Buying a condo is an excellent strategy for homeownership, and not be worried about the expenses that come with upkeep and maintenance of townhouses or single-owned homes. In addition, condo owners are free to use the shared amenities and have the CA (Condo Association) take care of the maintenance expenses. You can also buy your condo and rent it out, making a legit income. However, this has to be approved by the association to earn rental income from the condo. Therefore condos are a perfect investment. 

There are many exciting new condo launch 2023 if you’re considering buying an investment property or a home. Finding the right condominium might take a lot of work due to the many options available. But the internet has made it easier for buyers to find the right property. Below is a perfect guide on how to purchase the newly launched condos. Follow the steps to make the right purchase; 

1.     Create a Shortlist of the Properties Available 

Browse different listings available on online platforms and property gurus. This way, you get a list of the properties available, some of which you would like to explore. Such platforms have a diverse inventory of the property you want to explore, including commercial, residential, condos, and even HDB flats. Here you will learn about most upcoming condo launches. Also, learn about the latest upcoming projects and when they’re launching. Find different projects depending and their location. In addition, you can find different properties according to dates this way. You will learn what you have missed since the previous time you checked on the platform. 

2.     Get Pre-Approved

It is a crucial step before you start to go site-checking. First, decide how much you wish to spend and can afford to pay for a condo. It means you have to find a financier or pay with your savings. In addition, if you need more funds, apply for a mortgage. However, please note that a condo mortgage is different from a standalone home loan. This is because condos are a shared type of ownership. Hence they are exposed to higher risks compared to single-owned homes. If you want pre-approved for a condo loan, you have to present a bank statement, assets, debts, and other essential financial details so that your lender can decide the amount to loan. 

3.     Visit the Condo Association

CA and HOAs are crucial associations. When buying a condo, they work hand in hand. When you own a condo, you’ll be required to pay a certain amount monthly, and channeled to the facility’s upkeep and maintenance. It is a shared responsibility among the condo owners. The association body in charge of enacting these rules is HOA. They take responsibility for all the things that would cause you serious headaches. This is after you have found a perfect condo to buy. Make sure the HOA association approves you. 

4.     Get Your Condo Inspected

Before investing in a condo, you need to find home inspection experts. Although it is not mandatory, it’s important. Ensure you find an impartial home inspector to give an accurate report about the condo structure. 

Once you have learned about the new condo launch 2023 and fulfilled the above requirement, the next step is to sign a contract of agreement to transfer the ownership. All parties must accurately draft and verify the official document before signing. The best this is to hire a real estate lawyer to ensure the process is accurately completed.