Getting your own condominium unit in the Philippines can be exciting. You’ll finally have a place to call your own, which is a big thing. But don’t jump into the high rise real estate market right away. Remember the proverbial quote Look before you leap? It’s easy to overlook the little hiccups when you’re excited about the prospect of having your own pad. And sometimes, these little things could snowball into much bigger problems later on. Here are some of the mistakes many condo buyers commit that you should avoid:
Assuming that payments end when the mortgage is all paid up
Fees don’t end when mortgages do. On top of the usual utilities, you also need to pay for the upkeep of your building’s amenities. And Homeowner Association fees don’t come cheap. That is why it is important that you include this in your monthly budget.
Assuming that you’re automatically a condo person
While condo living is tailored to cater to a wide variety of needs, it’s not for everyone. The only thing separating you and your neighbors is a wall and all amenities will be shared with everyone else in the community, including the pool and the gym. It’s important for you to first assess if you’re really cut out for this type of setup.
Trusting a real estate agent too much
Sure, real estate agents know more about the building than you and this can be incredibly helpful if you have questions about the property. However, while they can guide you around and tell you everything you need to know about the property, the decision is still solely up to you. Don’t rely on the assurance from the real estate agent alone. Visit the property yourself so you’ll know what you’re investing.
Not getting it on paper
Better safe than sorry. While your agent may seem like the nicest person on earth, it still pays to get everything you have both agreed upon on writing. Contracts are a proof that a transaction has been made, and it is important that you have one in place.
Getting mortgage insurance
A mortgage insurance may provide you coverage should you be unable to fulfill your obligations due to unfortunate circumstances. But more likely, you won’t be needing one. Stick to your budget and forego the mortgage insurance. Talk to your bank about the fees you’re paying for and ask to forego the mortgage insurance.
Not reading the rules and regulations
The task of reading through your condo community’s rules and regulations may sound like a tedious one, but this ensures that you are not breaching anything. In addition, understanding proper decorum in your community lets you know when to call the property manager’s attention when your neighbor is being un-neighborly.
Not thinking like a re-seller
Sure, the idea of re-selling or leasing your unit may be far off, for now. But five years in the future, you might be entertaining the idea. Treat your unit as an investment that can guarantee huge returns in the long run. Having this mindset allows you to take utmost care of your unit and make necessary changes and fixes to keep it in pristine condition for a long time.