Wednesday, November 30, 2022

Things to Consider Before Buying Condo Units in the Philippines

Property Updates

In 2011, 117 condominium buildings were started in Metro Manila which have occupied 2,078,865 square meters of the area, the Philippines’ National Statistics Office reports. With this number in mind, it implies the growing market of condominium units in the country. While the number of condominium units are mushrooming all over the region, the options in getting a condominium unit are likewise becoming wide-ranging. When buying a condo unit, make sure that it will be the best choice for you and your investment. And to help you decide the best one, here are some things to consider:

  1. The location of the condominium building. This will be one of the very important aspects to consider before buying a condo unit. As an individual, you have your own ideas and preferences to where you want to be. Do you want to be surrounded by shopping malls? Do you want accessibility to your workplace? These are just some of the things you want to consider before buying a condominium unit. You might also want to see and check the unit or the building for yourself.
  2. Mode of paying the condominium building. It is also important to know and understand how the payment will be done. Different developers have various payment schemes. Before you choose an installment plan, you should consider the flow of your income. You should make sure that you will be able to pay for the downpayment as well as the monthly amortizations. Before finally deciding on a condo unit, ask the broker to provide you a breakdown of your payment schemes.
  3. Consider the other possible costs the moment you will have your own condominium unit. Owning a unit also means that you have your own real property to maintain, enhance or improve. Aside from that, you will have to pay for registration of title and taxes related to owning a property. Thus, to be financially ready in dealing with these additional expenditures is another important thing to consider when buying a condo unit.
  4. Only deal with professionals — a licensed broker, for example. A property broker is not a friend, unless you do personally know him or her like a childhood friend. Property brokers tend to be congenial and give you too much attention because they are trying to make sales. Remember not to trust them immediately and completely and you have to be meticulous. Ask the questions you need answers. Be a person who can be hard to convince.
  5. Read everything written in a contract. Pay attention to fine prints. This should be done always at any written document involved in purchasing a condo unit. Before dealing with an investor, read and know their credentials. Before choosing a unit, read the amenities included and services they offer.

These are some of the important tips that will be helpful. Be very wise in choosing a condo unit since it is by no means a cheap investment.

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