10 Things to Think About Before Buying a Condo Unit
- franciasanglay21
- Jun 8, 2021
- 4 min read
Purchasing a condo unit is a significant and long-term investment. Before purchasing one, make sure you consider all aspects.
Condos enable individuals and families to live in the city while still having easy access to everything they require. Living in one has become a popular lifestyle choice and investment for many people.
With a rapidly growing number of condominiums to choose from in the country, the budget is only one of many factors to consider when purchasing a condo unit. If you are a first-time buyer and are unsure where to begin, we have compiled a list to assist you. Check all of these details, and you'll be in good hands.
1. Structure of the Unit
Your future unit will serve as your future home. Make certain that everything meets your expectations. Is the room size acceptable to you? Are you satisfied with the unit's division? Is the bedroom in the ideal location? Is your window view pleasant? Is the atmosphere relaxing and welcoming? Check out their model units if the unit is not yet physically available. Consider other options if there is even the slightest hint of discomfort in any part of the unit. Why is this so? Purchasing a unit is a long-term investment. Your comfort and convenience are of the utmost importance.
2. Security and Amenities
After ensuring that your home's structure meets your standards, it's time to ensure that everything else is up to par. Is there security on-site 24 hours a day, seven days a week? Is there a smoke alarm and a fire exit? Are the intercoms operational? Have you seen the layout? Do they provide condo insurance?
Don't forget to look into the condominium's amenities. Is there enough space for all tenants to share? Are you a gym or a pool person? Do you need to park your car? Is it important to you to live a green lifestyle? Is there free Wi-Fi in the public areas? These are minor details, but they will make a significant difference in your home living experience if your future condo meets any of your personal needs. After all, you'll be spending the majority of your free time in one of these locations.
3. Accessibility and Location
Is the structure in a good location? Is the area prone to flooding? Have you got easy access to public transportation? Is your building close to a supermarket, a mall, a church, a convenience store, or a school? Most importantly, is your unit close to your place of employment? Given that traffic in the Philippines is unlikely to improve anytime soon, the least you can do is choose a location that will alleviate your daily woes.
4. The surrounding area
Is the condominium located in a secure neighborhood? Is the cost of living within your financial capabilities? Is it a good fit for your lifestyle? Remember that purchasing a unit entails investing in the community in which it is located. Aside from the amenities within your unit building, make sure to take advantage of the outdoor offerings in the surrounding area. That will also be your new address!
5. Tranquillity
When you live in a busy city, you sometimes wish for some peace and quiet when you get home. A condominium is a multi-unit building with a large number of residents. If the condominium is already occupied and ready for occupancy, one thing to look out for and inquire about is the 'noise.' Make certain that your neighbors and the community around you follow proper protocol when it comes to loud music, partying, shouting, and other activities. If such a concern arises, make sure that management is aware of it and that you follow the rules as well.
6. Association Rules and Additional Fees
When it comes to rules, the first question a prospective condo unit owner should ask is about the association rules. Association rules cover all of the specifics, such as garbage disposal agreements, unit modifications, and other house rules, restrictions, and guidelines. Are pets permitted? How much leeway do you have when it comes to making changes to your unit? As a unit owner, you are automatically considered a member of the condominium association, which will charge a monthly fee for building maintenance and personnel pay. Consider including this in your budget.
7. Project Manager
One of the most important things to look into is information about the project developer, especially for pre-sold units. Is this a reputable developer? Is your broker properly licensed? What has been said about the developer's previous works? Do they always meet their turnover deadlines? Examine their track record and pay attention to every detail.
8. Upkeep and Management
Little details like ‘who fixes what' are just as important as knowing who to call in an emergency. Keep all of the information you might need for future reference. This research also allows you to assess how building owners care for their property and manage their tenants. When deciding on a property to invest in, good administration and management are important considerations.
9. Payment Options
When considering purchasing a condo unit, this is the most obvious factor to consider. Other expenses (e.g., association dues, mortgage, real estate tax, parking fee, unit maintenance and repair, utilities, etc.) must be included in your budget in addition to the actual cost of the unit. Determine the best financial option for you and ensure that everything is in order before you sign the contract.
10. Long-Term Strategies
Will this be your permanent residence, or do you intend to sell or rent it out? It is never too early to start thinking about a 5-year or 10-year plan. This could make a significant difference in your overall budget.
Purchasing a condo unit is a once-in-a-lifetime investment. It is your future home, where you will spend the majority of your free time, and it will cost a significant amount of your hard-earned money. Make sure to carefully consider all aspects before deciding which to purchase. Make sure to only buy a unit that meets your needs and that you can truly call a home.
Have you found the ideal condo unit and need a real estate sales person that will assist you? I introduce you to Mrs. Francia Sanglay, an experienced Filipino Real Estate Sales Person in Naga City, Camarines Sur, Philippines. Click the link below to visit her website.
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