Things to consider before opting for a condominium
Buying a condo is a good investment but watch out for some pitfalls. Photo by Shabibah Nakirigya
A condominium, or “condo” in short, is a privately owned individual unit within a building of other units. Condo owners jointly own shared common areas, such as pools, garages, elevators, outside hallways and gyms, to name a few. While condos and apartments are typically similar they differ in ownership.
An individual can purchase a condo, as you would a house while apartment units cannot be purchased separately. Instead, apartment buildings typically have one owner, with units leased to individual tenants.
Condos have advantages such as minimal maintenance costs and resale value, among others, that have made them popular to Ugandans. But before joining the condominium bandwagon here are things you should consider.
Establish ownership
Elvis Mugwanya, a property manager, says before buying a condo first do research about the rightful owner. Because of their ability to sale easily, condos tend to exchange ownership quite often, a fact that is known to many fraudsters.
“One of the most important thing you have to do before making payments is to look for the rightful owner of the property and have clear agreement with them. As a buyer you should review all financial records from the seller especially recent property taxes. Make sure all the bills and receipts are cleared before signing the agreement,” Mugwanya advises.
Mugwanya adds that because condos tend to have a number of complicated laws and regulations the buyer should carefully review the blueprint to determine what is covered by the seller to avoid more costs, especially with the authorities.
Terms of payment
He also advises that the buyer should be clear on the terms of payments; how much and for how long.
If it is a loan you have to be sure that the terms and conditions of the seller will work along with the loan process.
Property managers always want their percentage immediately after because terms for borrowers are similar to those who seek loans and it can be difficult to know that you have cleared your payment and then they come for their commission.
Consider design
Building have multiple designs and they differ in attraction, so you have to consider the layout if it is in your style and fashion. Some people do not mind the designs as long as they get what is similar to their dream house.
“You have to consider the main areas in the house such as the bedroom and sitting room. If you are on the upper floors make sure you are in position to get natural light. I always advise my clients to avoid rooms which are in dark corners or extreme end,” Mugwanya remarks.
Because condos are usually governed by an independent body, they tend to have restrictions terms of renovation and additional decoration depending on your styles. This is one of the things that makes condos different from other types of homes. Where you can renovate your home to suit your wishes, condos often prohibit certain developments.
There are also restrictions on what a property can, and cannot, be used for. Residential condos generally cannot be used for commercial purposes even if that is something as simple as a “home office”.
However, many have now added restrictions specifically related to short-term rental arrangements.
“Before buying look through the restrictions because the rules will guide you on whatever you want to put in place, even the colour of your outdoor matters,” he says.
Location
Juliet Asiimwe, a property manager, says before buying condominium consider its location and if it is favourable for your daily routines, you should know how long will take you to reach your work place, church and school if you have children. When you buy a condo, there will be particular places around your complex that might be important.
Some look for proximity to entertainment centres, shopping malls while others look for amenities such as hospitals or schools for their children.
Many people prefer waterfront, others want to be closer to the airport because they travel a lot. The more places around your condo that appeal to potential buyers, the better the chances that your condo will be high in demand when you are ready to sell.
