Never rush when buying a property

Published on: Sunday, March 24, 2024

By: David Lo

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BUYING a property requires extra care to ensure you choose the right one, as disposing of it without losing your investment can be challenging. It’s crucial not to rush the decision-making process.

Take your time to thoroughly evaluate each aspect of the property before making a commitment. Consider factors such as location, amenities, potential for appreciation, and any hidden costs or risks.

Research the market thoroughly to understand current trends and pricing dynamics. Get professional advice if needed, such as hiring a real estate agent or consulting with a financial advisor. They can provide valuable insights and help you make an informed decision.

Remember, buying a property is a significant investment, and taking the time to do it right can save you time, money, and headaches in the long run. For optimal advice, consider purchasing completed properties instead of those still under construction.

For Purchasing a completed property offers several advantages over buying one that is still under construction:

1. Immediate occupancy: With a completed condominium, you can move in right away, avoiding the wait associated with under-construction properties.

2. Certainty of features and quality: You can see exactly what you’re getting, including the layout, fixtures, and finishes, providing assurance about the quality of the property.

3. Avoidance of construction risks: Buying a completed condominium eliminates the uncertainty and potential delays often associated with construction projects, such as delays in completion or changes in design.

4. Potential for rental income: If you’re purchasing the property as an investment, a completed condominium allows you to start earning rental income immediately, rather than waiting for construction to finish.

5. Easier financing: Banks may be more willing to provide financing for completed properties compared to those under construction, as the risk is lower.

6. Reduced stress: The process of purchasing a completed condominium is often smoother and less stressful than dealing with the uncertainties and potential complications of buying a property that is still being built.

7. Road Access: With road access finalized, there is no ambiguity about how you will reach your property. You won’t have to rely on developer promises that might not materialize.

- The views expressed here are the views of the writer David Lo and do not necessarily reflect those of the Daily Express.

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