Real estate in the Philippines has enjoyed considerable growth in recent years. According to an article by Aya Lowe in Rappler, the real estate industry in the country has increased to 18.8% in the third quarter of 2012, making it the fastest growing industry sector in the Philippines. Furthermore, the article by Lowe indicated that according to Jose Ramon Albert, Secretary General of the National Statistical Coordination Board, the real estate business in the Philippines contributed partly to the country’s 7.1% growth in the third quarter of the same year.
With all the success that the housing market has enjoyed in the country, it is not unusual to hear many Filipinos getting in the trend of buying a condo. If you are one of those people who is planning to buy a condo, you need to first check out a couple of things before making the final decision. The things you would be considering before you buy your choice of condo ultimately depend on your lifestyle and selection preferences. Careful consideration of many varying factors helps in making you arrive at the best decision.
Checking in for a home loan
When you make the choice to indulge in condo living, you put yourself in the position to be armed-ready with the incoming stream of expenses you will be facing. Of course, when you decide to purchase a condo, you need to first check the most important thing - affordability.
Take out your calculator and calculate the cost of condo living. Then, check your savings and your income to see if you can afford shouldering all of the living expenses on your own. Don’t turn down the opportunity to own a condo even if you can’t afford all the expenses. You can always check if you would be eligible to get a home loan from a bank or from Pag-IBIG house fund.
Once you found out you are eligible to get a home loan, you may want to generate additional income by getting a roommate to split expenses with. Paying off your home loan will not become a problem once you see your income grow in due time.
Do you like the looks of your condo?
When you decide to buy a condo, you are in the position of investing on something that will stay with you for a long time. You need to be a careful observant when it comes to the looks of your condo. Do you like the location of your bedroom? Are the bathrooms easily accessible? What about the living room, does it invite coziness for family bonding and get togethers?
Once you pinpoint the looks and style of the condo that you want, conceptualizing which developer offers your condo preference will not be hard. If possible, go on a condo unit tour with your developer’s agent to see the style of the unit itself with your own eyes, and be able to make a better decision.
One of the most common condo buyer mistakes is the failure to visualize the size of the condo that will fit the need of the buyer. Sometimes, you forget to take into account having extra rooms for guests and family members who may actually live with you sometime once you purchase your condo. As a result, you regret making the choice you made when you decided to pick a particular condo unit to purchase.
Always make it a point to give extra allowance in terms of size before you choose a condo unit for purchase. You just never know when you’ll have extra company around, so you should do your homework and prepare in advance.
The question of fitting in
When you decide to make your condo or any real estate properties in the Philippines your new home, it is only natural to want to fit into your neighborhood. Of course, you would want to have your neighbors as friends, instead of just acquaintances. You’d definitely want somebody to be there for you when you need help. Plus, friends add colors and inspiration to your life just by keeping you company.
But, you can’t always expect to click with the neighbors you’ll be having. Varying factors, such as lifestyle and preferences, can make you and your neighbors distance yourselves from one another. When going on a condo tour, observe your neighbors carefully to see if it will be worth it to test the waters in connecting with them. Doing this saves you from the hassle of feeling an outsider once you purchase your condo and move into the neighborhood.
The view your condo mirrors and windows
Of course, the view your condo living room is facing matters a lot as it reflects the mood you’ll be having throughout your stay at your condo. Your guests’ mood may be altered either positively or negatively, depending on the pleasantness of your condo’s view.
When touring your prospective condo unit, take notice in choosing units that face the scenic bay or the streets. Obviously, condo units facing a garbage dump is definitely non-compromising and unacceptable.
Have it all at the parking garage
A car accompanies any condo buyer’s concern when choosing a condo. When checking out a condo’s parking garage, the first thing you look for is the comfort in the accessibility of the parking garage from your unit. You may visualize easily your daily routine once you move in to your new condo. Of course, you prefer a parking garage that is just one or two floors away from your unit. Your days may constantly be fast-paced, and anything that will slow you down is something you won’t have time to deal with.
Looking forward to an excellent service
One of the main essentials of living in a condo is being aware of your condo admin’s reputation. When touring the condo premises, give particular attention to the feedback of the residents you may see posted on the message board. Scrutinize whether the feedback of majority of the residents regarding the admin’s maintenance and other miscellaneous services are positive or negative. You may want to think twice living in a condo with bad admin services.
Reasonable maintenance and association fees
Maintenance and association fees should be reasonable. Be wary of condo developers who may charge you these fees higher than you expect. These developers may just be out to rip your money off, sans giving you the quality of condo life that you deserve.
Know who’s the boss
Self-managed condos may pose hassles to you when you move in to your new unit. They may have people in the management who live far away from the condo premises itself. If this is the case, you may find it hard to contact the right person immediately in urgent situations. Developers that houses the management office right at the condo premises gives you the convenience to reach out immediately when urgent concerns arise.
Eyeing the renters
When you choose to rent your condo to somebody else after buying it, think about a strategy to help you find potential renters. When choosing a condo that you will purchase, make inquiries on your shortlisted condo developers to find out if they can help you in finding responsible renters. If you choose to buy a condo for investment, your number one goal is probably to get a clear view of the potential business you see coming before you make the investment.
In addition to checking out this important checklist, it is also important you choose a top condo developer i n the Philippines to ensure a high-quality condo lifestyle. Buying a condo is something that takes a lot of investment, both financially and emotionally. Making the best choice should be highly prioritized before you regret the decision you’ll make in the long run.