List of factors to consider when planning to buy a condo in the Philippines
Buying a condo unit seems like an appealing option for individuals looking for a haven within the heart of the city. It can provide convenience, privacy, and security. It is also ideal for those who seek a low-maintenance dwelling with high-end amenities.
Before anyone decides to purchase a unit, it is important to consider some factors that can help determine the perfect place for them.
Determine Your Purpose and Goal
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Reflecting and deciding your purpose and goal before buying a condo unit is a big factor. You need to determine the main driving force behind why you would like to buy one. Are you looking for a place for personal use? Do you plan to resell the unit? Or may be convert it into a rental space? This property will be a part of you for years to come. You need to fix your plan so it will be easy to move on to the next aspect.
Choose the Location
Certainly, there are specific details you should consider when selecting the area where you wish to settle.
- Accessibility and distance. If it is for personal use, it should be near your workplace. It will affect your daily routine, so choose the one closer to your job station. If it is meant for future ventures, you need to consider a location that has potential for growth. Think about the possible market value and rise in demand for that particular area in a few years.
- Away from natural hazards. It is a must to check the area to see if it is flood-free, far from a fault line, or has any chance of disaster. As a buyer, you have to make an effort to do a bit of research to look out for these possible dangers.
- Proximity to basic and leisure establishments. If possible, choose locations that are close to transport stations, schools, hospitals, supermarkets, fire and police stations, and churches.
Examine Your Budget, Unit Price and Payment Options
One crucial thing you should evaluate before buying a condo is your budget. Check how much you can afford, the cost of the unit, and the payment terms. Are you buying it in cash or through a loan program? Consult a financial advisor to figure out the best plan for you and to make sure that everything is clear and in order.
Inspect the Structure and Amenities
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Make sure to explore the unit, try to walk around the building, and decide if it meets your standards. Most developers now provide amenities that owners and guests will have the privilege to enjoy. Check also if there are other features and possible restrictions
Know the building’s security and neighborhood
Aside from ensuring that the structure and amenities meet your expectations, you also need to look into the nearby community. Is the neighborhood safe? Does the building have 24-hour security? Are there fire exits and smoke alarms? Do intercoms work?
Living in a secure environment will give you and your family peace of mind. Round-the-clock security can help you feel comfortable and sleep well at any time of the day.
Be familiar with maintenance and association dues
As a buyer, be familiar with the maintenance and association dues required from the residents. This includes, but not limited to security fees, condo utilities, fire insurance, cleaning, repairs, etc.
Final Thoughts
Before signing a contract, do some good assessment and exhaust all the resources available to you. To avoid future problems, do not make a final decision about buying a condo in the Philippines unless you are absolutely sure that the property meets your purpose and needs.
