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Tips on why NOT to buy a condo

You saw an advertisement for a very low priced condo. There are many units available. In fact price psf is cheaper than the apartment you are staying now. Full facilities. Ample parking spaces. You immediately called the agent who said viewing is possible and that the condo is value for money. There are four tips to stop you from buying yhat condo.
Way too many car parks available. Let’s be objective. If this is a secondary condo which has been around for a few years, how can there be too many empty car parks? I am saying this because you would normally view the condo during the evenings after office hours. Perhaps even during weekends. Let’s just say, for me, if I see a lot of cars parked inside, it is better than to see a lot of empty car parks within the condo’s compound.
Dirty environment. You can see rubbish strewn everywhere in the vicinity. This is not a good sign. Either the cleaner has not been paid and has ran away or the type of people staying there are just like that. Either way, do you want to be there for the long term? Rubbish is the easiest to maintain. Are the floors clean? Are the toilets beside the swimming pool in an eerie condition? Reminder, conditions typically get worse and not better.
Only One (1) Guard. There are many reasons why there is just one (1) guard. Maybe another guard is on holiday and the third one is on MC. if this is the reason, why the security company did not send REPLACEMENTS? Today, security is of utmost important. Yeah, some would now say, more guards do not mean higher security. Oh, do you want to say one guard is better than four guards?
Unusable facilities. If the tennis court has some water spots in it, I will tolerate. If the gym room has one or two items which are not usable, I will tolerate. However, if the swimming pool is not usable either due to the murky water or the pool is DRY, I leave immediately and will not continue with viewing. Facilities reflect the condo management. Typically, a weak management may meant many things are not taken care off, maybe due to insufficient reserves.
I am very sure there are a lot of other reasons why you would not buy a condo but for me, even if the price is very low, as long as it failed in any of the 4 items above, I will say No. There are hundreds if not thousands other properties. Do not give up the forest for just one tree. Happy searching, viewing and buying.
written on 4th March 2014
Next suggested article: My first condo buy

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Charles Tan The Founder The Writer Kopiandproperty
Charles Tan

Charles is Founder of kopiandproperty.com He writes from his investment experience for the the past 20 years in investments including property, stock, unit trust and more as well as readings and conversations with many property gurus in the industry. kopiandproperty.com is an independent property blog which is not affiliated to any media company, property developer or even real estate agencies.

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0 Responses

  1. There is no shortcut in getting a good property. The simple way is just keep viewing and eventually u’ll find the difference of the condo.

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