Span Engineering ( Pvt) Ltd highlights the importance of asking the right questions and ticking all checklist boxes prior to embarking on buying and taking up residence in a vertical village! Buying a condominium is a popular option for many people who live in major cities around the world. Based on the statistics published in a report in 2012 by audit firm KPMG, in conjunction with the Research Intelligence Unit (RIU), most condominiums in Sri Lanka’s business capital of Colombo experienced an average pre-construction sales ratio of approximately 50%. That being said, the positive incline in the market for condominium properties in and around Colombo city remains buoyant, even today.
Unfortunately, many people are either mislead or unaware of the details to look into prior purchasing a condominium,and the legal structure and responsibilities involved in owning one. Many new projects have extravagant marketing campaigns, enticing buyers to overlook the most vital boxes to tick off on the checklist, prior to committing to the purchase of a condominium. It is paramount to conduct thorough due diligence and bear in mind the key points to question when buying a new condominium from a developer.Prior to investing in a condominium, much research should be allocated towards understanding and familiarizing one’s self with who the developer of the condominium project is, how long the developer has been in the construction industry, and how many projects the developer has successfully completed since its existence in the industry of construction. Additionally, it is good to take note of issues, if any, faced by the developer during the completion stage of any previous projects, such as legal, financial, deliverable of quality and project timeline efficiency. Taking it a step further and knowing how qualified the board of directors; including architects and engineers involved in the condominium project, will add a layer of padding in terms of relief and confidence in the investment the buyer is on the verge of making. Certain condominiums are promoted and sold through the developer’s own sales staff, whilst other prospective buyers are handled by representatives of an independent brokerage firm.
Whoever it is the buyer choses to work with when buying the condominium, it is a pre-requisite to question deeper and beyond the extravagant pre-completion campaign.Prior to embarking on the construction of an apartment complex the developer must ensure to acquire the land; on which the apartment complex is to be constructed, under the name of the developer’s registered company. It is equally important for the developer to gain approval; in writing, for all project related elements such as ownership certificate, building plans, street lines,fire, building insurance, title deeds, and a non vesting certificate, to name a few.One of the most important factors to consider when buying a condominium is primarily the location and convenience of the property. Buyers should narrow the process down by looking into buying condominiums in areas that serve as a good investment and a luxury living space. Ideally, a luxury apartment complex should be built on land situated in a convenient location close to grocery stores, restaurants, petrol sheds, the buyer’s respective office premises, and the school the buyer’s kids attend. Another important factor to consider is the access to wide roads with minimal traffic congestion to avoid the hassle of delays getting to and from the property the condominium is built on.Retaining a copy of the approved floor plan is essential! As a buyer, you have to make sure the unit you eventually get is the one you intended on buying, located in the wing you desire, affording you the privacy you seek, and encompassing all features you were promised.
The retention of an approved floor plan will further assist in guaranteeing the final ‘floor area’ on which the condominium sits is what was advertised, discussed and agreed upon from the very beginning, and that the floor plan is ‘suitable’ for each condominium design (for example: building a three bedroom condominium on 875sq. ft of floor space is unquestionably far from feasible).Buyers should be made aware of the guidelines on how the total payment upon buying a condominium should be settled. These guidelines should also highlight any flexible payment plans on offer at the time of buying a condominium. Firsttime condominium buyers are sometimes confused by the monthly maintenance fee and building charges. Condominium owners must pay a predetermined maintenance fee to the developer, which covers the landscaping of the grounds, building insurance, lighting, and maintenance of the exterior and common areas, to name a few. Combined with property taxes and possible mortgage payments, the total payment together with the monthly maintenance fee can add up to a hefty percentage of your total housing costs. Therefore, it is advisable to gain clarity on all matters pertaining to the final settlement, dodging any hidden payments and nasty surprises upon investing and moving in.Buyers must also ensure to collect an authorized payment receipt issued by the developer upon paying and reserving the desired condominium.Buyers of condominiums must ensure to thorowghly read through the sales agreement,in most cases, drawn up by the project developer. Buyer agreements tend to be lengthy and confusing for first-time condominium owners. Prior to signing the agreement, it would be advisable for an attorney to review the buyer agreement, breaking each section down and explaining the agreement in detail. From a legal perspective, it is also important that a buyer questions the developer on the time taken to receive the Certificate of Conformity ( COC), and the time frame associated withthe transfer of deeds.It is convenient and stress free if the buyer is able to talk directly to the developer’s board of directors and company lawyer in order to clarify important questions with regards to the condominium.It is also the duty of the developer to update ‘pre-sold’ condominium owners on site progress by email or proper developer web site day-to-day updates. Certain developers also grant access to pre-sold condominium owners enabling them to visit the site in order to inspect project progress.
Finding the right condominium that suits your lifestyle takes effort and hard work, considering a luxury condominium is a life-long investment, at a steep price. If buyers ask the correct questions ahead of time, they are bound to avoid the many pitfalls associated with owning a condominium. An informed purchaser is certainly a smarter purchaser!Why choose Span Engineering (Pvt) Ltd for the perfect condominium lifestyle?At Span Engineering, a defining advantage has been its team of highly qualified Civil Engineers, paving the way for the company to reach one milestone after the other.Span Engineering is one of the leading modern luxury apartment construction companies in Sri Lanka, renowned for its commitment towards excellence, and a drive to exceed customer expectations. Earning global reputation for technical expertise and high-quality-driven innovative standards, Span Engineering was built with a vision to offer affordable luxury apartments,with the completion of nine condominium projects thus far, two projects in the pipeline to be completed by the end of this year, and a further two by December 2015.As one of the few companies to have sustained projects in the face of difficult economic conditions in Sri Lanka, Span Engineering has successfully hurdled through a host of obstacles, having constantly stayed true to its promise by delivering high quality luxury apartments to buyers in a timely and efficient manner. Today, the ‘Span Tower’ brand spans the entire cityscape of Colombo, strengthening their position as the leader in construction of modern living apartments.
The difference when it comes down to the finishes at any Span Tower apartment is unmatched in quality, providing residents the opportunity to enjoy a comfortable lifestyle in a luxurious setting.A team of experienced engineers, a construction team, and a distinctive approach to the process of construction- engaging in the entire process without sub-contracting any construction activities-enables the company to exercise complete Quality Control of every aspect of the project, which in turn enhances the confidence of buyers.In building an apartment complex, the primary objective of the company is to offer customers reasonable prices in easy payment instalments, and is one of the few companies in the island to have issued Condominium Deeds to each apartment on time.Span Tower apartments are positioned in the best of locations around Colombo, with convenience at your fingertips. With the opportunity for unit customization, Span Engineering offers its clients a range of colour schemes for fixtures, fittings and flooring to choose from.
Ideally located between Marine Drive and the Galle Road, Span Tower apartments extend a breathtaking panoramic view of the Indian Ocean, and is in close proximity to a range of restaurants, shops and reputed schools, to name a few.Each and every Span Engineering project, under the brand name Span Tower is swiftly moving towards skyline, with the promise of creating luxurious apartments at an affordable price. Under the observation of qualified engineers, Span Tower apartments are built according to the stringent structural engineering standards for safety, modernity and comfort.Today, Span Engineering is known for its quality, affordability, expertise and trust- evident from the projects completed thus far, as it continues to transform people’s dreams into realities, providing them with exponential returns on their investments.
Source : Sunday Times (30/03/2014)
