Admit it! You definitely feel excited to sign a condo contract! Who doesn’t, right? Especially when you are planning to invest in an Alveo condominium in Quezon City, you are eager to sign the contract immediately for you to move into your condo unit as soon as possible. Well, I bet, you too would feel the same whenever you plan to invest in a real estate.
Signing a condo contract is very important in the process of a real estate investing. It is a document signed by a home buyer, acknowledging the pros and cons when they buy one. Of course, that is also the time when they got to know the real estate policies that they should abide.
However, there are times that it is in the contract signing problems might occur in the later part of your investments. Well, home buyers who rush into signing the contract without carefully read and know what kind of policies that they have, are usually the ones who experience complications regarding with their investments.
There will always be a caveat in signing a condo contract. For you to avoid controversial issues, then you should consider these top 5 things before you sign a contract.
1. Reviewing the basics
Being keen on every word that is written in the contract is a must. You must be very careful when it comes to the spelling, whether there are typographical errors, the spelling of your names, the exact price of the condo unit that you will be paying, what exact unit number and the street address and any other things that are important to consider. Even if it is just a minor mistake, you have to ask your realtor what is it about, to avoid complications of the contract later on.
2. Ensuring the number of people allowed to live in the unit
Before you are going to buy or move in a condo unit, you have to make sure that you know how many people who are allowed to stay in one particular condo unit. If you don’t know any of that, then you have to ask your realtor about it, for you to make sure to that you and your families and/or friends will be able to live with you or not.
3. Using the amenities and other shared spaces
Of course, there will always be an advantage when you live in a condo, using of amenities, for example, is one of the things that you are going to enjoy. However, there are times that some of the amenities are not included in your list. You still have to make an adjustment for you to use and enjoy that particular amenity.
For you to know what kind of amenities that you are going to be used, you have to make sure to clarify the things before using them. Also, you have to review your contract whether that kind of amenity is free or not.
4. Renting out your unit
If you are one of those people who invest in a condo for them to have some exact income, then you have to make sure about the real estate policies whenever you are going to plan on renting out your own condo unit. You should know and understand the pros and cons when you are going to plan such things.
Also, double checking each of the documents of your unit is a must, whether the papers are still intact and/or valid for renting or not. Do not rush into finding a tenant when you know that the documents of your condo unit are still not stable.
5. Making improvement and maintenance
It is a norm and the right of every homeowner to improve and/or renovate their unit. It is their right to make some changes when they don’t like the things that they see inside their home. Of course, before making some changes, it is also your responsibility to make sure that everything will be okay when it comes to the conditions and/or the policies of the condo even if you do some changes in your own home.
These are just some of the tips you should do before signing a contract. Of course, it is always your call whether you will go over to the contractor not before signing it. Well, if you don’t want to have any problems later on, then being keen and careful in everything you do when it comes to real estate investments is definitely a must!