Buying the best Condominium unit
A condo is short for condominium, which is a type of living space similar to an apartment but is sold individually and which is why it is regarded as real estate. The question is how you find a good property investment unit? The best way is to do your homework before buying yourself a condo.
Here is a list of thing that you should consider before investing in condominium unit:
- Collect the data of the apartments for sale
You can start you condo hunt by looking at the websites of most important real estate agencies in the city that you are targeting. You can collect all the relevant data from there. Start with least price, location, the area and the name of the condo. You can take help from several online tools for a better and thorough search results. You can even look at Ola EC for more and better option for investments.
- Data for rent
Repeat the same process and collect all the ads of apartments for rent rather than sale. You can collect that data regarding monthly rent and annual increment in rent as well.
- Compare both rent and sale options
Now with all these details compare both of these details. You can now evaluate all the pros and cons of these condos that you have listed.
- Aggregate all data
Now is the time to aggregate all this data that you have collected and compared. You can look at the data and find out the average sale price, average area for sale and rent, and the average monthly rent as well.
There are several tools online with which you can calculate the sale price per square meter, monthly rent per square per meter and monthly rental yields as well.
As you are ready with all these details you can see what are your best options and what they has to offer to you. You can now choose from a list of high rated condos with best profitability.
- Review all the ads from top condos manually
As this search process is really fast and helps you find good investment opportunities as well but the fact that several important facts gets left out in this process can’t be denied.
As you are ready with your selection you can now begin manual research. You can take a look at the detailed analysis of the site and apartment. Cross-check all the facts and try to figure out why this is best option in the market.
Moreover there are several questions that you should ask yourself before buying or renting a condo.
- What are the lender’s requirements?
- How long do you plan to stay?
- What is the rental cap?
- Are there any litigations on the building?
- Any recent or upcoming assessment of the building?
- What are HOA fees and what do they cover?
- How active and accessible is HOA?
- Do you plan to manage the condo yourself or you will hire a management company for that?
Also make sure that you verify the rental rates of the specific area.
Owning and maintain a condo can be daunting but if you get a hang of all the management and process. You can look at several option for investment on Ola EC as well.