With the rich history, the Sophia Hills condo will make the perfect house for you & your family. All along with great facilities, 493 units in condominium are very well designed as well as fitted with latest fittings and designs. Functional and Spacious in the design, Sophia Hills will meet all your needs as the close proximity to the things that really matter. Condos have now become the popular type of the real estate ownership especially among the first time buyers. Not do the Sophia Hills condos appear to be very affordable choice for the home ownership but they as well offer the low maintenance way of living. Have the lawyer review financial situation of condo and then you may decide if maintenance fees are ideal.
What is the Condo and what must be considered when buying one?
Term condo refers to the type of the home ownership & not style of the building as people think. This kind of the ownership will allow owner to own specific unit in the building and owning share of common property, like hallways, lobby, recreational facility, gym, etc. The condos give home owners several benefits over free hold property, like affordability and low maintenance lifestyle. The monthly fee, called as maintenance fee is been paid to condo corporation every month to cover the building costs like ground maintenance and at times your condo utility bills. Every month part of maintenance fee is been contributed to condo’s reserve fund. Let us take a close look on what you must consider while purchasing condo unit.
Down Payment – Think how much you may afford down on a condo. Anything below 20% of purchase cost should get the mortgage insurance. Larger the down payment, less interest you will pay over life of the mortgage.
Cost – How much you can afford and what’s included in price of condo unit? Are the utilities extra? Does condo come with the parking spot or locker and if is there extra price to them?
Suite & Floor plan – Is unit layout practical & will it be simple to arrange the furniture? Where on floor is this located? Is it close to noisy garbage shoot and across from the high traffic elevators?
Location – Is condo located in the convenient place for your convenience? Is it close to your place of the employment, gym, shops, public transit, highway and other?
Reserve Fund & Condo Corporation – The lawyer will review status certificate in order to know if there’s upcoming cost and increase in the maintenance rates scheduled.
Future value – Is condo unit and location good investment? Is area up & coming?
Building amenities and Common Areas – Does condo unit have any amenities that you’re looking for like gym, recreation room, pool, guest suites, etc?
The condos are the best alternative to the freehold living in case you’re looking for the convenient and affordable lifestyle. While searching for the perfect condo, take above in consideration. So, happy condo hunting.