Condominiums are generally more affordable, easier to maintain, often amenity-rich and are located in areas which are near schools, hospitals and Central Business Districts (CBDs), which make them a popular choice for the young urban professionals.
However, owning a condo in Manila is completely different from buying a traditional single-detached family home. There are several factors to consider that are unique to the condo buying process. For a first-time buyer looking atpurchasing a condo unit, here are some helpful tips that will hopefully guide you through the oftentimes complex journey.
The advantages of a condominium unit, the perks of a house and lot? What’s the difference?
When purchasing a traditional house, you purchase the building as well as the land it is built on, whereas a condominium unit’s purchase is confined to owning its living space and a portion of the building’s common assets and spaces which are usually not available when you purchase a single-detached family home.
The decision to purchase a bigger unit or a house and lot will always depend on the kind of lifestyle one is trying to maintain, although most of the time condos are apt for the urban professionals who need to be located near their workplace.
Condominiums are not just high-rise towers
Contrary to popular beliefs, condominium units are not just high-rise buildings, although they are the most popular options. Building formats such as low-rise buildings, mid-rise towers, townhouses and triplexes are also available. With condo living, there are a variety of offerings depending on the individual’s style.
Pre-selling or Ready for Occupancy (RFO) units
Aside from the dwelling type, when purchasing a condominium unit you have the option between choosing to buy a building that is being pre-sold or when they are ready for occupancy. Units which are often purchased at the pre-construction stage may take a few years before the unit is move-in ready.
However, the advantages of purchasing the unit during its pre-selling stage is that developers usually offer a more flexible payment scheme. Units which are ready for occupancy on the other hand, are a little more expensive especially when they are located near the Central Business Districts (CBDs). Whether you decide on buying during the pre-selling stage or settling for a unit that is move-in ready, you can expect lower maintenance fees, compared to other buildings which have been constructed some years back.
Location, Location, Location
A person considering buying a condo unit as an investment makes location one of highest consideration if not the only consideration for the purchase. A condominium in a good location can expect excellent resale value. And like most of its towers, Vista Residences continue to merge business with leisure through carefully considering the locations of its towers.
The neighborhood for each Vista Residences project is carefully selected and situated near malls and entertainment areas, cafes and restaurants, hospitals and places of worship and work, near transport hubs and across or in walking distances to major colleges and universities.
your finances, do not forget to include monthly payment allocations
Even before the search for an investment begins, it is imperative to know your financial standing and comfort zone. When purchasing a condominium unit, considerations such as monthly mortgage payments and monthly maintenance fees should be incorporated in the budget. It is therefore highly recommended to do comparisons between properties with similar amenities.
Thinking of getting a bank loan? Make sure that your property developer have good ties with banks which can offer reasonable loan rates for their financing plan. Developers like Vista Residences have bank partners which can ensure a seamless loan application with competitive financial plans that fit most of its buyer’s needs.
Due diligence is key
Clearly, there are a number of different factors to consider before purchasing a condo, as a result, it is important that prospective investors and condo buyers alike take time to do their due diligence.
Factors such as location, budget, monthly fees, amenities and developer reputation are most important to consider before deciding to go on with the purchase. For first-time condo buyers, it is best to sit down and think it through, research on the different options in the market, for pricing and financing available. Consulting with a professional can also help facilitate your search, and aid in your search for the right investment.
Vista Residences, being in the business for more than a decade, has property specialist who can help guide you in making the buying decision, giving you options that are not only flexible to your financing capabilities but also beneficial in generating high returns on investment.