What You Need To Know Before Buying An Apartment

Sometimes buyers and sellers exchange their own personal contact information in case there are questions after closing. Once you’ve narrowed down your search, it’s time to get into the details. Some apartments have strict rules regarding rentals and you need to know them in advance.

Some condo developments have outrageous condo charges due to mismanagement of funds or major repairs that have recently been completed. At Smart Service, as a leading property management company in Thailand, we appreciate the challenges you may face. For example, we give our customers a lot of advice and we ask them a lot of questions! We understand that there may be factors that you had not considered, so as a professional company we highlight them so that you can make a fully informed decision about which apartment to choose. A new condo development could actually be more of a problem, especially if the building was assembled quickly or if corners were cut during construction.

Usually, lawn care, snow removal, and maintenance and cleaning of common areas are included in the fees you pay each month. But be sure to ask, as there are no specific requirements for what a partnership must pay. Also, a real estate agent who is familiar with apartments in your area will know which ones may have problems and which may not, so you can choose a good location that is safe and comfortable in the long run.

A well-managed condo community will be happy to share your financial statements with a potential buyer. It is important to know when purchasing an apartment that the community has a large claydence still road amount of reserve funds in case a major repair is needed, such as a roof replacement. Ask the community how the association contributions are distributed and wherever they are distributed.

The association usually acts as a supervisory board and hires a property management company to handle maintenance, communication with residents and other duties. Buying an apartment can be a great way to immerse yourself in homeownership without worrying about the maintenance that comes with single-family homes and townhomes. Condo residents also often use shared facilities in addition to the condo association to take care of the maintenance of the building. If the partnership allows rental, an apartment may be an investment that generates rental income. If you plan to live with older parents or grandparents, or if you have relatives who are less mobile, a ground floor unit is a better option. If your family member needs a wheelchair to get around, a ground floor apartment will provide more space in the lobby for him/her to maneuver.

If the apartment is not your eternal home, you want to maximize its value when you sell it. But make sure you don’t forget this so that you experience a smooth and fast buying process. In addition, a letter of guarantee from the lender once the financing is approved gives confidence and shows that you are a serious buyer with the means to buy. This means they need to review the building’s insurance policy and review the HOA’s financial statements. On the other hand, those monthly HOA fees can be very high, ranging from hundreds to thousands of dollars in large urban areas.

Avoid apartments that overlook the garbage collection area, parking lots, or other high-traffic areas. This makes your unit more attractive to potential tenants and potential buyers and helps ensure that your unit is quiet and peaceful. This applies regardless of what you plan to do with your device, even if you buy your apartment for personal use. Studios and one-bedroom units are harder to resell and limit their rentals to singles living alone or couples without children. In the city center, where space is always scarce, any extra square foot you can find is an added benefit when it’s time to sell your unit, especially if you plan to keep the unit for rent for several years. There are pros and cons to both options, and neither is inherently better or worse from an investment standpoint.