In highly urbanized cities, the percentage of residents living in condominiums are steadily increasing. In Singapore, an almost 18% increase was registered in 2015 from a survey conducted in 2010. Until now, the percentage is on the rise, just like in any metropolitan districts around the world.
The main reason for this housing phenomenon perhaps is convenience. Condominium developers are battling it out for the most strategic locations to build their condos. In this way, the condominiums are always almost in the heart of cities which are very accessible to the city’s important destinations such as the central business area, schools, hospitals, entertainment venues and major road networks among others. Condos can be easily maintained with more affordable prices than landed houses. And not to mention the amenities like fitness gyms and swimming pools that come along with condo living.
Because your condo unit is your residence for the next years to come or even for the rest of your life, any mistake when choosing a condo will undoubtedly cause you regrets for the longest time until you move to another residence. Here are some tips for you to ponder before deciding on which condo to acquire.
Research about the Condominium’s Developer
Know the contractor who is building the condominium, and you will know precisely what kind of condo you will have. When a condominium developer is in the business for quite some time, it creates its niche in the industry. Certain designs and architecture styles can refer to a particular developer, and the difference between condos can emanate from here.
While developers may have different concepts and approaches when it comes to engineering and architecture of a condominium, they should all aim to construct a building with the strongest and most unyielding foundation. Honestly, no one would like to live in a condo that was built by a developer which had a project that fell to the ground after an earthquake with only a 4.5 magnitude on the Richter scale.
Be Attentive of Relayed Information
While on the construction stage, some developers would relay some information about the ongoing construction of a new condominium. This targets people who are looking for condo units, and if they can delay their search until the completion of the building, then it is better for the developer.
In the advanced promo, information is given about the developer, the site of the construction, how to get there, nearby facilities, amenities, and the number of floors, among others. Take note of the floor plan, OLA price list, and the schedule of their showflat. These three are crucial in your final decision.
Be Well-Prepared for the Negotiations
You can get all the stars aligned on your side with a superior negotiation skill. When on the negotiation table, you should bring all your cards with you. Beforehand, you should have studied the prevalent market prices. Argue with them citing flaws that you have seen during the showflat. You may get discounts. If you think you can do a good job negotiating for a lower price, then be prepared. Or else you should find another person with a professional background on this matter.