As with any big-ticket purchase, buying a condo shouldn’t be rushed. The process takes careful consideration, especially when it comes to the most important factor (location), the most desirable features (unit structure and amenities), and the most exciting part (turnover).
Additionally, there are plenty of other features and steps to consider for a smooth buying experience. The video below packs everything you need to do as a condo buyer in just a few minutes:
For a more comprehensive guide, check out these 22 tips based on how the condo market and preferences have evolved:
For the Location
- Focus on how the location will affect the resale value. Like other properties, a condo is an investment, and you want its value to increase over time.
- For a high resale value, consider these: condos in Metro Manila, high tourism areas, and locations with upcoming developments.
- Think about neighborhood safety. Are police services easily accessible? Are there medical facilities nearby? Thriving businesses and community events are also signs of a safe neighborhood. Check here to find the safest cities to live in the Philippines.
- Choose centrality and walkability if you want to live in the city. Urban areas are notorious for traffic, and having everything you need at arm’s reach will save time, money, and energy.
- Become a tourist before you become a resident. Drop by at different times to see what’s happening in your preferred location. Even if you don’t have kids or plan to have some, research the nearby schools because they can also affect property values.
For the Unit
- Visualize your idea of a comfortable home. Do you need a spacious unit or just a basic home structure for a compact living? Do you want privacy by having your own room?
- Check out model units if available. Most developers now embrace digital technologies that provide a 360-degree view or video tours of dressed-up units.
- In the case of a ready-for-occupancy unit, have a physical tour of the property. Use this time to assess the actual unit size, the overall condition, and other property features.
- Consider pre-selling or foreclosed units if looking for properties with lower selling prices. For the former, you need to wait for a few years for the turnover. As for the latter, be financially prepared for possible repairs or updates.
- Views can boost the value of condo property. A penthouse, found on the topmost floor of condos, can offer spectacular views. Beyond this, a penthouse owner can enjoy more space, privacy, and the tranquillity of being in a luxury home.
For the Amenities
- Condo amenities should be able to address your lifestyle needs. For families, living in a condo with a daycare center, a children’s play area, and an indoor pool would be ideal. For health-conscious dwellers, facilities like a gym, jogging area, and play courts are preferred.
- Look out for a condo equipped for the new normal situation. This may have a study area, a business center, WiFi, function rooms, and commercial areas. These facilities allow residents to do just about everything: study, work, shop, and relax.
- Whether you’re buying a unit for personal or investment use, safety is a priority. Features like an alarm system, intercom, and secure parking can ensure your peace of mind while living in a condo. Along with smart tech, these features also help increase property value.
For the Condo Building
- Condo architecture is crucial but often overlooked. Research about it to ensure your new place aligns with your lifestyle. For instance, these green condo buildings are ideal for eco-conscious property seekers, while this modern European condo is best for upscale living.
- Ask about condo rules and regulations. Are there amenities that require membership fees or can’t be accessed by guests? How much are the association dues? Are pets allowed? These questions will clarify your responsibilities as a unit owner.
- Value the role of technology in building management. Safety and convenience can be enhanced with tech advancements. RFID-accessible entry points improve exclusivity, while online concierge services make it easy for busy residents to take care of their units.
For the Requirements
- Prepare the basic documents when buying a property. These usually include valid IDs (Visa and Alien Certificate of Registration if foreigner), proof of income, and proof of billing.
- You should also keep a copy of legal documents to protect your interest as a buyer. Check this guide for the list of legal documents to prepare for.
- Financial requirements must also be ready once you decide to buy a unit. The documents you’ll need vary depending on your chosen financing option. You can also get a unit through cash or deferred payment or a rent-to-own scheme.
For the Turnover Process
- Review your contract about the charges related to the unit turnover. You may also seek help from a professional to check if there are any hidden charges in the document.
- Turnover time is inspection time. Measure the floor area and examine the unit’s structural integrity. Make sure there are no scratches, cracks, or chips, especially if the property is brand-new.
- Receivable items vary from one unit to another. Check if the finishes, fixtures, cabinets, or utilities mentioned in the contract are already included in your unit. For fixtures and appliances, make sure they’re working properly.
Wrapping it up, there’s indeed a lot to know, assess, and prepare when buying a condo unit. Hopefully, the above tips will make the process hassle-free and rewarding for you.