Things to Remember When Buying a Condo

Thinking of buying a home can sound somewhat daunting, but seeing as Manila is now full of condominium communities in excellent, convenient locations displaying decent sized and furnished unit exhibits, inviting environments and neighbourhood, many people are being enticed to buy a condo, especially when the payment terms are favourable.

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However, buying a condo is still different from buying a home in a suburban residential community. Here are some things to remember and keep in mind when buying a condo.

1. Location. But don’t think too much about the location. It’s important, but established developers won’t be putting up condominiums in locations nobody would be interested in. What you really have to consider is how the location will affect you and your family. Is it near your place of work, your children’s school, or many of the places you and your family usually go? Business-wise, location is also a huge factor in investment, residential condominiums for sale in Makati is a great place for people working in the Metro.

2. Your budget, prices in different locations, and your payment scheme. Know how much you can afford. This will help you find out what kind of properties you can own, where these properties are, and the payment options you can take.To get as many people to buy a condo, developers ease the payment requirements, lower the entry points, and create more relaxed payment terms. But also keep in mind that low monthly payments will mean your payment scheme has a built in balloon payment, which will result in extra payments at the end of your instalment term.

3. Rules and other costs. Just because you’re done paying for your condominium doesn’t mean you can do whatever you want in your community and that there aren’t going to be any more costs. After development, the developers will turn the building over to a management. Since a condominium is a shared property of sorts, there will be rules and regulations that will ensure its residents will live together peacefully. Rules can be imposed on pet ownership, or even on visitors. And since a condominium is a community of residents, there might be monthly association payments that will go to the upkeep of the building amenities, the repair fund, and the security.

4. The developer and the broker. Research on the developer of the building and find out their reputation within the industry. Go to message boards and read up on the experiences of others who are residents of the developer’s other projects. It’s not that you shouldn’t trust what your broker says about the developer and the property, but brokers after all intend to make a sale. If you do decide to make the purchase, make sure to get all the information you need from your broker before his or her attention on your deal dwindles down, and goes to the next client.

5. The unit size and amenities.If you live alone, it’s better if you opt for a single bedroom unit. If with family, choose a unit size that will give the occupants comfort, and still have room for your belongings. Part of your purchase is the amenities and conveniences that come with your property. If a condominium building has several amenities, your association dues will likely be higher. Do you really need that pool, or will you go to the condo’s bar? Knowing where your money goes is important, but it is also important that all of the amenities are of use to you, and that they’re properly maintained since you pay for their upkeep.

6. Read the fine print. Before you sign that deed of sale, read through everything, including the fine print. You don’t want to end up with an acquisition that will turn out to be a problem rather than an investment.

Good luck on your purchase!