One of the main worries that most real estate investors and property owners face is determining the value of an asset in the real market. Most times, it can be a very difficult task to find out how much these properties are truly worth. It is highly recommended that you seek some form of assistance at Rivercore residences, owing to the fact that they have the required experience and expertise in the real estate business.
Unlike general estate agents, apartment specialists evaluate units most especially on the current condition and some other factors. They have a substantial amount of knowledge of the potential of your apartment as well as the building itself, thus providing you with an idea of the value of your property, in relation to its worth.
There is a different method that can be adopted when you want to go about assessing the value of an apartment. One of the frequently used methods is by using a valuation of the size against its value. When you do a division of the size sales price by the size of the apartment in square meters, you will most definitely get the value of the property.
It is important you are aware of the fact that there are a number of computations that depend on solely on the size. At that point, you would have noticed that similar properties in some cases are with different values. The means that you should not determine the worth of your apartment by relying on the sales of that property.
Looking for the right condominium
There are many reasons why a condo looks like a good buy in the first place, rather than a house. Condominiums have many advantages, but also some disadvantages compared to buying a house.
Another point of consideration is maintenance. In the case of condominiums, exterior maintenance will be the direct responsibility of the Association of Assigned Owners to perform this function and not directly from you, such as when you own a home. In the case of owning a home, there is the pride of owning a property, beyond renting. We must also consider the potential benefits of resale. If the appreciation in the market of real estate increases, so will it be in your condominium at the time you decide to sell.
Ask all the necessary questions to be able to make a good purchase. You can ask questions about the financial condition of the association. If you are considering buying a premiere condominium, to attract buyers the builders probably set the monthly condominium fees very low.
If you are considering buying a resale condominium, ask about reservations. Depending on the age and the anticipated replacements of the building, if the reserves are inadequate a large special tax can be imposed on each owner when an unexpected cost arises. Review the minutes of the board of directors for the meetings of the past six months if you had the possibility to do so, to determine if you are discussing and complying with everything agreed.
Unless it is a small condominium building of five units or less, professional management is a good sign. The cost is usually paid for itself because an experienced condominium manager knows where to get discounts on repairs that are needed from professional managers.
Another question is the time that the professional manager who has been running the complex has had. For example, the longer the term is better. That indicates that the owners of the condominium are satisfied with their services.
From the bank’s point of view
You will find that financing needs will be affected when you get to buy a condo. For example, your lender will include half of the condominium fee, which covers maintenance and repairs to the building and common elements, but more on that later!in calculating the debt at the time of applying for a mortgage. There is nothing comparable when you are buying a single-family property. That condo fee will be added to the monthly expenses you’ll have to carry a figure that always includes mortgage payments and interest, municipal taxes and public services and that higher number will have an impact on the total amount that the lender will approve for your mortgage. Nevertheless,
Before buying a condo in the sky, check out how impressively beautiful the view of your unit is and whether it is legally protected. Are municipal zoning laws, building codes, or environmental restrictions on books to prevent someone else from destroying your fabulous view? Do not pay a premium so they do not damage your eyesight for a couple of years. Never assume that your vision will last forever. Check the future plans of the area, and get written guarantees from the developer.