Buying any type of property requires a certain level of research and assessment. For first-time condo buyers, here are the most important things that you have to consider before making your first purchase.
The demand for property in the Philippines, particularly in Metro Manila, continues to grow exponentially. As a result, developers are scrambling to offer the best deals to their clients and attract more investors to their projects, making condominiums more affordable than ever.
In turn, many OFWs, foreign investors, and local buyers are joining the buying spree, contributing to the boom in the economy that the Philippines is experiencing now. If you are interested in making this investment yourself, here are the most important things that you need to consider:
Before you even consider buying a condo unit, you need to determine if you can realistically afford one. Take a look at your current income. If the estimated amortization does not exceed 40% of your monthly salary, you may be able to afford it. But there’s also the down payment. To avoid paying higher interest rates, you need to have 10 to 20% of the selling price stashed away in your savings account.
Moreover, how are you going to finance the unit? Are you confident that you can get approved for a loan? What about other expenses such as parking, monthly fees, and basic needs? Money is the most critical factor to consider when looking for a condo, so make sure that you assess your finances carefully before taking on a huge financial responsibility.
Choose a condo in a location that will be most beneficial to you. If you work in Ortigas, for example, search for preselling condos along Ortigas Avenue. If you have kids, choose a location that’s near their school (and if possible, their future schools as well).
If you want to have easy access to malls, stores, and restaurants, you can look for a condo in a very commercialized area. But if you prefer a place with less population density, you might want to choose a project that’s in a more exclusive area.
If you have a car, can you afford to buy or rent a parking space in the condo? Alternatively, are transportation terminals accessible from the condominium?
Choose a developer with a good track record. Established developers may be more pricey than lesser-known names. But you’re getting the quality and service that you pay for.
Size of the unit
Are you going to live alone in this condo, or are you going to live with your family? A studio unit is ideal for single occupants, while a one-bedroom unit should be enough for a couple with no kids. However, if you’re planning to live in the condo with a family, you should consider getting two-bedroom or three-bedroom units to ensure that everyone has enough living space.
These also play a significant role in your decision, albeit not that heavily. Most condominium projects have swimming pools, a gym, and a clubhouse. Sometimes, condos can also have spas, playgrounds, function rooms, and other various amenities.
Buying your first condo can be pretty tough if you don’t have enough knowledge or experience. But this list can help you weigh your options better and make the best investment.