0 Things to Consider Before Buying a Condo


What to consider when buying a condo
As real estate values continue to appreciate and the availability of land continues to decrease, more and more people are beginning to realize the advantages of urban living. Condo sales are currently at an all-time high, with no sign of slowing down in the foreseeable future.

Now while a condo is the ideal place in terms of affordability and comfort, there are some considerations that need to be made when you buy a unit.

The good news? You're about to save time and effort surfing the net on trying to find the things that you need to consider before making a decision as property website Lamudi Philippines lists them here! 

1. Hire a licensed broker to help with the buying process
Talk to a licensed real estate broker
By working with a real estate professional from the start, you can avoid unnecessary costs as well as not be left with a property that is costly yet did not meet your expectations. 

2. Research developers 
As previously mentioned, the condominium market is thriving, with several developers offering projects in their own styles. Apart from finding which best suits your preferences, doing research and getting info from your broker will give you a good idea who has a great track record and can provide ideal properties and favorable payment schemes. 

3. Know your financial qualifications 
By determining how much of a mortgage you can afford, you can better narrow down the choices available to you on the market. A useful rule of thumb to follow is not to spend more than 30 percent of your monthly take-home salary on paying off your housing loan installment. 

4. Don’t forget to do all the math 
Apart from the actual purchase of your home, there will be other costs associated with your move. This include documentary stamps tax, transfer fee, registration tax, and fees you pay your bank to process your loan application. In addition, there are taxes associated with owning a property, and one of the most overlooked is the real property tax. 

5. Location, location, location 
It sounds like a joke, but it’s the general rule of thumb in real estate. Location determines the value of your property, and for you, it should mean a place where your place of work or school, as well as important places like hospitals and major transport facilities, are conveniently accessible.

6. Environment, too 
The overall environment is one of the key contributors to the price and livability of your property. Apart from being accessible to places you frequent, key factors you must also consider include noise, population density, pollution, safety, and the like. 

7. Inspect every nook and cranny 
It need not be mentioned in detail how big a financial decision buying a condo is. What should be done in great detail, however, is inspecting the property before purchasing, because it’s not worth the risk of investment if a place ends up not meeting your requirements, or worse, turns out to have more problems than benefits. 

8. When will it be turned over?
Condo Turn Over
This best applies to developments that have yet to be completed. While projects that have yet to be started cost a little less as they are at the pre-selling stage, your need might be more urgent. So make sure you set a definitive timeline with regards to your move, so that you have actually have a place when you need it, but can see if there’s a way to take advantage of those pre-sales.

9. Find as much space as you can afford 
Simply put, studio and one-bedroom units are more difficult to re-sell as more of these unit sizes are available in the market. While a small space can meet your needs in the interim, your family will still grow, or you’ll simply need to move. A larger unit gives you more options in dealing with either. 

10. Also consider the space you won’t live in 
It’s a given that the amount of room you’ll get in a condo is significantly lesser than a traditional house and lot, so if you can acquire a unit that includes storage space in the vicinity, include that among properties you’ll consider. Also try to get a unit with a corresponding parking space. Even if you don’t drive, you may still rent it out. 

11. There will be rules
You will be living in what is considered a shared lot after all, so naturally it’s best to know what you can or can’t have or do on the property. Because it would be disheartening if you buy a place but then end up having to give away your beloved golden retriever because pets of that size are apparently not allowed in your chosen community.


12. Get an understanding of who the occupants are 
These people can be tenants or owners. While issues may arise from either, having mostly owners is most ideal since they’ll have a better appreciation, and subsequently show better care for, the property since they are the ones invested in it. 

13. Make sure the overall scheme fits with your lifestyle 
Since you’ll be spending most of your time in the area, it’s paramount that your condominium can keep up with how you live your life. Does it have exercise facilities? Is there a play area for your kids? Is visitor parking available? Is there adequate security? Make a list of the amenities and conveniences that you feel is important, and the more you tick off, the more the place becomes worth considering. 

14. There are other costs 
Condo Do the Math
You were told to do the math at the beginning, right? Well, you’ll have to keep doing it throughout the process as you learn more about your choices. All condominiums have association dues that are due every month for the upkeep of common areas and to pay for the salaries of the security staff. Then there are also costs like insurance and real property tax that will be paid annually, on top of, of course, your mortgage. 

15. Read everything 
The contract? The fine print? Anything remotely related to the condominium you are interested in? Read it. You want to make sure that you get the most value for you money, so whether these are occupants’ opinions on the property posted on the Internet, or the details of how your condominium was built, read it, so that you know about not just what you’ll own, but how your life would be possibly set up for the foreseeable future.

This is a sponsored post.
 
Lamudi started in 2014 and is already deemed as the biggest online real estate website in the Philippines, which quickly became the most visited online property platform and currently have more than 700,000 visitors per month. Lamudi is a part of the Rocket Internet Group who also founded Zalora, Lazada and Carmudi.

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