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Five Tips for Condo Buying Success in the Philippines

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Tips for Condo Buying

There are a few perks to being enjoyed when one is living in the Philippines. The warm tropical climate, the friendly locals and most notably, the low cost of living—these are just some of the things one can enjoy when one chooses to reside in the country. In fact, these are just some of the things that anyone who wishes to own a condo in the Philippines can enjoy.

Real estate in the Philippines has experienced considerable growth in the recent years, and this may be attributed to the perks listed above. Admittedly, there is a wide range of real estate properties to choose from in the Philippines—from the lush and towering condos of Metro Manila to the affordable condos in Bacolod. Considering there is a multitude of choices to choose from, Filipinos and foreigners alike are getting into the trend of buying a condo.

However, before jumping on the bandwagon, it is imperative to be aware of factors that would ultimately contribute to the success of your investment. More often than not, your choice should invariably depend on your lifestyle and selection preferences, but apart from these, there are many other various factors that would need your careful consideration in order to aid you in making the best decision.

Tips for Condo Buying

1. Checking in for a home loan

Indulging in condo living would mean you have to be prepared for an incoming stream of imminent expenses you would soon be facing. Admittedly, one of the things you should look out for when purchasing a condo is the affordability but should your savings not be enough to cover the costs; you should not negate the possibility of owning one. Check if you are eligible to get a home loan from PAG-IBIG or a bank. If you are, then apply for it and start the process of owning the condo of your dreams.

2. See if you fit in

In a sense, living in a condo is akin to communal living. More often than not, the only thing separating you from your neighbors is a wall, so it is imperative that you get along. Before deciding on a condo unit, survey your surroundings first and observe the inhabitants. Do you see yourself potentially connecting with these people? Do you think you would fit in nicely? Consider these questions first as it would save you from the hassle of feeling like an outsider once you have settled into the neighborhood.

3. An excellent service

An imperative characteristic a condominium must have is an excellent service. Before deciding, you should be aware of your potential condo administration’s reputation. Talk to the residents and listen to what they have to say. Alternatively, you may want to pay close attention to the message board and see what the majority of the feedback is like. Weigh your options and see if the condo has a good admin. After all, you would not want to live in a condo with bad admin services.

4. Reasonable maintenance and association fees

If you had to apply for a housing loan in buying your condo, chances are you would not want to contend with exorbitant maintenance and membership fees. These fees should be reasonable, and you should be wary of condo developers who wish to charge you higher than those you can reasonably expect.

5. A space for your car

One erroneous belief most prospective condo buyers would have is that the unit and the parking space is a package deal. Unfortunately, this is not the case. The parking lot itself is another cost on top of what you pay for the unit, and if you do own a car, this can be a hassle. If you can afford to the parking lot, then, by all means, get it (Note: every condo has a limited number of parking spaces.), if the price is too steep, then a good alternative is to rent it. A simple inquiry to the office would give you the information you need as regards who is renting out their unused parking lots or if the condominium offers some parking lot spaces for rent to be paid for every month.

Source: affordable condos in Bacolod

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