Condominiums in the Philippines have always been in demand—may it be a purchase for personal usage or investment. They provide a homey figure but can also be a worthwhile financial venture. There is a lot of interest in condo investing or condo buying since many prospective buyers prefer properties that are, if not close, near the commercial districts. Condos that meet most buyer's checklists are widely available in the country, especially in the Metro.
Are you thinking about buying or investing in a condo in the Philippines? That is one of the best decisions you can make to get what's worth your money! However, buying a condo unit is a huge decision that shouldn't be done carelessly for financial and personal reasons—especially if you're a first-time buyer. During the condo-buying process, you need to do your research correctly and take note of the considerations you can ask.
If you are unsure what questions or queries to ask a real estate agent when investing or buying a condo in the Philippines, you can also check the top seven things we've noted here.
1. How accessible is the location?
One of the most crucial factors affecting condo unit prices is its location.
You should know the location's accessibility before buying a condo because this may impact your everyday life, particularly if you're looking for a condo close to your work or study. It includes the availability of nearby transportation services, the proximity of other establishments like the grocery or the hospital, and how prone the place is to pollution or natural disasters. You can ask your real estate agent how the area around the building is daily. With this question, you can ease your worries about travel, safety, noise, and other things to consider.
2. How long has the condo been on the market?
It is one of the first questions you should ask your real estate agent before making a purchase. Condos are one of the best investments you can make, but before you sign a contract, you should give it a lot of thought. If you purchase a property from an older building, you might not get a lot of return on your first investment. However, you likely pay less if you buy a brand-new item or even one that is being prepared for sale. It practically ensures a profitable return on investment.
3. How much is the monthly condo fee?
Budgets for condo purchases should include more than the unit's final sale price. Before you can move in, there are additional costs to take into account, like the monthly association fee.
Make sure you can afford this additional payment before signing the contract because it's not the only expense you'll have to cover. It is your share of the costs that all condo owners share, like staff members' salaries and the power used in shared spaces and swimming pools. You will also be responsible for paying an annual real estate tax on your apartment, the plot of land the complex is built on, and all communal facilities. Expect to spend at least 500,000 pesos and additional monthly dues if you purchase a permanent parking space within the complex.
4. What do you own?
When buying a condo unit, you purchase the area inside the building's walls.
Asking this question when buying a condo makes it easier to identify which properties belong to you and whether you need to maintain and repair them yourself or if the association can handle that. By talking about this, you might find out if you qualify for any additional perks that come with the apartment, like building amenities and repair services. Of course, the exterior of your unit, including any amenities, hallways, elevators, or staircases, is not your property. Therefore, you shouldn't be held responsible for any maintenance or repairs. Instead, they should be covered by your monthly condo fee.
5. Does it come with insurance?
Some condo buildings in the Philippines offer insurance to their buyers, while others don't—that is why this is a great question to ask when buying a condo.
Find out if insurance is available, what it might cover, and whether you should avail of it yourself because having one will protect you once an accident occurs or a problem arises. It's a good idea to inquire about the insurance plan because it could save you cost. You can decide if the building will pay for personal damages and other potential annoyances in the event of a disaster or theft.
6. What are the house rules and regulations?
Please ensure you know all the restrictions and are prepared to adhere to them before signing.
A condominium is a type of shared property governed by a deed of restrictions. To ensure that your way of life fits in well with the neighborhood, you must understand the policies of the condominium you're considering. It will also help you determine whether the property you plan to purchase suits your interests. It entails knowing whether pets are permitted, being informed of the visiting rules, and more. You should be notified of the rules so you know what you cannot do inside or outside your unit, even though most condominiums do not police them as strictly.
7. What are the amenities? Does the place offer?
Determine whether the amount you are paying is in line with the worth of the amenities at your access.
Condos still demand a significant investment despite being widely available. You are purchasing a portion of amenities that come with the property and paying for your unit. Understanding that you are receiving your money's value by taking advantage of amenities and conveniences that benefit you is essential.
Right Questions Bring the Right Decisions
Having the right questions to ask your real estate agent when condo investing can be very helpful for your decision-making process. It's crucial to keep these in mind to guarantee your money's worth before getting too caught up with a hasty and unthought condo-buying process for any property available on the market.
Remember: The best way to find out what's right is to ask!
If you're looking for condos to purchase and invest in the Metro after reading this list, Vista Residences offers properties inside and outside the area. Start a new chapter with Vista Residences, which provides pre-selling and ready-for-occupancy condominiums.
For more information on Vista Residences, email info@vistaresidences.com.ph, follow @VistaResidencesOfficial on Facebook, Twitter, Instagram, and YouTube, or call the Marketing Office at 0999 886 4262 / 0917 582 5167.
