Do you find yourself dreaming of having a place to call your own? Buying a condo can be an exciting and rewarding experience, but it takes some effort and careful consideration. From finding the perfect neighborhood to honing in on exactly what you want, there are a lot of things to consider when hunting for the ideal condo.
That's why we've put together a list of tips that will help make sure your home search is as smooth as possible. Read ahead to discover our top 7 recommended steps you should take when looking for that dreamy new condo!
Tips for Condo Hunting in the Philippines: Things You Should Do When Condo Hunting
Looking for a new home can be an exciting but overwhelming experience, and it's no different when you’re condo hunting. With so many condominiums, properties, and locations to choose from, it can be challenging to know where to start. If you're in the market for a condo of your own, don't worry; we've got you covered. Check out our top seven things to do when condo hunting.
1. Know your budget.
The first thing you need to do when condo hunting is figure out your finances and set a budget for yourself. This should include not only the price of the property but also the move-in fees, mortgage, property taxes, utilities, insurance, and closing costs. Once you have a clear idea of what you can purchase, you can start your search for your future home with a clear mind.
2. Find the right location.
Location is crucial when it comes to condo hunting. Find the right place that offers you access to everything you need, such as grocery stores, gyms, hospitals, and schools, as well as your preferred mode of transportation. Decide if you would like to live in a commercial district or a quiet neighborhood. You can even go as far as visiting your preferred location at different times of the day, such as at night, to get a feel for the overall vibe.
3. Look for amenities and building features.
Individual amenities and building features can make or break the condo unit of your dreams. Make a list of what is essential to you, such as a gym, pool, rooftop terrace, or street parking lots. Also, ask about the condo building's security and maintenance practices to ensure that you feel safe and comfortable.
4. Check the developer's track record.
It’s common for condo buyers and tenants to experience problems with their developers after purchasing their property. That's why it's crucial to do your research before signing on the dotted line. Check out the developer's track record, their previous projects, and reviews from previous buyers and condo owners to ensure the company is reliable and you won't waste your hard-earned money.
5. Look at the condo's history.
The history of the condo you're considering is essential, as it typically gives you an idea of the property's management, maintenance, and operations. Check with the locals and ask for feedback about the building management, how well they maintain the property, and their cleaning and maintenance schedules. This will help you figure out if you're making the right choice.
6. Understand the condo association rules.
Condo life comes with different rules and regulations that you need to follow as a resident and condo owner. When looking for condos, it's essential to understand the condo association rules and what they expect from their residents.
For example, are you allowed to lease out your real estate unit? Are pets allowed, and if so, what are the non-negotiable restrictions? Do they have a noise or smoking policy? Knowing the answers to these questions can prevent future frustrations.
7. Get pre-approved for a mortgage.
Lastly, make sure to get pre-approved for a mortgage before even searching for condo units. Getting pre-approved gives you an idea of how much housing loan you're approved to borrow for your in-house financing and mortgage, saving you time and heartache from searching for a condo outside your budget.
Bonus Condo Investing Tips: Condo Hunting Checklist
If you’re planning on investing in a condo, there are some additional things to consider. Apart from those mentioned above, here are a few you should remember:
Talk to the neighbors.
Don’t forget to talk to the neighbors who already live in the building. They may be able to give you an idea of what it's like to live in the condo complex and provide additional insight on safety and maintenance. Plus, they can tell you about any common red flag issues that need to be addressed so that you know exactly what you're getting into.
Check out the HOA fees.
When looking for condos, make sure to check out the HOA (homeowner's association) fees. The HOA dues are an important factor to consider before making any decisions, as these condo association fees can add up quickly, and you want to make sure that you can afford them.
Do your due diligence.
Research the area and the building, inspect the property thoroughly, and get a real estate professional or real estate agent to look over the condo fine print before signing any contracts. Doing your due diligence is essential to ensuring that you get the best deal with no surprises for your condo and apartment hunting.
Know what you are willing to accept.
When it comes to buying a condo, you should always know what you're willing to accept and what's a dealbreaker. Whether it's the location, age of the building, or amenities offered, make sure you have a clear idea in your mind of what you are looking for and won't compromise on.
Don't get stuck on any one unit.
Even if you've found what seems like the perfect condominium, don't get too attached to any one unit, as there may be better deals out there that you haven't considered. Keep an open mind and look around for multiple properties or other real estate options, as this will help you make the best decision in the end.
Determine the rental income you can gain from the condo.
If you're looking to invest in a condominium as a passive income property, make sure you do the necessary research beforehand. Calculate the estimated rental income or resale value you can gain from the condo and factor this amount in when making your decisions. This will help you determine if investing in a condo is the right decision for your money's worth.
Experience quality condo living with Vista Residences.
Condo hunting can be a daunting task, but by following our top seven things to do when condo hunting, it can make the process a lot smoother.
At Vista Residences, we make the condo search process easier for you. Our properties are carefully designed to provide you with an elevated living experience that is perfect for individuals and families. Whether it's the stunning views of the Metro Manila skyline from our rooftop terraces or the array of amenities and services that we offer, we make sure to look after all your needs. Schedule a viewing today to immerse yourself in condo living that goes beyond the ordinary.
Make Vista Residences your home and start elevating your living experience with us! Contact us today to learn more.
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.