What you need to know when buying condo in the Philippines
Buying a condo unit is one of the best options if you want to have your own home in the Metro. Not only for the convenience, living in a condominium gives residents and tenants property security and use of amenities like pool and gym at a low cost.
It is also a good investment as the growth of real estate market in the Philippines continues to grow, and the rapid increase of Business Process Outsoursing (BPO) companies has created a huge demand for residential properties specifically on the cities and the central business ditricts.
We listed some guide on buying condo unit in the Philippines.
- Consider the location and pricing
If you are buying a condo for your personal and long-term use, you must be certain on which location you wanted it to be. Your workplace is the first thing to consider, or the school where your kids go. You might also be thinking of hospital, church, commercial establishment, or access to public transportation.
Location is one of the factors for the pricing of a condo. Condominiums located within central business districts are definitely of higher price. Zonal value of the property is also another thing to consider, it is the basis of computing the property taxes you have to pay when you buy a property.
- Evaluate your needs
There are many types of condos to choose from, examples are pre-selling and ready for occupancy (RFO); studio, with bedroom or loft type units; available amenities like pool, gym, and kid’s play room are also to look for.
Pre-selling units are cheaper but you have to wait for months or years before the unit is turned over to you. If you are in a rush of moving in you must look for RFO units, you can also choose if you want it bare or furnished. Bachelors or start up families usually goes for studio unit, small spaces that can comfortably fit in 2 to 3 persons, lay-out of this unit type usually can be converted into one bedroom unit by just putting in partitions.
- Reserach developer’s reputation
Once you have the location and the type of condo in mind, it is now time to look for the developers available in your targeted area. It is important to know the reputation and track record of the developer specially if you are going to buy a pre-selling condo, know from their previous projects if they can turn-over units on time.
- Know the Rules
There are different rules for each condominium, if you are a pet lover make sure that the management allows pets in the property. The number of occupants that can stay in the unit and how many visitors is allowed. Some condos allow residents to use the swimming pool or the common areas up to a certain time only. Also be aware of the association dues that you have to pay every month.
Know the condo rules prior to buying so you won’t be surprised by the regulations once you have moved in.
- Have a trusted Broker
Make sure to have a trusted broker before having the transaction, have all his or her details for after sales services that you might need.
- Gather all details before signing a contract
Before you sign all pertinent documents regarding your condo acquisition, make sure to read through all that is written in the contract. If you have questions in mind do not hesitate to ask your broker or the developer.
Now you learned that there are more to consider on buying a condo than the price alone, I hope the list above gave you a clear idea for your next condo acquisition. Go and make that dream home a reality!