Despite talks of oversupply in Metro Manila, condos still make a good investment. Remember these simple rules to make sure yours is one of them.
Many people may have noticed that property demand in the Philippines continues to experience incremental growth, with developers making the most of the opportunity by embarking on skyscraper and mixed-use projects. Many are building them not just in Metro Manila but also in key cities and fringe areas.
This results in a tight race among those developers, with each needing to become more innovative with their projects, as well as develop favorable payment schemes, in an effort to gain buyers’ business.
Now, before you get entangled in a buying frenzy with locals, overseas Filipino workers, and foreign investors for the different condominium properties available in the market, it is important to take note of several considerations to ensure you indeed get your money’s worth.
1. The Location
For the most part, condominiums are ideally located since no reputable developer would place their project just anywhere. So from a market standpoint, you are covered. What you would really have to take into consideration is how the location matters to you and your family. Is it near your place of school or work? Is it close to other places you commonly need to go to?
2. The Rules
It is no secret that a condominium is a shared property of sorts, and with that it is governed by a deed of restrictions. It is important to understand the rules of your prospective condominium to ensure your lifestyle fits in nicely with the community. This means knowing if pets are allowed, being aware of the policy regarding visitors, and more.
3. The Budget
Knowing how much you can afford will give you an overview of what properties you should inquire about, help you filter your options and also help you determine if and what type of home loan you need. Apart from budgeting for buying the condo, you must also plan for shouldering the fees, purchasing a parking space, and other costs.
4. The Developer
Know who produced your unit and what their reputation is within the industry. Research on your own will be key in this stage, as information from an agent or real estate broker may not always be as reliable since, after all, they still intend to make a sale. Apart from the initial information they give you, you can also go online and visit groups and message boards of those residing in their different projects, as well as speak with residents directly.
5. The Seller or the Previous Owner
If the property you are interested in has already had a previous owner, the same amount of information gathering applies. Whether speaking with them directly or through their broker, it is paramount to know how long they have owned the property and the reason why they are selling it.
6. Your Broker
Unless your real estate broker is a friend whom you have known since you were children, it is important to keep in mind that he or she still earns commission with your purchase. So do not be too surprised if the attention you are being given dwindles down after you make your purchase, and make sure you have all the information you want and need from your broker before they move on to their next client.
7. Unit Size
Are you living alone or with family? Whichever it may be, it is important to recognize that the size of the unit you choose should be proportionate to the number of occupants to ensure functional comfort and adequate room for your belongings. Then, even you are living alone, try to opt for at least a one-bedroom unit over a studio, since your investment will bear more value if it still has an actual bedroom.
8. Amenities and Convenience
Despite the high availability, condos still require a significant amount of investment. Apart from paying for your unit and its maintenance, a portion of what you are buying are the amenities that come with the property. For this reason, it is paramount to know that you are getting your money’s worth and are able to enjoy amenities and conveniences that are all useful to you.
The overall environment in and around your unit is a key component to its price, so it is absolutely okay if you choose to be meticulous. Apart from knowing more about the adequacy of property management, you may also want to focus on key points like cleanliness, waste segregation, noise, pollution, and the general population of the building and the community surrounding it.
10. The Fine Print
All the information you gather and the considerations you make leads to one final step: signing the contract to sell or deed of sale. Now before you begin signing all pertinent documents regarding your condo acquisition, make sure to read through all that is written including the fine print. It would be unfortunate signing off on a property that ultimately is more of a problem than an investment because you failed to read everything about it.
Main photo via IngImage
|For further information regarding the process, requirements, prices, and fees associated with buying a condominium unit, as well as other related articles, visit The Complete Condo Buying Guide by Lamudi.|