Top 10 New Condo Buying Tips - Important Tips for Buying New Condominiums

Buyer Beware! - Caveat emptor is Latin for "Let the buyer beware". Generally caveat emptor is the property law doctrine that controls the sale of real property after the date of closing.

#1 Buy what you can really afford, do not be tempted to stretch yourself, because like an elastic band over time it perrishes under tension! Factor in all your new commuting costs, local taxes, common area maintenance, sinking funds and closing costs etc.

#2 Obtain a mortgage certificate, makeing sure that you get your pre-approved mortgage commitment with at least an agreed five year interest rate when you commit to buying a condominium.

#3 Be very flexible on your closing date. Don't expect a new condominium project to be finished on time. If it is then consider that a bonus!

#4 Don't purchase an off-plan condominium with the expectation of being able to flip it on completing the purchase or before closing for any sort of profit. The chances are there will be 'insiders' with heavily discounted units that will stop that happening.

#5 Do all of your homework. Compare the price per Sq.M. / Sq.Ft. for new condominiums with resale units in the area.

#6 Don't ever be pressured into making a decision or signing even a proposal document. A 'deal of a lifetime' real estate opportunity presents itself with every new condominium built! They are like buses - there will be another along in a minute or two!

#7 Fully research the history of owners, builder, project management and check out all licences and permits personally. Keep copies of all printed material, brochures, newspaper cuttings rather than spoken material.

#8 Make sure you know the local area that you are buying into. Visit it, during working hours, at the week-end and especilly at night. Commute to and from the area to test the traffic patterns, especially during the rush hours, morning and night.

#9 Make sure all communications with everybody are properly documented, for your own piece of mind. Don't be tempted to rely upon anything unless it is in your possesion writing. If you have any concerns whatsoever, make sure you have these concerns answered fully in writing.

#10 Make sure you keep all E-mail communications. Although E-mail is not usually legally binding as it can be edited, but at least both parties will have a written email trail if any disagreement should arise.

Buyer Beware! - Caveat emptor is Latin for "Let the buyer beware". Generally caveat emptor is the property law doctrine that controls the sale of real property after the date of closing