Condominium 101: Must-Know for First Time Buyers

If you’re reading this article, chances are, you’re in the market for either a convenient place for your family, or a bachelor pad just a stone’s throw away from where you work and go to the gym.  High rise living couldn’t be more suitable for the modern family, the eligible bachelor, or today’s independent woman.  It guarantees not only a roof above your head, but also the luxuries that come with it.

But while they’re remarkably cheaper than a house and lot, they’re still a major investment worth pondering on.  So before you make your purchase, here are a few things you need to know about condominiums and high-rise living:

What is a condominium?

For the unfamiliar, condominiums (more commonly known as condos) are residences, usually in high-rise buildings, where each homeowner owns a single unit space, while sharing common areas and facilities (such as swimming pools and gym) with other homeowners.

Unlike a house & lot, condo homeowners or tenants do not own lots.  All the land in a condominium project is owned by the developer or by the homeowners association.

Common facilities and services are paid for by the homeowners through the dues collected.  In addition, each homeowner or tenant is subject to the homeowners association’s rules and regulations.

The perks of living in a condo

Purchasing a condominium is an appealing prospect for a lot of good reasons:

Accessibility. Most condominiums are located near or within walking distance from major business districts.  Take Fort Global Condos in Fort Bonifacio, for instance.  Located within reach of Taguig and Makati, Fort Global Condo tenants have convenient access to the workplace, and establishments such as malls, schools, and entertainment areas.

Security. Another reason why condominiums make great bachelorette pads is that women can enjoy safe and secure solo living.  Condominiums offer gated or locked entries with security professionals who ensure the safety of their tenants.  They also employ security cameras in every dark nook and cranny in the vicinity to make sure that unauthorized entry into the premises is prevented.

Amenities. Many condominium communities offer amenities that are usually exclusive for    Condo owners can enjoy access to swimming pools, gyms, and clubhouses without having to pay exorbitant prices or travelling too far. Condo owners can do away with garden maintenance, plumbing, or fixing the roof as all these are done by the condo community’s maintenance staff.  If you frequently travel, work long hours, or just don’t want to deal with the hassle, this can be a major perk.

How to look for the right condo

There are three things you need to consider when looking for the right condominium for your family

Your budget. This might be the most obvious consideration in buying a condo and it’s probably the most important one.  Hence, it’s best to ask yourself if you are capable enough to cover the down-payment and the monthly amortizations.  But do remember that these fees are just the tip of the iceberg.  On top of the usual utility bills, you also need to factor in association dues in your monthly expenses.

The location. It’s not just the proximity to your workplace.  You also need to consider other location-related factors when looking for a condo: (1) Your neighbors, since you’ll be living in close proximity to them; (2) Your immediate environment.  Is the place prone to flooding, for instance; and (3) The convenience.  Is the condominium located near amenities and establishments that can support your lifestyle?

The developer’s track record. On the surface, the condominium community may look promising.  But it is still crucial that you do your research on the developers first before making an investment.  Check the reputation and history of the developer carefully.   

Things to consider before signing the sales contract to your condo

You’re ready to buy the condominium of your dreams.  But hold your horses.  There are things you need to consider before signing that contract.  Here are a few:

• Is the property mortgaged under the Housing and Land Use Regulatory Board (HLURB)?
• Do you already understand the payment scheme? Should you consider monthly amortization? You could end up paying more than what you were initially told, so it’s important that you ask your broker for the complete breakdown of fees.

House Association Rules

Note that just like any other gated community, condominium communities are also governed by a strict set of rules and regulations called the Deed of Restrictions.  Ask for a copy of the Deed of Restrictions to know what you can and cannot do once you become part of the community.  If you are planning on bringing a pet with you when you move in, for instance, it’s best to know beforehand if this is allowed.