Thinking about buying a condo in the Philippines? You’re off to a good start! There are plenty of reasons why owning one might be a smart move right now. Whether you’re just starting a family or escaping the empty nest syndrome, purchasing a condominium is a great way to dive into homeownership without worrying about all the caretaking responsibilities that come with single-family homes.
Condo living means you get to enjoy the ideal urban lifestyle. Plus, the perks that come along with living in one are priceless. However, we’re talking about serious business here, and things like this require knowledge and research, patience, thorough inspection, and background checks before you can finally arrive at the best decision — and, if you’re a first-time buyer, buying a condo is not the same as buying a house.
Here are 9 important things to watch out for when buying a condo in the Philippines:
- 1. Price, Budget and Payment options
- 2. Unit Structure
- 3. Amenities
- 4. Security
- 5. Location and Accessibility
- 6. Neighborhood
- 7. Developer’s Reputation
- 8. Long-Term Plans
- 9. Parking
- Buying a Condo VS Buying a House in the Philippines
- Why Every New Home Buyer Needs a Real Estate Agent
- Finding a Real Estate Agent/Broker in the Philippines To Represent You
- Search for Properties in the Philippines for Sale Online
Price, Budget and Payment options
These are the most crucial things that you need to know first and foremost before buying a condo — Price and fees, affordability, and flexible payment terms.
Sure, you might have found a condo selling for a low price. But aside from the actual cost of the unit, there will also be other expenses, such as move-in fees, bank fees, lawyer fees, property taxes, levies, monthly utility fees, association dues, closing costs, insurance, mortgage, realty tax, parking fee, unit maintenance, and repair, etc. Double-check and see if it fits your budget.
There are many ways in which you can pay your condo. For payment options, you can apply for a home loan through either Pag-IBIG house fund, in-house Financing, where it is easiest to be approved, or Bank loans for lower interest rates and if you plan on building a good credit record in the future.
Consult with a mortgage advisor or a financial advisor to figure out the best financial plan for you to make sure everything is clear before you close the deal.
Buying a condo unit is a long-term commitment. This is going to be your next future home, so you better be careful in inspecting the looks of your condo. To make a better decision, schedule a condo unit tour with your real estate agent to see the style of the unit yourself.
Make sure to walk around the building and explore the unit. Is it up to your standards? How’s the floor plan? Is the room size enough? Is the living room cozy? Are the bathrooms easily accessible? Are your window and balcony views, right? Are there kitchen cabinets and closet organizers? Keep calm and inspect even the slightest bit of details of your prospected condo unit to get your money’s worth.
You might want to avoid buying condo units located next to garbage chutes and dumpsters, huge entrances with high traffic of condo dwellers, and elevators as well.
The purchase of a condo unit gives rise to the privilege of experiencing modern and state-of-the-art amenities and services that most residential properties, such as subdivisions, do not provide. Nowadays, more and more developers are vying to produce “themed” projects with more nuanced features such as mini beaches, volleyball and badminton courts, yoga centers, event halls, and more.
Although most of these perks may win, immediate access to each of them may not always be possible. Will your guests have the privilege to enjoy these amenities with you? Will you have to make reservations? What are the restrictions? An amenity may be a bonus, but note that it is a shared property in a community with a vast number of residents.
After ensuring that your home structure meets your standard, it’s time to make sure everything else is as good. Is there 24-hour security? Are there smoke alarms and fire exits? Do the intercoms work? Have you seen the floor plan? Do they offer condo insurance policies?
You and your family must live in an exclusive and secure environment. Living in gated, round-the-clock security subdivisions can help you sleep well at night.
Location and Accessibility
Condos are mostly built near the city’s central business district. As a buyer, you should be particular to the condo’s location that you’re interested in. Many condos are constructed in the vicinity of transport stations, shopping malls, and business areas, but also ensure that your home is accessible to major basic and leisure establishments such as schools, hospitals, supermarkets, churches, fire and police stations. Considering this, you’ll be saved by prolonged walking or driving to these areas.
Consider a location that has the potential for more growth and is forward-thinking how the market value and demand can rise in the area in a few years. You can be assured that your property’s market value will increase as well.
It is also a must to check whether the location is both flood-free and away from the center of the fault line. Doing so will save your family from experiencing the devastating effects of these natural hazards.
Is the condo located in a neighborhood that you find safe? Note that investing in a unit also means investing in the community it is in. Besides enjoying the amenities within your condominium, learn to appreciate the outdoor offerings around the area as well. That will be your new home too!
The developer’s reputation is essential as it defines whether their condo projects will actually be completed (for preselling condos). This is critical because some condo project cases had to stop construction in the past because the developer went bankrupt. In such a case, it might be challenging to get your money back. Hence, it is best to buy properties among the most trusted and reliable real estate developers in the Philippines like Filinvest Land Inc.
Because buying a condominium unit in the Philippines is a one-time big-time decision, you should first consider your 5-year or 10-year long term plan – will the condo you’ll be purchasing serve as your home for a long period, or are you planning to sell or rent it out?
This is going to be your future home where you’d be spending most of your rest time and would require a large amount of your hard-earned money. Think carefully about all factors before deciding which to condo purchase. Make sure only to buy a unit that fits your needs and only choose what you can genuinely call home.
Parking spaces for sale usually cost around P500,000 and above, depending on which condo do you plan to purchase. If you think you can’t afford it, you can also consider renting a parking slot as an option. Rental rates for a parking slot usually range between P4,000 and P8,000 per month. Consult with your real estate agent about renting one. Some condo residents usually have their unused parking slots available for rent as well.
Buying a Condo VS Buying a House in the Philippines
Buying a condo comes with many perks, including:
- Luxurious Amenities and Facilities: Among the amenities, most condominiums offer residents include spas, swimming pools, barbecue areas, basketball and tennis courts, clubhouses, jogging trails, recreation rooms, and more.
- Security: Aside from having neighbors next to each other, condominiums have security guards and CCTV cameras 24/7.
- Less Exterior Maintenance: You’ll have zero responsibilities when it comes to cleaning or repairing any damages in the exterior of the condominium.
- Condos are less expensive than houses: Lower price means lower, more affordable down payment, and monthly payment.
Whether you’re looking for a permanent residence without the hassle of building your own home, or if you want an asset that you can use commercially that can become a lucrative investment property, whatever the reason behind your interests in buying a condominium in the Philippines, now’s the best time while the market is still low compared to the next few years.
Why Every New Home Buyer Needs a Real Estate Agent
Have you finally decided that condo living is for you? Then now’s the time to search for a real estate agent or broker to help you. They can assist you in several ways such as making sure that you get an approved mortgage loan whether it is through in-house or bank financing, ensure that the contract dates are met, etc.
Not having a real estate agent is a no-no, especially if you’re a first-time buyer. Guidance in buying properties is critical to avoid any mistake throughout the transaction — you don’t want to spend tons of money on that.
Finding a Real Estate Agent/Broker in the Philippines To Represent You
An excellent real estate agent or broker should be able to meet your standards. You deserve nothing less than exceptional representation. With our vast knowledge in selling real estate properties in the Philippines for over 20 years, at Lilian Real Estate, we can exceed that. You will experience the highest caliber of service and expertise with the highest levels of honesty, integrity, and professionalism with gratitude.
Buying or selling condominiums in the Philippines is not for the faint of heart. Lilian Real Estate has represented numerous clients in this dynamic and competitive market, and we know that it’s not just about getting the deal; it’s about making sure the clients are content and fulfilled with their experience. We live and help our clients transition into a healthy lifestyle and a new home, and we certainly are the best choice for your next real estate transaction.
Looking to buy a house? Read our comprehensive article on things to watch out for before buying a house in the Philippines
Search for Properties in the Philippines for Sale Online
It’s 2020, folks! In this day and age, you already have access to a wealth of information online. If you haven’t signed up for the digital trend, now is your time to be!
Take advantage of the internet — start searching for real estate properties in the Philippines for sale online and get the best deals. Ready to buy a house or a condominium in the Philippines? You can check out Lilian Real Estate’s finest, most exclusive and affordable house and lot and condominium listings to get started.