If you are thinking of moving out and you're considering purchasing a condo or paying to rent a condo in the Philippines, there are a lot of factors you should consider. There are various condominium options available in Metro Manila. From affordable condominiums to expensive ones, each condominium unit has a different unit range. The price usually depends on where the condo is located. If it is placed in prime locations like business districts, you should expect more expensive condominiums. If you are opting for a more affordable option, then you could try looking for condos outside the busy cities of Metro Manila.
But of course, besides the location and cost of its prices, there are more factors that you should know before buying your own studio-type unit. Here are some of the factors we collected for you to make it easier for you to decide.
Factors to consider before investing studio type condominiums:
- Lifestyle
Before anything else, it always starts by being aware of how you live and how you spend. In considering your lifestyle and budget, you help yourself determine what are your wants and needs when you look for a home and invest in properties.
For some people, they prefer having urban living where they can be nearby their kids' schools and work offices, while some prefer living in a province where they have easy access to nature. Some would need bigger spaces for their home, while some can live in studio-type condominium developments. Whatever it is, it's important that you consider your own lifestyle. After all, you would only want to invest in properties that will allow you to live your life on your own terms.
2. Amenities
One of the perks of living in a condo, whether it is a condominium development or ready for occupancy, is that you get to enjoy its amenities. When you are investing in a condominium unit, it is important to consider what are the amenities these condos offer residents.
Security service is one of the amenities you should look out for, especially if you will be living alone in a condo. Make sure you invest in condominiums that offer 24-hour security. If you commit yourself to becoming fitter and starting your fitness journey, you may opt to look for a condominium unit that has a gym in the building. This way, you get to invest in a property that allows you to live comfortably while also pushing you to achieve your fitness goals. Some of you might also want to invest in condominium properties that have leisure amenities like a pool, function rooms, a hall, etc.
3. Location
Deciding on where your new home will be located is an important factor when you are purchasing a house or a studio-type condo. Besides the price factor that varies depending on where it is located, it will also be beneficial to choose a location that is nearby offices, schools, establishments, hospitals, government offices, and the public market.
Also, a unit's location affects its prospective price growth. The unit's sale price increases if it is situated in a business or expanding area. One of the best places in Metro Manila to search for a studio-type condo is places like Pasig, Makati, BGC, Manila, and Quezon City. These cities are the business districts in Metro Manila, which make them worthy property investments since these locations are commercial centers and thrive economically. If you're looking outside Metro Manila, you can also invest in destination places like Baguio City.
4. Prices, Offers, Association Dues
Developers of condos present a number of alluring packages, but you, the buyer, should be aware of their facilities and associated costs. Examine each amenity's details, including how to get it and whether it is cost-effective.
In addition, it's critical for buyers to understand whether late payment penalties apply, as well as the RPT or real property tax, which applies to both the condo unit and the communal amenities as well as the land on which the condominium is constructed.
5. Is your condo unit space enough?
The unit that you will purchase will serve as your future home. Make sure everything lives up to your expectations, and you'll make the most excellent choice. Are you happy with the size of the actual unit? Are you happy with how the unit has been divided? Is the location of the bedroom ideal? Is this suited for the type of family you have? Is the view outside your window nice? Does it's interior and exterior provide a calm, friendly atmosphere? In the event that the unit is not yet physically accessible, look at their model units. If there is even the least indication of discomfort in any space or area of the unit, think about alternate options. Why? Investing in a unit is a long-term decision. Your convenience and comfort should be your top priorities.
6. Know your financing options.
Bank financing or a Pag-IBIG Housing Loan are your two options for financing a condominium in the Philippines.
However, the rate, interest, and monthly mortgage payment may vary from one bank to the next. In contrast, the Pag-IBIG Home Loan is up to P6,000,000 or 80% of the total accumulated value (TAV).
Banks provide cheap lending rates with fixed rates ranging from one to five years. On the other hand, the Pag-IBIG Home Loan has set interest rates for up to 30 years.
7. Get to know your developer's reputation.
The reputation of the developer or condominium unit constructor is another aspect to take into account. Nowadays, there is a lot of fraud in the real estate sector. Dealing with a respected developer lowers your risk of falling victim to fraud, fraud, and scams.
A reputable condominium developer upholds their reputation, completes projects on schedule, and fulfills their commitments. In terms of the materials they employ and the aesthetics of the design, they ensure the quality of the condominium unit, its surroundings, and the community they create. By adding more amenities, including round-the-clock security, a sizable property complex, clubhouses, internal access roads, fitness centers, and playgrounds, they also give condo owners a premium way of life.
For more information on Vista Residences, email [email protected], follow @VistaResidencesOfficial on Facebook, Twitter, Instagram, and YouTube, or call the Marketing Office at 0999 886 4262 / 0917 582 5167.
