Deciding to invest in a high-rise condo requires preparedness on two fronts. First, you need to be ready financially. Keep in mind that a monthly mortgage is a serious obligation, and you can’t give up halfway through your loan tenure. That would be a waste of money.
Now, if you’re able to pay in cash, that’s not within your realm of concerns. But you still want to zero in on the second requirement: emotional preparedness. Owning a house means you’ll be responsible for its upkeep and repair.
Sometimes, something as seemingly minor as a shower drain that isn’t working will test your patience. That’s most true if you’re busy with your career and other aspects of living. Staying hands-on with home maintenance might prove too much of a chore.
If you got those two prerequisites covered, you’re all set to go house-hunting. To help you with the process, read on for practical tips and recommendations.
Things to consider before buying a high-rise condo
To narrow down your options, here are factors to look into:
- Developer – You have a plethora of options when it comes to real estate developers. And they all promise the same thing: a home that’s worth every cent. However, not all of them can walk the talk, so be careful with choosing the developer to purchase a high-rise condo unit from.
That’s most crucial if you’re signing up for a pre-selling deal. You want to be assured that the developer will be able to finish the project. On top of that, there’s the quality of output to look into. So, research into completed projects and listen to what previous clients have to say.
- Location – You want to live in a safe place. A neighborhood with a low crime rate should be on top of your priorities. It’s important, too, that the location is not prone to flooding or other calamities.
Lastly, you need to look into its convenience. Is there easy access to public transport? Are there sufficient establishments nearby that suit your lifestyle? These factors define the quality of life, so consider them in earnest.
- Growth potential – This is most crucial when purchasing a high-rise condo to resell. If you’re minted, you can pick a project in the heart of a thriving business district. That way, you know your property’s value will never go down. Alternatively, you can choose a location with an excellent real estate prognosis. A property’s value will grow alongside that of the neighborhood.
- Timing – Understand the simple rule of supply and demand. When there are real estate developments happening left and right but not many buyers, prices go down. Such is true during the pandemic, so maximize this opportunity.
However, you still need to consider economic and market fluctuations, as well as the socio-political landscape. Those affect real estate prices, too. The goal is to buy when it’s most profitable.
- Cost – Be realistic with what you can afford. For example, a studio-type unit in a high-rise condo might be the smart investment option for a single, first-time homebuyer. They don’t need multiple rooms, after all. If that’s something you can pull off finance-wise, by all means, go for it. The important thing is you’ve carefully gauged the stability of your income streams.
- Financing options – Again, this does not concern you if you’re ready to pay in cash. For those in need of a loan provider, however, remember that you have several options. These include bank financing, in-house financing, and other providers.
Benefits of living in a high-rise condo
Now that you know the essential considerations for choosing a high-rise condo, let’s get into the benefits of high-rise living. What makes it so special? Why should you choose it over a property in the suburbs or a townhouse within the city?
- Proximity to lifestyle hubs – This is probably one of the major advantages of living in a high-rise. The project’s likely situated in a spot where everything you need or crave is a walk away. Fancy some Thai food for lunch? There’s a Thai restaurant nearby. Eager to exercise and burn the calories you’ve consumed thanks to Thai food? There’s a running trail or park waiting for you.
- Access to top-notch building facilities – Sometimes, you don’t even need to venture out of the building. High-rise living means being privy to facilities such as a gymnasium, a pool, and even spas and restaurants.
Some of these facilities you can use for free as they are covered by monthly association dues. Others, specifically those provided by concessionaires, you’ll have to pay. Even that’s not bad, given you won’t have to spend on gas money and be spared from the hassle of a long and traffic-bound commute.
- Management ease – Owning a house means you’re responsible for the property’s upkeep. The same cannot be said for a condo unit. If you have a leaky roof, for instance, building management will come to your rescue. Public areas in the building, which you’re free to enjoy, are also taken care of by the property’s maintenance team.
- Networking – Choosing to live in a high-rise condo takes a certain kind of personality. Those attracted to high-rise living typically share a similar lifestyle. That’s great if you’re looking to expand your network, whether personally or professionally.
- Fantastic views – Living far above the 10th floor offers you a magnificent view of the city. Every morning, you wake up to a sight beautiful enough to inspire you to make the most out of the day. Before you sleep at night, you are treated to a panorama of city lights that will make you feel like you’re on top of the world.
How to land the best deal
The first order of business is finding a real estate broker you can trust. Crowdsource referrals from friends and family members who have gone through house hunting before—surely, they won’t lead you to a mediocre agent.
Browse through online property selling platforms. See price listings and compare the options at your disposal. Compare online prices to quotes provided by your broker, too. That way, you are assured of consistency.
When it’s time for a house tour, don’t shy away from asking the right questions. For example, inquire about building materials used. If you’re planning to purchase a pre-sold unit, look into the floor plan’s practicality.
Once you’ve made your choice, make a checklist of all essential documents and gather them. Usually, your broker will take the lead here, but it’s still best that you read and understand all papers you have to sign. If it’s possible to seek advice from legal counsel, do so.
Tips for moving in
At last, it’s time to move in. Schedule it on the weekend, so you’re free from work obligations. Make sure to contact the developer and inform them of your plans so they can prepare the unit.
Chances are, your high-rise condo’s already furnished. You won’t need to move in with a lot of heavy stuff. You’ll probably bring in only smaller trinkets, those with sentimental value, into your new home. That is alongside clothes and other personal belongings.
As soon as you’ve settled in, throw a party. Invite your loved ones—start high-rise living with a bang. Just make sure you don’t bother your next-door neighbors too much. And if by then the pandemic’s still ongoing, follow safety protocols.
Real estate investment is a smart way to diversify your financial portfolio. You can rest assured that your money will not stagnate in a bank with minimum interest. Your property appreciates over time, and should you decide to resell in the future, you’re in for good profit. That’s most true for high-rise condos which will never go out of fashion. They will remain prime commodities for decades to come.
Before you sign above the dotted line, make sure you take to heart the tips and recommendations in this article. You will be parting ways with hard-earned money, so you deserve to get the most out of your investment.
Talk with an expert to help you decide on the best real estate investment for you. And once you’ve chosen the high-rise condo of your dreams, do everything in your power to turn it into a space you can call home.