Everything You Need To Know About Buying Apartment In A Condo

A condominium is a building or a complex of buildings whose private ownership is exercised on an individual or family basis. What all condos have in common is that they share specific areas such as patios, garages, tennis courts, swimming pools, recreation rooms, or gyms.

Owners pay fees to an administration, usually comprised of elected owners and/or a private company, who hire gardeners, maintenance staff, pool cleaners and other professionals for anything that needs to be fixed or repaired.

Likewise, within the functions of the condominium administration will be publicize and enforce the coexistence regulations.

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Characteristics of a Condominium

Life in a condominium is associated with a series of considerations related to sharing spaces with neighbors, complying with regulations, sharing expenses and schedules, and consensual security measures.

Factors to evaluate to decide on a Condominium

Condos are often ideal for people who want real estate but don’t want to worry about landscaping and general maintenance or security. Condos tend to be better built and maintained than rental residences and generally have a fairly attractive amenity package.

The advantages of living in apartments for sale in Gurgaon are varied. They are often well-designed, have functional spaces, and are generally strategically located near shopping centers, schools, parks, and areas of interest.

Buying a resale or presale apartment requires that you have a good understanding of the advantages and disadvantages of both options. These two options are the most popular among buyers, but there is also a third option today, assigning a pre-construction contract.

Advantages of buying an old apartment

  • You can see what you are buying. You don’t have to imagine what it will look like from a floor plan.
  • No waiting, you can move as soon as you close the deal.
  • You receive your documents and close before the notary.

Advantages of going for a Pre-construction purchase

  • You will be the first owner of the unit and can customize certain things, like appliances, cabinets, and flooring.
  • Pre-construction condos tend to start at a lower price due to the risk of the project being delayed or even canceled.
  • You may be able to pay the builder a series of fees and have time to accumulate the full purchase price.
  • The initial deposit may be 20-30 percent of the purchase price with negotiated installment payments.
  • Builders generally do not charge interest on the unpaid portion of the purchase price if their payments are on time.

Purchase through a rights session

The above are the two main ways to buy an apartment in a condo, but you should also know a few things about this third option:

  • Buy a contract from someone who has purchased a presale unit, rather than directly from the builder.
  • The owner of the first contract closes with the builder in the same instrument where the second buyer acquires the property.
  • The developer must accept the transfer of the sales contract, and the first contract holder and seller must pay the corresponding costs and taxes.

Both preselling and reselling have their advantages and disadvantages. The outcome will depend on your preference, your budget, and the amount of risk you want to take.

Before deciding, it is a good idea to consult real estate agents in Delhi to guide you through the entire process.