Are you thinking of purchasing a condominium? Maybe the condominium is located in and upcoming neighborhood, and you think it is better you buy it now before prices start getting too high. Or maybe you are tired of not being capable of painting the walls in your house, and you are ready to take the necessary steps towards proper home ownership. Or perhaps you are ready to downsize your home. 

Despite the reasons, several people enjoy condo living a whole lot. You sometimes get a fitness center or a pool, and a security team and a chance to own a house without having to worry too much about the caretaking responsibilities.

Though there are various advantages and disadvantages of purchasing a condo, it is not exactly the same procedure as purchasing a house. There are other aspects to keep in mind, and it is essential that you know the right questions to ask before buying a condo.

So, what exactly should you ask a real estate agent, your neighbors, as well as the homeowners association prior to buying your condo? Here is a list which you could use as a guide for getting started.

1. What Are The Major Complaints?

What complaints are people airing at condo board meetings the most? Find out how the last few condo meetings ended, or simply talk to current condo owners. In case the association is not quick about repairs and fixes, then it is important you know it before deciding on residing in such a condo.

2. What Is The Management Team Like?  

You will also need to interview the condominium manager (that is; the individual who is there full-time). Furthermore, talk to your future neighbors about the condo management team. Lousy condo management can end up making condo living difficult and tough.

However, some condominiums manage themselves. i.e. they don’t have any property managers, and the individuals residing in such condos often meet periodically to manage themselves. The benefit of this is that it helps in reducing monthly fee, compared to when a condo is being managed by a professional. Though self-management works well in most cases, it is important to think carefully before deciding to move into a self-managed condo. You will be living next door to these individuals, do you want to manage a condo with them as well?

3. What Does The Condo Insurance Cover?

Ensure you get a copy of the condominium insurance policy. Make sure you know what is covered in the insurance, including what it will cost to bring the condo up to date. (In case it is an old building). Furthermore, ensure the estimates for rebuilding are correct, and not outdated or minimized.

In case the insurance policy is confusing, it may be sensible to bring a copy of it to your personal insurance agent, so you could look at it together. To ease the stress of buying a condo, we recommend you purchase condo like the One Pearl Bank Condo which is believed to be one of the best condos in Singapore and in the world in general.