Condominiums are rapidly and continuously emerging in many cities within Metro Manila. From high-rise to low-rise and mixed use, you will find a wide range of condos suitable to families and young professionals.
While it is a popular choice of home investment nowadays, buying a condo unit is not that easy. And if you think the price and the design of the unit are the only deciding factors, think again. There are several aspects to take into account before signing that contract. After all, a condo unit is expensive, so make sure that the investment will be worth it.
Here are some factors to consider:
When it comes to real estate, location should be on top of the list, and for good reason. The condo’s location plays a significant role in the property’s price appreciation. In general, it is advisable to choose a condo situated in business districts. This is where good investments happen.
Do you want to live near your office or school? Do you see yourself setting up a business in the near future? Do you intend to buy a unit as an investment property? Answering these questions can also help you decide on the location. Also, choose a condo that is near a transportation system and establishments important to you such as grocery stores, schools, restaurants, banks, malls, as well as hospitals, among others.
2. The developer
Do your research and find a developer with great reputation. Ask family, friends, and/or co-workers for recommendations. With the growing popularity of condo living, they can surely give you helpful insights. You can also do some research online. Check what other people are saying about a particular developer. You can likewise look at their previous projects and if possible, ask current tenants about the developer’s condo management.
If the condo that you want is still in the pre-selling stage, a reliable developer will be able to finish it. If the condo is ready for occupancy, you can rely on a developer with good reputation when it comes to managing the condo: from security and maintenance to implementing the rules and regulations.
Do you have a car? Or are you planning to buy one when you move in to your condo unit? If you answered yes then parking is another thing to consider. It normally comes with a hefty price tag and may or may not be included in the actual selling price of the unit. If you cannot afford to get your own parking slot, ask the developer if they offer parking space rental.
When living in a condo, you will have to deal with different kinds of noise. The sound of street traffic if you’re on the lower floors or even noisy residents living near your unit can be annoying. You can choose a unit on the upper floors to keep street noise at bay. Also, if possible, do not get a unit that is near the elevator and/or the garbage chute where noise is inevitable.
5. Amenities and population density
Condo living means you get to live on your own space in a multi-unit building, but when it comes to amenities such as the fitness center, function room, swimming pool, and sports area, you have to share them with other residents. Know the amenities being offered by the developer and think about the number of residents you are going to share them with. Getting in an elevator, for instance, may take longer if it is used by many residents per floor. In other words, choose a condo with amenities that can conveniently accommodate the number of residents.
6. Association dues
Aside from paying for the actual unit, consider the association dues or your monthly contribution for various expenses being shared by all residents. Costs vary depending on the amenities available and types of services offered to all tenants. Make sure to discuss this with the developer so you can better prepare your budget.
7. Rules and regulations
You and other unit owners form a community, and rules and regulations are necessary to keep everyone happy and safe, and to enjoy peaceful condo living. Make sure to understand what is implemented within the building. This is very important as the condo’s rules can affect your lifestyle. Are pets allowed? When can you use the common areas and amenities? Can you organize parties at your unit? These and more will be addressed if you know the rules and regulations implemented in the condo.
8. Budget/financing options
Studio-type units are less expensive than those with one or two bedrooms, but no matter what type the unit is, acquiring one will definitely require a huge amount of money. That is why developers offer different installment schemes depending on your monthly income and capacity to pay the entire amount.
Understand the payment options. Many developers require full payment before moving in, while others allow monthly amortizations after the downpayment. Before signing anything, make sure you know the amount you need to pay every month.
9. Security and traffic management
Security is of utmost importance, so ask the developer about the security measures and protocols being implemented in the building. There should likewise be an admin office where you can raise your concerns, if any. Also, if the condo is located near a major thoroughfare, ask about the condo’s traffic management scheme, not only for your convenience when going to the office but also to minimize traffic noise.
If you are already happy over the price and design of the condo unit being offered to you, take your time and study your choice once more. Consider these nine aspects, do your research, and read the contract very carefully before signing it. There is surely a condo unit that fits your budget, lifestyle, and preferences. Happy condo hunting!