If you're planning on getting a condominium, condo floor plans are one of the things you should consider. The condo floor plan should be considered aside from the price, down payment, location, future value and reserve fund. Before you check the floor plan itself, below is a list of things to consider when purchasing a high rise condo. In the end, the floor plan isn't the only thing you're buying.
Price
You should have a price in mind before calling your real estate agent. You can start going to your bank, find out the amount of the mortgage you can get and figure out the buying price. Do not look at condos that are way higher than the price you have in mind. It is always recommended to look for and buy a condo that is lesser than the amount of your pre-approved mortgage. By doing so, you can still pay for other bills and not compromise your lifestyle.
Dimension
When looking at the floor plan of the condominium you are considering of buying check its measurement. Numerous real estate agents say that the apartment has three bedrooms, when truthfully there is only two bedrooms. They may tell you to break a wall or two to get the 3 bedroom effect. Do not settle for stories like this from a realtor. Try to find out the real story behind each condominium being sold.
Look at the actual floor plan and find out the exact dimensions like the specific square footage of the rooms and find out if the space offered is enough for you and other people who are supposed to live with you. Some realtors consider closet space as actual floor space so double check the listed square footage of smaller rooms such as lofts.
Site
Before looking into the interiors like the condo floor plan, take location into consideration, too. After going through the list, narrow down your selection into 2 to 3 neighborhoods. Also, buy a condo that is easy to resell. Avoid buying condos that are in bad locations such as those that are near factories and industrial offices, and those with bad neighborhoods.
Maintenance Fund
You may ask your realtor if a review of repair fund has been made in the last 5 years. This is useful to find out about the reserve fund of the condominium. For buildings that are 1 to 10 years old, the reserve funds should be 10 percent of the cost of replaceable items such as roads, roofs and tennis courts. Those between a decade and two, it should be between 25 and 30 percent. Those over two decades, it should be around 50 percent.
Insurance Policies
Acquire a certified copy of the certificate of insurance to see if replacement costs are covered by the policy. Check the building ordinance clause in which the insurance company covers the cost of building the condo to the code if renovation has to be done.
Price
You should have a price in mind before calling your real estate agent. You can start going to your bank, find out the amount of the mortgage you can get and figure out the buying price. Do not look at condos that are way higher than the price you have in mind. It is always recommended to look for and buy a condo that is lesser than the amount of your pre-approved mortgage. By doing so, you can still pay for other bills and not compromise your lifestyle.
Dimension
When looking at the floor plan of the condominium you are considering of buying check its measurement. Numerous real estate agents say that the apartment has three bedrooms, when truthfully there is only two bedrooms. They may tell you to break a wall or two to get the 3 bedroom effect. Do not settle for stories like this from a realtor. Try to find out the real story behind each condominium being sold.
Look at the actual floor plan and find out the exact dimensions like the specific square footage of the rooms and find out if the space offered is enough for you and other people who are supposed to live with you. Some realtors consider closet space as actual floor space so double check the listed square footage of smaller rooms such as lofts.
Site
Before looking into the interiors like the condo floor plan, take location into consideration, too. After going through the list, narrow down your selection into 2 to 3 neighborhoods. Also, buy a condo that is easy to resell. Avoid buying condos that are in bad locations such as those that are near factories and industrial offices, and those with bad neighborhoods.
Maintenance Fund
You may ask your realtor if a review of repair fund has been made in the last 5 years. This is useful to find out about the reserve fund of the condominium. For buildings that are 1 to 10 years old, the reserve funds should be 10 percent of the cost of replaceable items such as roads, roofs and tennis courts. Those between a decade and two, it should be between 25 and 30 percent. Those over two decades, it should be around 50 percent.
Insurance Policies
Acquire a certified copy of the certificate of insurance to see if replacement costs are covered by the policy. Check the building ordinance clause in which the insurance company covers the cost of building the condo to the code if renovation has to be done.
About the Author:
If you are planning on purchasing a high rise condo, you should let these informational reports from renowned author, Khase Janison to guide you.
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