Buying a condo unit is a huge and long-term investment. Make sure you consider all aspects before getting one.
Condos allow individuals and families to live in the city with easy access to everything they need. Living in one has been the lifestyle trend and investment of many.
With a fast-rising number of condominiums to choose from in the country, the budget is only one of the many things to think about when buying a condo unit. If you are a first-time buyer and you have no clue where and how to start, we made a list to help you out. Make sure to check all these details and you’ll be in good hands.
10 Things To Consider Before Investing In A Condo Unit
1. Unit Structure
Your future unit is your future home. See to it that everything about it is up to your standards. Is the room size okay with you? Are you comfortable with the division of the unit? Is the placement of the bedroom perfect? Is your window view good? Does the ambiance feel relaxing and homey? If the unit is not yet physically available, check out their model units. If there is even a hint of discomfort in any part of the unit, consider other options. Why? Buying a unit is a long-term commitment. The priority is your comfort and convenience.
2. Security and Amenities
After making sure that your home structure meets your standard, time to ensure everything else is as good. Is there a 24-hour security? Are there smoke alarms and fire exits? Are the intercoms working? Have you seen its floor plan? Do they offer condo insurance policies?
Don’t forget to also check out the condominium’s amenities. Is the space good enough for all tenants to share? Are you a gym-person or a pool-person? Do you have a car to park? Is green living important to you? Is there free Wi-Fi to common areas? These are little details but will make a huge difference to your home living life if your future condo meets any of your personal requirements. After all, you’ll be spending most of your free time in any of these spaces.
3. Location and Accessibility
Is the building in a good location? Does it flood in the area? Do you have easy access to transportation? Is your building minutes away from the market, malls, church, convenience stores, and schools? Most importantly, is your unit close to your workplace? Knowing the Philippine traffic will not be resolved very soon, the least you can do is choose a place that will lessen your daily troubles.
Is the condominium located within a neighborhood you find safe? Is the cost of living within your means? Does it fit your lifestyle? Remember that investing in a unit is also investing in the community it is in. Besides enjoying the amenities within your unit building, make sure you also enjoy the outdoor offerings around the area. That will be your new home too!
Living in a busy city, sometimes what you wish is some peace and quiet once you get home. A condominium is a shared building with several units and many residents in it. If the condominium already has tenants and is ready for occupancy, one thing to observe and ask around is the ‘noise’. Make sure that the neighbors and the community surrounding you follow the proper protocol when it comes to playing loud music, partying, shouting, and the likes. In case such concern arises, ensure that the management learns about it and see to it that you follow the rules as well.
6. Association Rules and Other Fees
Speaking of rules, the association rules is the first thing that a future condo unit owner should ask. Association rules include all the details such as the agreements when it comes to garbage disposals, unit modifications, and other house rules, restrictions, and guidelines. Are pets allowed? How much freedom do you have when it comes to altering your unit? As a unit owner, you are also automatically considered part of the condominium association which will require a monthly fee for the building maintenance and the personnels’ pay. Consider this in your budget as well.
7. Project Developer
One of the top things to also research on is the information about the project developer, especially for the pre-sold units. Is this a trusted developer? Is your broker licensed? What are the feedbacks on the developer’s past works? Do they always meet their promised turnover period? Check their track record and study all the small details you can.
8. Maintenance and Management
Little information such as ‘who fixes what’ is as important as the right property person to call in times of emergency. Secure all the details you might need for future use. Through this research, you also get to gauge how the building owners take care of their property and manage their tenants. Good admin and management are plus points when choosing a property to invest in.
9. Payment Options
This is the most obvious thing to take into consideration when thinking of buying a condo unit. It is vital to include the other expenses (e.g. association dues, mortgage, realty tax, parking fee, unit maintenance and repair, utilities, etc.) besides the actual cost of the unit in your budget. Know the best financial option for you and make sure everything is clear before you seal the deal.
10. Long-Term Plans
Will this be your home for a long period of time or are you planning to sell or rent it out? It is never too early to consider a 5-year or 10-year plan while starting. This might show a huge difference when it comes to your overall budget.
Buying a condo unit is a one-time big-time decision. It is your future home where you’d spend most of your rest time and would require a huge amount of your hard-earned money. Make sure to carefully think about all aspects before you decide which to purchase. Make sure to only buy a unit that fits your need and only choose what you can genuinely call a home.
Have you found the condo unit perfect for you? Check out our Lamudi page for property options you can invest on.