Condominium Development Checklist: Fill & Download for Free

Buying an asset needs some thinking. Avoid your impulses taking over and think things through. Before buying a condominium unit do a checklist of things you need to know. Here is a list to start you on your way.Purpose (Live or Invest)Affordability (Can afford or Cannot afford)Location (School or business districts)Environment and neighborhood (inside and outside the condo building)Other Condos (Others that have the same features and amenities)Developer reputation and track recordPrevious owners (history of legal complications)Condominium design and floor densityAmenities availableAdministrative servicesMonthly association duesAssociation rules and regulationsParking (if you have a car)ContractCheck all of these and if you find that you can afford to buy a unit, make a list of your choice and visit them all and get a feel of what its like to live in a condominium-type residence.

Good Question! Let me try to define all the factors affecting apartment prices:Property location: A property resides in a physical location. Some areas are simply worth more than other areas. You cannot expect to sell your apartment in a rural area at the same price as apartments in City Hall. You can price it that way, but whether anyone values your property as much to buy at your price is very unlikely.View: One of the first things that potential property buyers check out when visiting a place is to take a look at the view. A property with great unblocked view will have a higher value than one with a blocked view. Nobody likes to look into neighbours’ kitchens every time they take a look out of their balcony. This is also a reason why condominiums with a sea view or lake view has a higher demand and usually fetch a better price than those without. If your property has a good view of fireworks every National Day or New Years Day, remember to tell a potential buyer that to increase the perceived value.Floor level: The level your apartment is at is related to the view. It is generally accepted that the higher floor an apartment is at, the price increases as well. There are instances when prices go down when level go up. Usually it concerns 4th floor or 14th floor as Chinese superstition associates the number 4 with bad luck. Practically, a higher floor will also be less noisy, more windy, better air, lesser insects, etc.Take note that if the floor is just above a condensed tree, you could be in trouble. Although being above the trees may give you a better view, some clusters of trees are packed with birds and can make each evening a nightmare for you. If you are selling such a unit, don’t arrange buyer’s viewing during hours where you know the birds are most active.Amenities & Accessibility: It goes without saying that property hunters are willing to pay premium price for location with great accessibility and amenities, The best example for this is the proximity to subway stations which is a big item in most buyer’s checklist. It does not seem to matter even if the subway station is at the extreme end of the transit line. As long as it is near a station, it is going to command a pretty good price. Closeness to shopping malls and supermarkets will also offer a great convenience to potential buyers which translates to higher perceived value.Neighbourhood: What is situated around your neigbourhood can also have a great impact on price. Close proximity to a good school can be attractive to buyers willing to pay a high premium. Buyers may also be very willing to pay a premium price if there is a place of worship nearby that they frequent. Not only does what is available in your neighbourhood now impact price. What is planned for the estate in the future will also play a role.Nearby transactions: Recent transacted prices in the neighbourhood on comparable properties has long been used as a reference to what your property could be worth. If a similar apartment on the next block is sold for $1m, no one would fault you for pricing your apartment at $1m as well. Do remember that just because an opposite apartment sold at a good price does not mean that you should ask for the same price. The opposite apartment could have better facilities than yours or be a shoebox apartment. Or it could be freehold while your property is 999year leasehold. There are many factors at work and a lot of times the value that you think your property is worth is just your own perception.Facilities: One of the reasons why households are upgrading to private condominiums is the availability of facilities within the development. This means they no longer have to travel to the public swimming pools and gymnasiums, etc. Security and exclusivity are also factors why people are willing to pay more for added value. Properties with facilities are priced higher than those with less or no facilities.Layout: Everyone would like to customize their own homes the way they want it. When the layout and shape of a property makes it difficult to customize for the buyer without extensive construction work, it could be difficult to sell at a high price. Buyers will inevitably take into account the costs involved in construction and renovation. The “morning” and “afternoon” sun is also becoming a common factor that buyers look for. This is something that requires a heavy load of works to change.Physical state of the property: This relates to the layout of the property. When extensive work is required for roofing, sewage, flooring, etc, they buyer is looking at a hefty repair bill. This is a sign to a buyer to ask for a lower price and his perception of value decreases.Plans for the estate: Even a first time home buyer now can recognize that what will be built around the surrounding estate will have a huge impact on the property price. Just that this impact is difficult to measure in numbers. You don’t have to go through a $5000 property workshop to learn that a property built beside a location where a future subway station is planned can fetch a good price. To learn more about master plans, check with the local authorities. If you are a real hardcore in property watching, sign up for the professional services that aggregate market data.Hope it clears your confusion.