Are you planning to move into a condo? It is essential to know about the moving-in fees and their significance.
Being an adult comes with a lot of responsibilities. All those movies showing late-night drinking, romantic dates, and career promotions do not accurately portray adulthood; it’s much less fun and more complicated. It is a must to have a place of your own. Reading condo guides and living tips will help you decide. Not only are you expected to balance social life with your daily work, but there are also appointments to make, obligations to do, and, of course, bills to take care of.
As an adult, you must know the importance of condo guides, such as terms and jargon that were continuously used in financial transactions but were never taught in school. Mortgage, credit limit, and liability insurance are just a few words in banking and real estate investments that make up the dictionary of adulthood. Another term you may have encountered in this condo advice article is “condo move-in fees,” which you should understand when looking for a condo unit.
The following are some basic details on our condo guides about moving-in fees and why you should at least be familiar with them.
What is a condo move-in fee?
The more you know about this seemingly alien term, the better off you will be.
In the simplest definition, move-in fees are the total amount a buyer must pay before the unit is officially given to him or her. First condo guide: It is important to note that there isn’t a definite move-in fee in the Philippines since the amount varies depending on the condo developer as well as the classification of the property.
According to Licensed Real Estate Broker Clint Paul Plantas, for the condo living tip, it’s best to pay the move-in fees first before dwelling in the property, as the expenses include the connection of water and electricity and association dues. A must-remember condo guide when you’re planning to get a unit! Plantas also said these fees are necessary to make your move go smoothly because paying such fees requires less work, such as excellent condo advice.
What does the condo move-in fee cover?
If you think about it, move-in fees will only make your life more convenient in the long run.
As mentioned in the first condo guide tip, move-in fees cover the necessary payments to make your transfer as smooth as possible. Some crucial inclusions in this condo guide are:
• Association dues
All condo developers have them, but the amount varies depending on the property’s amenities, facilities, and services. Condo advice: usual inclusions of association dues are maintenance fees of the amenities, salaries of building personnel such as guards, management staff, and maintenance crew, as well as the miscellaneous expenses needed to keep the property in top shape.
• Electrical connection
Most developers already have preferred or partnered with electrical companies used throughout their property. Another condo guide tip: instead of doing all the work to have electricity, you must pay a certain amount, and your developer will do the job for you.
• Water connection
Just like your electrical connection, the move-in fees will already cover what’s necessary for you to have a water supply in your unit.
Word of caution: Beware of hidden costs
Always read the fine print before checking ‘I agree’ to avoid regrets in the future.
As a condo unit owner, here’s a condo guide advice: you need to educate yourself as much as possible and be on the lookout for unnecessary fees you might be paying. Aside from being familiar with condo advice, such as move-in fees, you should also be aware of hidden costs.
Some developers will keep adding new “important” fees aside from the ones you’ve already agreed on. One typical example of condo guide advice you must remember in hidden charges is the “turnover fee,” which differs from the transfer fee paid when transferring the unit title to the new owner. If you spot charges you do not understand, here’s a condo living tip: ask your agent and have him/her clarify. To avoid further issues, memorize the contract's fine print like the back of your hand, and don’t forget this condo guide advice!
Although it may seem daunting, being an adult can give you the potential to grow, and being knowledgeable of these condo advices, such as condo move-in fees, could be your advantage in the future. And while it won’t guarantee zero problems during your move-in, it’ll surely be one less thing to worry about.
This article was initially published in Yoorekka on January 15, 2019.
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About Eunice Sheene Fulgencio
Eunice knew that she’d be writing for the rest of her life from a very young age. Naturally introverted, she is selective with how she uses her time and who she spends it with. Has a penchant for sweet treats, sentimental proses, and online personality quizzes. A true-blue INFJ.
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