5 Things You Should Check Before Buying a Condo
The popularity of condominiums is growing year by year in the Philippines. And this 2020 it is expected to skyrocket as the build build build project of the government paved way for the international market and localities from near provinces to invest in the metro. Whether you are looking for an investment or a new home, here listed are tips in buying a condo.
Choose the location
As this factor is constant, hence, it is permanent and cannot be changed at any time soon after, it should be your topmost priority. For more info about finding the perfect location for you, check out our article about tips in finding the perfect property.
It is also important to note that the location is the number one factor for accessibility. So look around the area for food hubs, malls, shopping areas, and schools, to know if the neighborhood fits your ideal lifestyle.
Choose a reputable developer/owner
If you are buying preselling condos, or condominiums that are still under construction, it is best to background check the developer first. As there have been cases where condo projects were paused because of lack of money. Reputable companies might mean a little bit pricier as compared to less known developers, but in the long run, you are actually saving more by not falling prey to scams.
On the other hand, buying from a homeowner might be trickier as you might need to make sure of his legitimacy as a seller. Do some background checks from the owner. After getting personal information about the owner, it’s time to verify the authenticity of the Condominium Certificate of Title or CCT.
Amenities and Building Management
Condos are popular for having luxury facilities that can’t be found in their landed counterparts. List down the amenities that you like to see in the condo like a lap pool, study room, or fitness area. Do you work out on a weekly basis? Check if the condominium has complete gym equipment that could encourage you to work out more often.
Next, check if the building staff manages the facilities well. A good condo has great security measures (CCTV, 24/7 security), regular maintenance of the facilities, and an organized system regarding waste management, water and electricity back-ups.
Lastly, check if there is a strict implementation of rules and if those rules work out fine for you. An example is if the management allows pets in the facility, which would be an important factor if you have pets or wish to adopt one in the future.
Parking slot
If you have a car or plans to own one, this is a must for you. Parking slots today in the major cities in the Philippines costs around 4k to 10k a month. While the total cost of it could reach about half a million up to 2 Million. That’s a lot of money and so you need to consider it in your budget planning before owning a condo.
Association Dues
Put in mind that having a condo means having a monthly payment of association dues. It is the payment for all the amenities, staff, and maintenance of its facilities. The rate will then be multiplied to the size per square meters of the area you own. Organize your payments and pay on time, because late payments have additional fees.
While having a condo gives the feeling of easy-living, organization of expenses and verification of titles might not be that easy at all. So if you want to lessen the trouble, find a partner that could help you manage, or better-yet, monetize your property.
Written by: Jel Vinculado of The Lead Realty
Jel Vinculado is a website content and creative writer. She has written numerous articles on real estate, travel, and stories about the ventures of The Lead Realty. Message her at contentmanagement@theleadrealty.com to comment on this article or suggest a write-up.