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Friday, March 29, 2024

Getting a bigger bang out of your condo

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Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing. 

A condo is typically a shared piece of property with individual owners of each “unit” or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people buy condos due to less maintenance and also the lifestyle of living in a condominium community.

If you are  planning to buy a condo, check out a couple of things before making the final decision. The things you would be considering before you buy your choice of condo ultimately depend on your lifestyle and selection preferences. Here are some tips to help you arrive at a smart decision.

Checking in for a home loan

When you make the choice to indulge in condo living, you put yourself in the position to be armed-ready with the incoming stream of expenses you will be facing. When you decide to purchase a condo, you need to first check the most important thing – affordability.

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Take out your calculator: check your savings and income to see if you can afford shouldering all of the living expenses on your own. Don’t turn down the opportunity to own a condo even if you can’t afford all the expenses. You can always check if you would be eligible to get a home loan from a bank or from Pag-IBIG house fund.

View to a kill. When touring your prospective condo unit, take notice of  units that face the scenic bay, or the streets. 

Do you like the looks of your condo?

When you decide to buy a condo, you are in the position of investing on something that will stay with you for a long time. You need to be a careful observant when it comes to the looks of your condo. Do you like the location of your bedroom? Are the bathrooms easily accessible? What about the living room: does it invite coziness for family bonding and get togethers?

Once you pinpoint the looks and style of the condo that you want, conceptualizing which developer offers your condo preference will not be hard. If possible, go on a condo unit tour with your developer’s agent to see the style of the unit itself with your own eyes, and be able to make a better decision.

One of the most common condo buyer mistakes is the failure to visualize the size of the condo that will fit the need of the buyer. Sometimes, you forget to take into account having extra rooms for guests and family members who may actually live with you sometime once you purchase your condo. 

Fitting in

When you decide to make your condo, or any real estate properties in the Philippines your new home, you want to fit into your neighborhood.  You would want to have your neighbors as friends, instead of just acquaintances. You’d definitely want somebody to be there for you when you need help. Plus, friends add color and inspiration to your life just by keeping you company.

But, you can’t always expect to click with the neighbors you’ll be having. Varying factors, such as lifestyle and preferences, can make you and your neighbors distance yourselves from one another. When going on a condo tour, observe your neighbors carefully to see if it will be worth it to test the waters in connecting with them. Doing this saves you from the hassle of feeling an outsider once you purchase your condo and move into the neighborhood.

Going the distance. You wouldnít want to an SC decision just to fit into the neighborhood…

The views have it

Of course, the view your condo living room is facing matters a lot as it reflects the mood you’ll be having throughout your stay at your condo. Your guests’ mood may be altered either positively or negatively, depending on the pleasantness of your condo’s view.

When touring your prospective condo unit, take notice in choosing units that face the scenic bay, or the streets. 

Comfort of parking

A car accompanies any condo buyer’s concern when choosing a condo. When checking out a condo’s parking garage, the first thing you look for is the comfort in the accessibility of the parking garage from your unit. You may visualize easily your daily routine once you move in to your new condo. Of course, you prefer a parking garage that is just one or two floors away from your unit. Your days may constantly be fast-paced, and anything that will slow you down is something you won’t have time to deal with.

Excellent service

One of the main essentials of living in a condo is being aware of your condo admin’s reputation. When touring the condo premises, give particular attention to the feedback of the residents you may see posted on the message board. Study whether the feedback of majority of the residents regarding the admin’s maintenance and other miscellaneous services are positive or negative. You may want to think twice living in a condo with bad admin services.

Maintenance and association fees

Maintenance and association fees should be reasonable. Be wary of condo developers who may charge you these fees higher than you expect. 

"I should have gotten that parking space."

Know who's the boss

Self-managed condos may pose hassles to you when you move in to your new unit. They may have people in the management who live far away from the condo premises itself. If this is the case, you may find it hard to contact the right person immediately in urgent situations. Developers that houses the management office right at the condo premises gives you the convenience to reach out immediately when urgent concerns arise.

Eyeing the renters

When you choose to rent your condo to somebody else after buying it, think about a strategy to help you find potential renters. When choosing a condo that you will purchase, make inquiries on your shortlisted condo developers to find out if they can help you in finding responsible renters. If you choose to buy a condo for investment, your number one goal is probably to get a clear view of the potential business you see coming before you make the investment.

This checklist is gold, but it is also important you choose a top condo developer in the Philippines to ensure a high-quality condo lifestyle. Buying a condo is something that takes a lot of investment, both financially and emotionally. Making the best choice should be highly prioritized before you regret the decision you’ll make in the long run.

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