After years of hard work, asking for financial advice from friends or experts, and months of munching on instant noodles to save every single penny, you’ve finally decided to buy your own condo. Before buying that condo and possibly regretting it later on (we hope not!), here are 6 things you should definitely consider before buying a condo.
Before buying a condo, determine your budget and be realistic. Keep in mind that condominium prices vary depending on their location and size. Condos in business districts such as Makati, Bonifacio Global City, and Ortigas are known to be good investment areas because of their constant price appreciation. However, only buy a condo you can afford. Aside from the initial down payment, remember that you’ll also need to pay for monthly expenses, electricity and water bills, and association fees. Also consider the payment options you have, will you be getting a loan from the bank, if so consider the interest rate.
Many people purchase shoebox-sized units because of affordability. However, think about your long term goal: do you want to live here for now or do you want to completely settle in that unit? If you want to settle in that unit, it might not be best to get a studio if you’re planning to get married and have kids. Maybe you can purchase a small unit now and have it leased
and move into a larger unit or a house
once you’re more established in life. 19-sqm condos are now available but always ask yourself if you’re willing to live in a space that tiny.
Not all condominiums and sky-rise buildings are located inside business districts. While most condos have malls, grocery stores, or restaurants located nearby, some are located far-off for those who prefer a more serene and quiet environment. Consider your access to your office/business, hospitals, banks, or schools and also take into account your daily commute. Remember, buying a condo in a prime lot means it also comes with a prime price tag.
One way to learn about the security of your prospect condo is going to open houses or showroom visits before your buy the condo unit. All condos have CCTV cameras inside and outside its premises to ensure the safety of its residents, but take extra precautions by asking around if security guards roam the building 24/7 and if fire exits and emergency evacuation plans are available (especially if you’re buying from a no-so-famous developer) and well-thought of. It’s also important to take note of where the property is located.
5 Rules and Regulations
Different property developers have different sets of rules and regulations
which residents and tenants ought to follow. If you currently live with your cat or dog, find condo properties that allow pets to reside with their owners
. Some administrators only allow parties inside units until 10PM, while there are some that have strict guidelines with regards to unit renovations. Know the rules beforehand and see which property will suit your lifestyle and needs best.
The more residents a condo has, the likelier it’s noisier and busier. Though you could always file a complaint to the admin, it can be tedious if you have to do it over and over again. Moreover, highly populated unit means you’ll have to share amenities like the pool, gym, and function areas with more people. Making new friends is great but it’s up to you if you’re ready for the inconvenience this could entail. If the condo it not yet up, consider the branding of the property and the developer, which market is it luring in and do you associate with that market?