Condominiums in the Philippines have always been in demand—may it be a purchase for personal usage or investment. They provide a homey figure but can also be a worthwhile financial venture. There is a lot of interest in condo investing or condo buying since many prospective buyers prefer properties that are, if not close, near the commercial districts. Condos that meet most buyer's checklists are widely available in the country, especially in the Metro.
Are you thinking about buying or investing in a condo in the Philippines? That is one of the best decisions you can make to get what's worth your money! However, buying a condo unit is a huge decision that shouldn't be done carelessly for financial and personal reasons—especially if you're a first-time buyer. During the condo-buying process, you need to do your research correctly and take note of the considerations you can ask.
This is the best condo investment tips to achieve your dream condo living experience in the Philippines
If you are unsure what questions or queries to ask a real estate agent when investing or buying a condo in the Philippines, you can also check the top seven things to know when buying a condo unit
Top 7 Things What to Look for When Buying a condo unit
1. How accessible is the location?
One of the most crucial factors affecting condo unit prices is its location.
You should know the location's accessibility before buying a condo because this may impact your everyday life, particularly if you're looking for a condo or real estate properties close to your work or study. It includes the availability of nearby transportation services, shopping malls, the proximity of other establishments like the grocery or the hospital, and how prone the place is to pollution or natural disasters. You can ask your real estate agent how the area around the building is daily. With this question, you can ease your worries about travel, safety, noise, and other things to consider.
Tip: It's better to book a condo unit tour with your friendly real estate agents to make sure you know the location and know what to expect one you become condo dwellers.
2. How long has the condo been on the market?
It is one of the first questions you should ask your real estate agent before making a purchase. Condos are one of the best investments you can make, but before you sign a contract, you should give it a lot of thought. If you purchase a property from an older building, you might not get a lot of return on your first investment. However, you likely pay less if you buy a brand-new item or even one that is being prepared for sale. It practically ensures a profitable return on investment.
It is also best to know if you need or want a preselling condos or an RFO condo units.
3. How much is the monthly condo fees?
Budgets for condo purchases should include more than the unit's final sale price. Before you can move in, there are additional costs to take into account, like the monthly condo associations fee.
Make sure you can afford this additional payment before signing the contract because it's not the only expense you'll have to cover. As a condo owner, it is your share of the costs that all condo owners share, like maintenance fees, staff members' salaries and the power used in shared spaces and swimming pools. You will also be responsible for paying an annual real estate tax on your apartment, the plot of land the complex is built on, and all communal facilities. Expect to spend at least 500,000 pesos and additional monthly dues if you purchase a permanent parking space within the complex.
It's important to be aware of the and pay condo association fees and other information such as property taxes, monthly utility fees, move-in fees, realty tax in the location, and other fees.
4. What do you own?
When buying a condo unit, you purchase the area inside the building's walls and the whole condo unit is yours. The condo ownership is a perpetual ownership and yours forever.
Asking this question when buying a condo makes it easier to identify which properties belong to you and whether you need to maintain and repair them yourself or if the association can handle that. Once you are able to pay for the property's selling price or continue to pay, the condo property you bought will be yours forever. By talking about this, you might find out if you qualify for any additional perks that come with the apartment, like building amenities and repair services. Of course, the exterior of your unit, including any amenities, hallways, elevators, or staircases, is not your property. Therefore, you shouldn't be held responsible for any maintenance or repairs. Instead, they should be covered by your monthly condo fees to the property management company.
5. Does it come with insurance?
Some condo buildings in the Philippines offer insurance to their buyers, while others don't—that is why this is a great question to ask when buying a condo.
Find out if insurance is available, what it might cover, and whether you should avail of it yourself because having one will protect you once an accident occurs or a problem arises. It's a good idea to inquire about the insurance plan because it could save you cost. You can decide if the building will pay for personal damages and other potential annoyances in the event of a disaster or theft.
6. What are the house rules and regulations?
Please ensure you know all the restrictions and are prepared to adhere to them before signing.
A condominium is a type of shared property governed by a deed of restrictions. To ensure that your way of life fits in well with the neighborhood, you must understand the policies of the condominium you're considering. It will also help you determine whether the property you plan to purchase suits your interests. It entails knowing whether pets are permitted, being informed of the visiting rules, and more. You should be notified of the rules so you know what you cannot do inside or outside your unit, even though most condominiums do not police them as strictly.
7. What are the amenities? Does the place offer?
Determine whether the amount you are paying is in line with the worth of the amenities at your access.
Condo units still demand a significant investment despite being widely available. You are purchasing a portion of amenities that come with the property and paying for your unit. Understanding that you are receiving your money's value by taking advantage of amenities and conveniences that benefit you is essential.
Right Questions Bring the Right Decisions
Having the right questions to ask your real estate agent when condo investing can be very helpful for your decision-making process. It's crucial to keep these in mind to guarantee your money's worth before getting too caught up with a hasty and unthought condo-buying process for any property available on the market.
There are also various flexible payment terms available when you buying a condo units such as in house financing, bank loans, and just paying in cash. Achieve your dream condominium unit with Vista Residences!
Remember: The best way to find out what's right is to ask!
Reserve funds and save up for your down payment now! Prepare important documents and prepare for the reservation fees. Vista Residences offers residential properties and condo developments across the country that you can choose from.
If you're looking for condo projects to purchase and invest in the Metro after reading this list, Vista Residences offers properties inside and outside the area. Start a new chapter with Vista Residences, which provides pre-selling and ready-for-occupancy condominiums.
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.
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