There are numerous things to keep in mind while investing in a property. Often investors tend to overlook many factors which in turn costs them quite a lot. You can’t afford the slightest ignorance or mistake when it comes to investing in luxurious properties like condominiums. We’ll tell you about the 5 common mistakes that pre-construction condo investors make.
- Buying at the wrong time.
If you want to make the most out of something, you have to do it at the right time. Throwing in huge sums of money on a property at the wrong time is a commonly found practice among condo investors. When buying a Pre-Construction Condo, remember to look out for the initial pre-sales. This is the time when the property will be available in the market for the lowest possible price. If you manage to book your property during its initial sale then you’ve hit a jackpot! After the first sale, builders tend to increase the prices. You should also research about what time of the year it’s best to buy. This can vary according to places so enlighten yourself before investing.
2. Choosing the wrong location.
The location of the property is something that you should never overlook. If you’re planning on reselling your property, you have to watch out for all the factors that determine the property’s market value. Location remains a top priority. Is the property in a good locality? Does it ensure easy access to public transports? Are there necessary amenities close by? These are the questions you should consider before finalizing a property.
3. Overlooking the floor plan.
When settling for a property, you should be absolutely sure of the floor plan. There are two main things to keep in mind while evaluating the floor plan. Firstly, you should go for a good floor Plan design that will not fail you. Secondly, you should track every square foot. If you’re paying for an 800 square foot condo then make sure that you get exactly the same. You can’t fully trust what’s advertised. So break down the design and be sure of the floor plan before investing.
4. Ignoring delays and future planning.
If you invest in a property now, it might still take more than three years for the property to finish construction. When buying, you have to think long term. Even if the condo is for personal use or for reselling, settle on what will best benefit you in the future. Apart from that, don’t settle for delays. If the builders don’t get the property ready by the expected time, then don’t hesitate on asking for negotiations.
5. Not seeking professional support.
A real estate agent can prove to be your saviour in so many situations when it comes to investing in a condo. So if you’re thinking to skip that part to cut back on the costs then think again. Relying on an experienced professional would benefit you in many ways. They would have extensive knowledge about what’s best and what’s not. They might be cautious of every single detail that you might tend to overlook. You can also count on them to negotiate on your behalf.