Condo units are the ideal property to own when you live a busy urban lifestyle. These types of properties are low-maintenance, which provides convenience to those who don’t have time for up-keep. But before jumping in on a big real estate investment, there are a few things you have to consider when buying a condo.
Make the right decision when purchasing your very own condominium unit. Keep in mind these 9 condo buying tips when you’re out on the hunt.
Getting Started: 9 Condo Buying Tips For New Owners
1. Assess your Property Needs
Before even looking through condo unit properties, you need to do some reflection. There are cons that come with condo living. For instance, would it be fine if you were to live right next to your neighbors? Condos have less privacy than other residential properties, so you would have to take that into account. Also, consider the lifestyle that you will have to adapt to. There is less storage space in a condo unit.
That’s why it’s important to ask yourself if you’ll be living alone or with family. The condo unit size should be dependent on the number of residents. This would ensure adequate room for your belongings and maximum comfort for all occupants.
Once you’ve figured out what you require out of your property, you can move on to looking at other important considerations.
2. Find Out What the Condo Offers
When you’re looking through your options, start looking at what a condo can offer. Have a look at their association fees. What does it include? And if there are any amenities, check out how you can avail of them and if they’re worth the price.
Also, look into the option of condotel investments. There are some developers who can help you buy property investment which you can earn from and use as vacation property at the same time.
3. Consider the Location
As a real estate investor, one of the major factors you should mainly consider is the location of the property. The location alone can determine the potential price appreciation of the condo unit. A condo unit at a good location also ensures ease of access to conveniences such as banks, hospitals, restaurants, or schools.
For instance, buying a condo located in the city of Makati—considered as the central business district of the Philippines—has always been a good investment. For easy access to schools, shopping malls, and government offices, you can invest in condo units located in Quezon City. In fact, the city was included in PropertyGuru’s most popular locations to rent a condo in the Philippines.
However, if you’re looking to buy a condo away from the hustle and bustle of Metro Manila, you may want to consider investing in a condo in Tagaytay. You can benefit from the low costs of living, accessibility, and comfort. Buying a property in Palawan is another wise investment, considering the region’s rise as one of the popular tourist destinations in the Philippines.
See our Real Estate Development in Tagaytay:
4. Research About Maintenance Management
Know how often and who is in charge of the condo’s maintenance. From how many people work around the area to the schedule of garbage collection, you have to make sure that the surroundings are taken care of. Not only does an unkempt environment induce stress, but it can also make reselling the property difficult in the future.
5. Review Association Dues
Before buying a condo, you should know that every resident is typically required to pay association dues. Whether monthly, quarterly, bi-annual, or annual, the purpose of such fees is to cover the insurance and maintenance of your condo unit.
That’s why it’s important to ask the condo management of how these association fees are divided and where they are used. For instance, a well-operated condo usually has a large amount of funds that are reserved for major repairs or renovations in the future, such as a roof replacement or the construction of a new parking building.
Did You Know? Association fees can affect whether you can afford a condo or not. Before approving your loan, the condo management or lender usually includes these expenses into your monthly debts. So if a particular condo has a very high monthly fee, it’s possible that you cannot afford the unit.
6. Look out for Restrictions
Most condos have restrictions when it comes to renovations. Many complexes don’t allow pets. Make sure to be in the know about what you can and cannot do before settling for a condo with a nice environment.
7. Know Your Financing Options
Buying a condo unit is considered an investment in your part. That’s why if you want a considerable amount of return on investment (ROI), you may want to learn how to leverage other people’s money to pay for your condo. The goal here is to use as little of your own money as you possibly can to buy real estate investments.
This is made easier with today’s condo developers offering a wide range of payment methods. They’ve also allowed more flexible payment terms which allow individuals to live in a condo unit for as low as ₱20,000! Take advantage of these entry points and you’ll be able to buy more properties (and even bigger ones!) by only using the limited funds you have.
8. Determine the Condo’s Resale Value
Before buying a condo, you may also want to determine the condo’s resale value.
Know that the location also affects this factor, though. For instance, a property located in the middle of Makati’s business district would have high resale value because of its proximity to corporate centers as well as restaurants, schools, and more. This doesn’t mean condos in Tagaytay or Palawan would stagger behind, though. These two locations are slowly but surely rising to be the best locations for real estate investments.
9. Find a Trusted Realtor and Developer
Once you’ve decided that condo living is the lifestyle you are looking for, then go find a trusted realtor that can assist you with all your condo buying questions. It’s best to find one that is experienced in selling condos. You can also take the word of fellow condo buyers who trust the services and management.
Buying a condo unit of your own will save you the money of renting for a property that you don’t own. If the benefits outweigh the disadvantages as you see it, then don’t be afraid to make the investment. With the right knowledge and help from the right people, you can buy a condo that you’d be happy to own longterm.
Also Read: A Guide to Condotel Investment
On the hunt for your dream condominium unit? Don’t compromise your vision of leisure for the budget you have. CitiGlobal Realty and Development can help you through your potential property investment. With condominiums for you to pick from in prime locations such as Tagaytay and Palawan, you may find exactly what you’re looking for in a condo unit. Contact us now for more information!
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