Buying a condominium is a great alternative to a traditional house especially for first-time home buyers. However, acquiring one involves a unique process that can be a very complicated task especially for a first-time condo buyer in the Philippines.
1. Do your Research
Know the basic knowledge by conducting a research.
Just like every first-time condo buyer in the Philippines, the first challenge is to overcome your lack of knowledge. By doing some research, you will know what to do during the process, ask the right questions, and know what things to look for. This might sound like a boring task for you, but you’ll be surprised on how much you need to know when buying your very first condominium unit.
2. Know your Budget
Know what changes you’ll need to make by knowing the budget for your dream unit.
Getting excited in getting your first condominium unit is okay. However, you also should not forget to assess your financial capacity. Aside from the monthly rental payments, you also need to prepare for other significant costs such as association dues, realty taxes, utilities, and fixed utility bills. By knowing your budget you’ll know how much money you need to save, what adjustments you will make in your spending habits, and work within the budget you have.
3. Get the Right Fit
Do you need a gym? A swimming pool? A parking space? Get the right fit by knowing the amenities the property offers.
What amenities are you looking for? Which location do you prefer the most? What type of unit suits your lifestyle?
Getting the perfect fit for your lifestyle can be a difficult decision to make. Thus, you need to talk to a good real estate agent to listen to help you assess your needs. Sometimes, condominiums are very expensive because of the amenities they offer. The question is, “Do you value the amenities offered?” When it comes to location, you can only choose two options—to live close to the business district, or away from it.
And lastly, you should also consider the type of unit you need. If you are single, then a studio or a loft unit can be perfect for you. If you are married or have kids, then a two-or-three-bedroom unit is a good option. If budget is not a hindrance and you prize privacy, then you can avail a penthouse unit atop the condo building.
4. Know the rules
By knowing the rules, you’ll learn, as well, how to be a good neighbor.
Each condominium property has its own set of rules and regulations. Getting to know the rules is also one of your tasks to consider before acquiring one. Make sure to secure a copy of the homeowner’s association rules. Read them carefully as some rules can be possibly be the roots of your concerns in the future. These rules may include limits on pets, parking space, how many visitors you are allowed to have, noise levels, and many more. Getting to know the rules can help you become a good neighbor.
5. Take a visit
By taking a visit, you’ll at least identify if there are a problems that need to be addressed before sealing the deal.
This is the fun part when acquiring a unit. This is the time where you stop imagining and take a look at the real thing. As a condominium buyer, you also get to be invited to open houses. Make sure to make the most of the opportunity. By attending the open house, you will be able to take a peek at the unit especially during the pre-selling season. If the construction is still ongoing, schedule a visit from time to time. Newer homes can have as many problems as older homes, too. Therefore, it is a must to visit and conduct inspections.
Check out our list of real estate developers in the Philippines, or browse the Houses & Condo Guide of the Yoorekka Directory.
The task can be tiring especially for first-time condo buyers like you, but it’s all going to be worth it once you move in. Are you ready to buy your first home in the Philippines? Share your thoughts in the comment section below.
