Basic Tips When Buying A Condo In The Philippines
Rapid population growth and urbanization helped changed the face of Philippines’ real estate. Over the years, the days when houses and apartments are the first property choice of Filipinos has changed. More Filipinos are considering to choose to buy and live in condominiums which makes it more attractive to foreign investors. This thereby provides the best that they can when developing property in highly urbanized and livable cities. But if you’re interested in buying a condo, you must that there are basic and helpful tips when buying a condo in the Philippines.
Do Your Research
Before booking condo tours, and open inspections, remember to do your own research. Make sure to conduct background check of the property developer. Read and get yourself acquainted with property developer’s portfolio, current projects, and client testimonials. A good investment is investing in a company with good reputation and excellent track record.
Consider Property Management
For those who are new to real estate, it can be hard to distinguish a good property developer from another. Buying a condo in the Philippines can be stressful when not thoroughly planned. This can be done by checking whether the property management services offered by a real estate company meets your standards. There is more to meeting the deadline in finishing project within budget and in time, consider the company’s abilty to manage the property well.
Finding the Perfect Location
It is a general rule that condos are often located close to the central business district is in the city. A buyer should be particular to the condo’s location he is interested in. Many condo are constructed near transportation stations, shopping malls, and business areas. This also entails that the condo units are a bit pricey than other condos in less similar locations. Consider a location that has a potential for more development, and do forward thinking on how the market value increasing in the area in a few years. You can be assured that your property’s market value will increase as well.
Inspect the Property
Make sure to know the amenities offered by the property management services firsthand when buying a condo in the Philippines . Find out that your investing on a property that matches your needs. Visit the site during different times of the day to gauge its susceptibility to traffic noise, flooding, and transportation access.
Review Your Budget
This is the most crucial and important consideration before buying a condo unit. It should be the first thing to consder when looking at properties if the property of interest is within your budget. Most often than not, we can undervalue the market value of a property and the location we are interested at. Always consider how much money you are willing to pay for a condo unit. Before finally deciding on buying the property calculate other fees that you may need to fee such as homeowners association fees, move-in or closing fees.CondoCondo
Whatever the reasons are behind your interest in buying a condo in the Philippines, the best time to buy one is now when the market is still low compared to the next few years. Because tomorrow it could increase and years after more than significantly.
A founding member and blogger of Filipino Homes. Lai Marie is a digital creative sharing helpful and useful travel tips at Pinay Travelista and sharing life hacks and stories on her You Tube channel.