Have you been planning of buying a condominium either for
your own use or investment? Perhaps, the condo is the newest project in the area and is
still in the preselling stage, and you want to purchase a unit before prices
start to increase. Maybe you are ready to own a home of your own or maybe you
are now ready to downsize your home?
Whatever the reason is, the fact is that many people, including you, are into condo living. Most people, especially the millennials, think condos are the most ideal because of the accessibility to schools and business districts and the convenience of living in the middle of the city. Moreover, you get to enjoy access to various amenities like swimming pool and fitness gym, not to mention the 24/7 security and the opportunity to own a home without having to worry about the maintenance and caretaking responsibilities.
Although there are advantages and disadvantages of buying a condo, it is quite different when buying a house. There are important factors to consider and it is important for you to be able to ask the right set of questions to make the buying process easier and safer.
We have enlisted some of the most important questions that you have to ask the real estate agent, your future neighbors, and the condo administration before you even purchase your dream condo. Here’s a list to get you started.
What are the major complaints?
We are sure you want to know what the condo residents are airing at the condo board meetings. You want to know their concerns and if these are actually being addressed by the board.
Request for a copy of the minutes from the last board meetings or talk to some of the condo residents about the concerns. If the association is not quick about fixes, you want to know about it before actually deciding to live there.
What is the property management team like?
You may want to do a quick interview with the property manager about the rules and processes in the condo building as well as the community. You may also want to talk to your future neighbors about what the property management is like.
Are they quick to action? Responsive and professional? Do they communicate and inform the condo residents properly before implementing changes or adjustments in the policies? Do they make the condo living experience better or worse?
Is property insurance included in the fees?
Make sure to request for a copy of the condo association’s insurance policy. Find out exactly what is covered. It is important to check if the policy will cover your personal belongings if the roof leaks or the building catches fire. If it does not, then, you may want to consider getting a property insurance of your own.
Will the property value increase in the next five years?
Condominium, just like the other real estate properties, is stable. However, its value usually appreciates slower than single-family homes. And with the current condition of the real estate market, it could take a while for prices to really go up and recover enough to make a profit in case you decide to sell.
While it is impossible predict the future, make sure that you really prefer to live in the said property before you decide to purchase it.
What are the monthly condominium fees?
Condominium association fees are calculated based on how many units there are, cost to maintain the property, whether or not the condominium property is professionally managed as well as the funds allocated for litigation and major repairs.
Ask the condo admin about the breakdown of the monthly dues that you will be responsible for. Make sure that you can still be able to manage this extra cost and fully understand what you are getting for this payment.
You may also want to take a look at the repair fund. Every condo association must put a certain portion of dues aside from the major repairs. Check on the delinquency rates on the monthly dues as well. When other owners are unable to pay their monthly dues on time, this may affect everyone else in the property.
What are the rules and policies?
Before you even purchase a condo unit, make sure that you know and understand the rules and policies set by the condo association. Does the building allow pets? Can you rent out your unit if you need or want to? What are the protocols? What is the maximum number of people who can stay in the unit?
Browse through it and make sure the condo does not have any rules that you cannot even live with.
Are there pending cases or any litigation?
Condo communities can often have major issues and even go through the process of litigation. Some condo unit owners sue other owners as well as the management team or the developer.
You may want to check on this. Make sure that there are not past or pending litigation since it reflects a poorly run community or one which is filled with litigious neighbors.
Buying a condo is not an easy thing to do. There are many important factors to consider before you even make the big decision. That is why it is very crucial to ask the most important questions so you will be guided in the process.
If you are looking for a condominium unit where you can work from home, Vista Residences, the condominium arm of Vista Land & Lifescapes, Inc. has ready for occupancy condominium projects in Manila and Quezon City that ready are move-in ready in case of immediate use. These condo projects are strategically located within inner city areas, in close proximity to developed business districts and prestigious schools.
Meanwhile, in case you want a condominium for investment, Vista Residences also has preselling condominium units that you can purchase and take advantage of its preselling price and flexible payment terms.
For more information on Vista Residences, visitwww.vistaresidences.com.ph, follow @VistaResidencesOfficial on Facebook, or call the Marketing Office at 0999 886 4262 / 0917 582 5167.