Tips on purchasing Condominium
Condos, a buyer’s checklist
Condos are a popular option both for buyers looking to occupy or rent out, with a wide variety available in the market, here are a few criteria to consider when making your choice.
1. Purchasing as an Investment vs Purchasing to Occupy
Priorities of buyers looking to occupy the condo versus rent it out will differ.
For example, the handover condition of the condo unit. In most cases, the condo is semi furnished but some projects offer a fully furnished condo as a promotion. Buyers looking to live in the condo may prefer a semi furnished condo, and in some cases where the developer provides a fully furnished unit, the buyer may ask for a semi furnished handover condition at a discounted price. While buyers who aim to invest may prefer a fully furnished option to be able to get a higher rent. However, investors should have a good understanding of the potential rental price for the unit prior to purchasing to consider whether the return on investment fits their requirements.
The location can have a drastic effect on the price. Condos in central locations are likely to be much more expensive compared to developing areas, where there is a better chance of having better unit selections and a lower price. Thus, getting an in-depth understanding on the market trends in different locations will give you the best option based on your requirements. If you are working with the agent, an experienced agent should have this data upon your request.
3. Developer’s Track Record
Knowing the developer’s track record will provide another level of security to your investment. Furthermore, having a trustworthy developer can improve the construction quality, planning and scheduling, financial security, compliance with government law, reputation, and brand recognition.
4. Property Management or Unit Management
A good property management is crucial as you want to ensure the condo is well-maintained. Excellent management can improve the value of the property as well as providing a positive experience for its residents. You can ask the developer or your agent to see who will manage the property after the handover and conduct sufficient research on the property management group. It is also useful to look into the monthly payments for the property management to avoid having any unexpected expenses.
Amenities at the condo can be a huge deciding factor, especially when you’re a buyer looking to occupy. Letting your agent know about the amenities you would like, such as a car park, swimming pool, gym, will ensure you are buying the condo best fit for your needs. Some other important factors to consider is whether the amenities can be used for free (in other words, included in the price of the condo) or requires additional charges. Some buildings also may not have enough parking spaces for all units, so buyers who own or will own a car should double check how the parking units are distributed.
Choosing a real estate agent who has experience in condos can both have your best interests in mind and give you advice and guidance along the way. Whether you’re aiming to purchase to invest or purchase to occupy, these tips allow you to buy a condo best suited for your needs.
For further information on residential sales and leasing services, please contact CBRE Cambodia Residential Team via [email protected] or call +855 95 777 133.