Top 5 Criteria to Consider before Buying a Condominium

25/09/2018

Supplies of condominiums in Hanoi and Ho Chi Minh City are increasingly abundant, meeting diverse needs of buyers. However, lots of first-time home buyers do not know specific criteria for a condo.

In the radio program “Beautiful House & Expert #3”, real estate experts Giap Van Kiem pointed out the top five criteria buyers should pay attention when choosing a condo: 

#1 - Product quality

Landed houses can be rebuilt quite easily. But if you’re considering a condo, you need to care about its quality as the most important criterion. If you buy a bad quality condo, you have only two choices: accepting it or sell it to other. No renovation. No change. Even if the error is not so serious, you also face many difficulties in fixing it. You have to get permission from the management agency. It will take you a lot of time and money. In addition, quality of a condo is assessed through many other systems such as elevator, fire protection, electricity and water, structure, and so on. Buyers should view the list of materials, information of contractor to know more about quality of the potential condo.

#2 - Public facilities

With each condo project, buyers should consider what amenities it offers, for example, schools, hospitals, swimming pools, playgrounds, walking paths, etc. The more facilities the project offers, the more convenient your future life is. However, many developers only advertise these facilities to catch buyers but not fulfill their commitments. Therefore, in a purchase of condo under construction, customers need to select reputable developers to ensure the project’s facilities.

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#3 - Management board

In Vietnam, home buyers typically pay little attention to management board of a condo project, and this is a big mistake. In recent years, there have been many disputes between residents and management boards, with the most popular issues related to maintenance fund, service fee, etc. Therefore, when buying a condo, you need to know who manage operations of the condo building. Are they professional? Have they ever had any dispute with residents in previous products?

#4 - Price 

After making a shortlist of high quality projects with good facilities and profesional management boards, home buyers should consider if the condo price is appropriate for their budget. In addition, buyers also need to compare the intended condo with the same one in the area. If the price is too high without reasonable reason, you should review it carefully, especially investors who want to ensure that the property is profitable.

#5 - Location

Consider distances from the condo project to your workplace, schools of your children, advantages or disadvantages of routes you have to go through... If the location is far away but transport is convenient, you can choose the condo. It is also necessary to look at some infrastructure projects, which can change the current situation. For example, in the next few years, is there any additional route to solve the current congestion situation?

Ngoc Suong