you can be able to find one that fits you best and has everything that you need. Also, having a budget will make it easier for your real estate agent to show you properties that match your budget accordingly. You can check out cornerstone real estate agency, which is one of the best in Pattaya and get to see some of the condos that are available for sale.
So much so, be sure of the type of financing you will be using to buy the condo, will you be taking a mortgage? Paying cash all at once? The type of financing you choose will depend on your financial capabilities as well as your future plans- choose wisely!
- Factor in other costs
There are quite a number of costs associated with buying a condo. Besides the amount that you are required to pay for the condo, you might find that there are other additional charges to it, as well. For instance, you might require to get a lawyer for the legal processes of owning the condo or even pay some association fees, which might be monthly or bi-monthly depending on the policies. It is, therefore, essential to have this in mind before making your final decision. Also, find out if there are other hidden charges for owning the condo. Remember, buying a condo is a long term investment, and you do not want to buy one only to find out that you will part away with more money than you had budgeted for.
- Understand the rules
In as much as you will be the owner of the condo, there are still some rules of the property that you have to follow as well. Remember, you will be the owner of a unit among other units on the building. And this means that for you to be able to leave in harmony with your neighbors, then some rules have to be in place. If you are a pet lover, find out if they allow pets or not. If they do, seek to find out what kind of pets are allowed. Also, find out about other rules such as if parties are allowed, if you can park more than three cars, if your visitors can access the shared amenities, among many others. If you find that you can live with the rules, then you can go ahead and purchase the condo.
- Find out how the neighborhood is set up
Another important factor that you need to consider is the neighborhood- how is it? Who are your neighbors? Is it safe? If you want a silent space where you can get to do your work without any destructions, for instance, then it is best to buy a condo that is in a quiet location. Find one that does not allow loud house parties all day and night. Also, getting to know the people around you will help you see if you will be able to live there or not. Remember, your neighbors can make your stay peaceful or totally miserable.