It is indeed a huge milestone in life when one purchases his first home. A popular option for people living in Manila is buying a condo for sale in BGC, Makati City, and Quezon City. However, if you are at this point in your life, don’t get too excited and sign a lease contract right away when you encounter a cheap condo unit. Hence, make sure that you are equipped with an ample knowledge about condominiums in order for you to avoid being disappointed in the long run. For this reason, here are a few tips you need to keep in mind so that you can choose the right unit for you.
Think of Your Kids
While a condominium is a good investment and a good low-maintenance housing option, you are not sure that you can pass it on to your children in the future. According to Republic Act No. 4726, after 50 years, a condominium building is deemed “obsolete and uneconomic”. The act does require the building owners to renovate and repair the building regularly, but you have to think if the condition of the building will still be good for your kids. Make sure that the owner provides consistent quality maintenance. Moreover, if you see yourself only staying for a few years in a condo unit temporarily, then it is highly recommended that you just rent a unit instead of buying one.
Prices and Locations
The right location is important when buying a unit. Not only will it dictate your lifestyle for the years to come, but the prices of the units will also depend on where it is. If it is near a business district, then it will cost more. This is because it provides the convenience of being close to work. Variations in the cost of living of each city is also a factor.
The great thing about looking for units in the Philippines is that you can choose not only from existing condominiums, but also from condominiums still being built via pre-selling. You have plenty of choices. However, this means that narrowing it down would be difficult.
Cheap prices could be attractive but you may be depriving yourself of the quality that you deserve when you buy a cheap unit. After all, you will be investing in a place to call it your home, so investing more cash to improve your quality of living is worth the expense.
In addition, you should also be sure of the amenities and facilities that you use. Some condominium owners price their units because of the extra facilities that they offer. If you do not need a pool or a gym, then consider choosing a condominium that doesn’t have these in order to save some cash.
Transparency is the key to a good relationship between a landlord and a tenant. In this case, that is the land owner and you. This is especially true when it comes to paying the monthly dues. Be sure to exactly know what a contract entails and what you will be paying for every month. When you fail in doing this crucial step, it may blindside you with a bill that is much more expensive than you expect it to be. These could be because of the building’s services and amenities.
When you are discussing your contract, you also have the right to propose changes in it. After all, it is an agreement and the terms have to be beneficial to both parties. You can choose to opt out of paying for the gym. In exchange, the building’s security can deny you access to it. Such compromises can be made to adjust to your lifestyle and preferences.
Buying a condo unit is all about adjusting to your lifestyle and life plans. Make sure that you get the unit that offers you the comfort that you deserve and leaving out everything that is unnecessary. By doing this, it will guarantee you that every peso you spend is worth it.