Condo living in the Philippines is one of the options presented to those who are looking to buy a home. It is one of the most popular choices because of the advantages that come with ownership such as 24/7 security and luxury amenities. According to a recent study, property seekers in 2020 are more interested in condos that have the amenities that can help them to stay physically active during the pandemic.
But apart from the advantages to condo living, there are also essential facts that prospective buyers of condominiums should know. Here’s a guide that shares the most important information about buying a condo in the Philippines.
Your Guide to Condo Living in the Philippines
What are Condominiums?
Condominiums are a type of property with multiple units. These units are divided and sold individually. Unlike a single-family home, condos are for partial ownership. Some parts of condominiums can be privately owned while other parts, particularly the common areas, are collectively owned by all condo owners.
Finding the Right Condominium
One of the most important aspects to look into when buying a condominium in the Philippines is the property’s value. You’ll have the advantage if you can find a condotel that has the potential to preserve or possibly increase its value over the years. Some of the factors to consider include:
- A condominium that is within a master-planned community.
- The existing amenities as well as the planned developments.
- The area and its surroundings. While highly commercialized areas bring advantages, you should also look into noise level, crowdedness, and other infrastructures that will affect your quality of life.
How to Start Your Search
The initial step to finding a condo in the Philippines is getting a general idea of what you want. Would you like to find a condotel near the metro or do you want a beachfront property away from the usual hustle and bustle of city life?
Some people can search on their own by browsing real estate websites and property listings. On the other hand, some prefer professional help when buying a condo and seek real estate agents who can search on their behalf.
Real estate agents can make the search and the buying process a lot simpler. But even with their help, you should not fail to personally oversee some of the most important things to check before buying a condo.
What to Check Before Buying a Condo
Documents
Just like when buying other types of properties like houses, lots, or vehicles, there are important documents that you need to look into. Check the sales contract, the agreement or declaration to gain a better understanding of how the condominium operates and how it is governed. Take time to read the documents and if there are things that aren’t clear, don’t hesitate to ask.
Rules
This is especially true for those who plan to live in the condominium, as well as those who want to rent it out to tenants. There are condominiums with strict policies that every unit owner should adhere to. Do they have a policy about pets? Are there limits on the number of occupants per unit? What are the visiting regulations? These are just some of the information that you can uncover by knowing the rules included in the agreement.
Condo Fees
If you have done your research about condo living in the Philippines, you must have already known that it comes with additional charges that you need to settle regularly. Inquire about this before buying a condominium so you will have an idea of how much HOA and maintenance fees would be. Collective amenities such as a pool, clubhouse, and the likes require regular upkeep. When the need for repairs arise while you’re already living in your condo, you can depend on an in-house maintenance crew to assist you. These are mainly the reasons why fees are collected. Aside from that, you also need to be aware of other fees that you may encounter later on.
Contract Cost
With so many condominium sellers now, you should not easily jump into offers without really checking how much the real contract cost is. Zero down payment and zero-interest promos may sound interesting and encourage you to seal the deal right away. However, you should be smart enough to know how much the true contract cost would be or if the monthly rental is something that you can deal with for the long term.
Unit Type
Not all condominiums are the same. If you’re looking into living in a condominium, it is best to look for RFO condos. One that you can transfer to without needing improvements. There are condo units that are still bare when turned over to the owner. For this type of contract, you should prepare the amount needed to shoulder the cost of improvements to make the unit livable. Check the contract and inquire about the unit type before buying.
Should You Invest in a Condominium in the Philippines?
As with other types of investments, owning a condo requires a huge amount of money. But you should not overlook the fact that just like other real estate properties, they can also be a source of passive income and generate higher value in the long run. But of course, you have to make the smart choice.
If you are looking into investing in a condominium, consider the location and the demand for rental properties in the area. You should also look into the amenities offered to assess the quality of condo living that it can offer.
Condos in Tagaytay, Palawan, and other tourist spots are some of the best locations that will most likely appreciate over time. These are considered vacation homes that offer the potential to generate income which you can also use to cover the mortgage, maintenance fees, and other costs.
ALSO READ: 6 Facts About Condo Living in the Philippines
CitiGlobal is one of the trusted real estate developers in the Philippines. It offers condos for sale in Tagaytay and beachfront properties in Palawan. Its projects are built in a master-planned community with some of the recreational and commercial amenities that contribute to relaxed, comfortable, and convenient condo living.
Check out our future projects through this video.
To learn more about the available condominiums in some of the best locations in the country, reach out to us so we can help you.