Selling apartment units is easier than selling the entire apartment

[Alexandoy]

Our neighbor is building an apartment with 10 units, that is 5 on the ground floor and another 5 units on the 2nd floor. The idea is to rent out the units for their sustenance in their old age year. But another idea came up as suggested by a real estate agent. Why not sell the units? Do you see that condominium are sold by the units and we can also do that with the apartment. I guess there is sense in selling the apartment by the unit because it is cheaper and easier to sell. At present they are evaluating the options and they are also studying the computations and other figures.

However, the apartment should be registered as a condominium unit because there is no registration for an apartment. Nevertheless the concept will be the same that the owner of the apartment (our neighbor) will be the administration of the property that would belong to the unit owners. As administrators there would be a monthly dues for the maintenance of the property that would include the upkeep of the surroundings. By the way, the parking slot can also be sold at a good price. I guess our neighbor will just sell the apartment by the unit.

 

[Good-Guy]

Condominium are one of the most commonly found living places in my country. There was a time when many builders were building condominiums and making a good amount of money. This is because selling condominium brings good profits to the builder. I am not sure about the situation of the condominium you described because I am not there, but it seems that the location of the condominium might play a huge role when it comes to future value of the property, so in what kind of location is the condominium located? Moreover, what is the legal status of the condominium? What is the status of the documents of the property?

These are some of the main questions that should be answered before we could provide our opinions about the property. In the past, even I have visited many condominiums that were finely built, but they had problems with their contract lease and it was stated that since there are some legal issues associated with the property, buying it would be a really risky decision. There are many technical matters associated with real estate business. Unfortunately, many people do not consider them and they might regret the decision later, as many people in my city have regretted bad decisions.

 

[Sotherefore]

Well in most cases a person that is building an apartment with more than 2 to 3 bedroom flat here mays find it very difficult to sell it just like you said, the reason is because that will be quite expensive but it will be very much people for people to sell an apartment with with two or three bedroom flat , a lot of people would always prefer to buy that one and in most cases even if you are not selling it out a lot of people will always preferred to rent it for short term purpose than to go for the one that is quite expensive.

In most cases this also will be determined by the location you are setting the building , there are some locations that can give you a high chance of succeeding even when you have more than three bedroom flat in a particular apartment , that is why as a real estate agent or investors you need to know each location that will be suitable depending on the type of investment you are interested to establish.

Over here if I am building a property for the main purpose of renting it out my main concentration will be one bedroom flat , two bedroom flat and the highest would be 3-bedroom flat

 

[Kingsley]

I very agree with you, as much as we all agree that a building is an asset sometimes I kind of argue with that facts because, I have discovered that if one builds a house and not outing it out for rent then the reward for land will never be actualized, and more so the building will end up becoming dilapidated and eventuallyit may collapse leading to more losses. Although land is a blessing and will continue to remain as it is almost indestructible but a fallow land will do the owner no good either unless money is also invested on it. If we thank land is what makes people rich or a country rich than Nigeria and some other countries in west Africa and even the whole Africa would have been extremely rich, because we have a lot of lands doing nothing but lying fallow. and very useless and it will even harbour criminals which will habe an adverse effect on the economy.

Hence if one should build a house for selling purposes it might take a very long time to get a buyer and renovations will continue to gulp money. It is always better to rent it out in units.