For expatriates living in the Philippines, you can buy your own condo unit, better than renting.
Purchasing a condo within the metro can be thought-provoking. Like any investment endeavor, there are risks. Do not be a patsy to real estate agents who will sweet talk his way into your approval and regret your decision afterward.
Here are several factors you should consider before affixing your signature on the purchase contract.
Evaluate your financial fitness
Before you start your search, figure out the amount of money you can afford to purchase a condo. Be a Nostradamus and look to the future, there is a lot of “What ifs?” that need answers. And the responses should not be hypothetical but definite, never leave any stone unturned. Plan, check the money in your bank and ask financial institutions about their offers they will work with you on setting a sensible budget.
Once you put stops to the incoming stream of expenses, congratulations you’re on your way to gaining a condo.
Consider your short-term and long-term goals
Evaluate your purpose for buying a condo. If you’re considering a permanent residence, a condo is the best option than renting. Or it can become a rewarding investment property that can be rented out in the long term. The money from the rent can pay for the monthly amortization.
The price of condos in the metro varies depending on the location. Those that are near the business centers are pricey than properties that are distant. A three-bedroom unit in Makati or Bonifacio Global City (BGC) fetch a price between PHP 13,500,000.00 to PHP 29,500,000, the going rate for the same unit in Quezon City or Mandaluyong is PHP 5,000,000 and up.
If you work and live within the BGC area, you don’t have to traverse the snail’s pace traffic at EDSA, be at the office within minutes fresh as a daisy.
The location plays an important role. The value of your purchase appreciates through time. Ponder on things that are essential and the amenities that you need. The place where you live shapes the lifestyle you want.
Track record of the developer
Buying a condo unit is like purchasing a car. Before the purchase, you check the manufacturer and go for a car produced by a trustworthy company. The same holds true for condo units only select from renowned developers like Ayala Land, DMCI, Robinson’s Land, and Megaworld among others. They have a good track record in the construction industry and handed over numerous units to happy tenants.
To be sure, check on client’s reviews on the internet, an irate tenant will surely air his grievances against unscrupulous developers.
Population density refers to the number of people occupying a certain area.
In a condo setting the more residents the less chance of enjoying the amenities. The swimming pool can accommodate up to 10 people and anything more will cause inconvenience. You want to play billiards in the game room but it is occupied and you are number 2 on the waitlist. A few minutes wait time before you can use your favorite gym equipment.
You don’t want your car towed away because it was parked illegally on the street. Ask the administration for a parking space. You can have one by purchasing or renting.
There are monthly expenses for the upkeep of the place and association dues.
This is your share in maintaining the amenities like wages for the security guards, maintenance personnel, and janitors; electricity in common areas; water for the plants and the swimming pool; CCTV.
Association dues is a fixed amount multiplied by your unit’s total floor area including your parking slot.
Residents in a condo setting share everything including the noise. It could be heavy footsteps along the walkway, the sound of a drilling machine, the ear-piercing sound of a karaoke, or barks of a dog.
The upside is you can call security to report these concerns and they will stop. But when it repeats it gets tiring, live with it or file a complaint against the noisy unit owner with the administrator.
I don’t know any unit owner being kicked out from his unit because of these issues.
Check before you commit
Nothing beats an on-site inspection. You might have qualms about the unit like the looks, the neighbors, the view, the size, and other things that you feel noteworthy. Only you can have the answers which will help in your decision.
Examine the rules and regulations, monthly maintenance and association fees, you don’t want surprises during your stay.
Be careful in your choice, there are several things to consider aside from the price. Our tips might not be exhaustive but we hope that these gave you an idea what to look for before the purchase of a condo unit.