3 Things You Need to Know Before Buying a Condo in the Philippines

Buying a condo in the Philippines? Do you feel thrilled about the idea of having a unit under your name? Then again, you’re not 100% sure whether or not it’s the right call. If so, take the time to be mindful of a few things that will increase your confidence in that ultimate decision.

Buying a condo in the Philippines necessitates a big amount of financial investment from you. Here’s a list of the things you need to know before buying a condo:

1. The Location

Is the condo of your dreams located in the place of your dreams, too? If you have yet to, you should check out the unit’s location. You can go there yourself, or you could give the honor (of informing you) to your broker. Many of the important factors regarding a condo’s location should be in line with personal preferences. An effective trick that can help you out is visualization.

Picture yourself owning that condo. As a resident or property investor, what do you prefer? Do you prefer the location to be near a church, school, and park? Do you prefer a location that grants easy access to malls, restaurants, entertainment centers, and important highways? Do you prefer the location to be in a peaceful neighborhood?

While you should be mindful of your future condo’s location, you shouldn’t overdo the worrying. A good thing is that most condo developers are also mindful about location; they won’t build a condo in an unattractive and unsafe location.

2.The Miscellaneous Fees

After learning about the asking price of your dream condo unit, ask your broker to tell you about the miscellaneous fees. These are the fees that will be included once you officially buy the unit. Some of these miscellaneous fees are:

Government fees
Connection charges (for utilities)
Parking fees (if you own a vehicle)
Turn-over fees
Association dues

The catch is, most condo developers hide these additional charges. Their purpose is to entice potential buyers – by making their proposals affordable. Since these charges are hidden, prepare for a much higher sum when your broker lays them all out.

Alongside, you also have to learn about the down payment. Some down payments for a unit are more than 20% of the contract price. Especially if you’re working within a tight budget, you need to know the upfront fee prior to agreeing to buy the unit – lest be surprised later on.

3. The Turn-over Date

Sometimes, after you’ve officially bought your dream condo, you won’t get to reside in it immediately. The turnover could take days, weeks, or even months.

In most cases, waiting for your unit to be turned over to you is okay. Even if you couldn’t conceal the excitement of getting your new condo, you don’t mind waiting. But, in other cases, waiting isn’t okay – especially if the condo is still in the pre-selling stage.

If it is still in the pre-selling stage, this means that the condo is still being built. It’s either that, or it requires the completion of an equity payment prior to construction. In such a case, the waiting period is long.

Waiting too long is disappointing, and it’s discouraging. But, if you’ve already known about the turn-over date beforehand, a sad reaction to the waiting period isn’t part of the deal.

Final Thoughts

Are you excited to proceed with the sale? You must be – especially if it’s your first condo.

Just remember that buying your own condo unit necessitates a big amount of financial investment from you. Typically, the mid-range condos (in Luzon) cost ranges from P300,000.00 to P1,000,000.00. This is exclusive of upkeep costs.

So, are you prepared to invest that much? More importantly, are you positive about your choice of condo unit?

If you’re doubtful about certain aspects when wanting to buy a condo, don’t hesitate to ask your broker. Let him or her answer your questions so you have absolutely zero doubts about the upcoming purchase. Once you’re 100% sure, that’s when you get ready to finalize the arrangements!