In the Philippines, the real estate industry has experienced considerable growth in the past few years. And it is in the race to being one of the most attractive property markets in Asia because the country’s economy experiences substantial growth. The balanced growth of real estate in the Philippines contributes a lot to the trend of purchasing condos. This is combined with the proliferation of BPO companies that harness the workforce’s potential in the Philippines in some highly concentrated fields, leading to a great demand for both commercial and residential properties. But when it comes to investing in condos in the Philippines, people often ask whether it is a good decision or not. The answer is if you have some purpose for investment and if you want to invest in the condos for the long term, then this is undoubtedly a good decision. So, whether you are just starting your family or planning to downsize, buying a condo is one of the best ways to get into homeownership without concerning about the responsibility of taking care of single-family properties. Condo living also allows you to benefit from the perfect urban lifestyle along with some great perks. So, if you are planning for buying a condo in the Philippines, here are the steps you can follow:
Accessibility and location
Condos are usually developed near the central business district of the Philippines. So, before you invest, you must be specific about the location of the condo. Check whether the condos you are looking for, are located in the vicinity of shopping centers, transport stations, and major business areas. Besides, ensure that your property is accessible to different leisure and basic establishments like lifestyle malls, supermarkets, hospitals, schools, police and fire stations, and churches. This way, you don’t have to drive or walk for long to these areas. Also, find out a location that has the potential for more growth according to the market value. Crown Asia’s condominium projects are located in prime locations in the south of Metro Manila: Bacoor, Las Piñas, Tagaytay, and Sta. Rosa. These master-planned projects are within the vicinity of the essentials of life – Ensuring you and your family a premium and convenient lifestyle.
Budget, price, and payment options
These are the primary things you have to know before purchasing a condo for sale Philippines. In some cases, you may find a condo unit selling for a low rate, but there are some other expenses such as bank fees, move-in costs, property taxes, lawyer fees, monthly utility costs, levies, closing costs, association dues, mortgage, insurance, parking fee, realty tax, repair, and unit maintenance that you have to pay. Count on all these details and find out whether the property fits your financial statement. There are several ways through which you can finance the condo. For instance, you can ask for a home loan, bank loans for lesser interest rates, or in-house financing.
Structure of the unit
Purchasing a condo is a long-standing investment. It will be your permanent residence. Therefore, you must carefully check the appearance of the condo. And to do this, plan a unit tour with the property agent to check the condo unit style on your own. And when visiting the unit, check whether the condo unit is as per your standards or not. Stay calm and check if the unit is worth your money. Always avoid purchasing ready-for-occupancy condo units with huge entrances that have a high traffic of condo residents, or units near dumpsters and garbage chutes. Also, keep in mind fire exits, light wells, and emergency lights & sprinklers.
Amenities
Purchasing condo units will give rise to the scope of experiencing high-tech and modern services and amenities, which most of residential properties don’t offer. These days, the majority of developers offer themed projects with some more toned features like badminton and volleyball courts, mini beaches, event halls, yoga centers, and more. Crown Asia’s condominium projects are themed resort-inspired projects which include swimming pools, gyms, and more.
Security
Once you ensure that the condo structure you found meets your expectations, you have to ensure that everything else is perfect. Check the security level of the condo for sale Philippines to ensure that your property is located in a secure and exclusive environment. The 24/7 security and gated subdivisions will help you to sleep tight at night.
Reputation of the Developer
The reputation of the condo developer is also an important step when weighing your options as it describes if the condo projects offered by the developer are of the best quality and if the developer will complete the project on time. Invest carefully and only choose the projects of reputable developers. Otherwise, you might lose your hard-earned money.
Neighborhood
Find out whether the neighborhood you have selected for a condo is safe or not. Always keep in mind that investing in a condo is similar to investing in the community. Apart from having the benefit of the amenities, you should also be mindful of the outdoor offerings of your property. Check whether the project has open areas for recreation or whether they have mini-parks or gardens.
Parking
Owning a parking space is quite costly, more so two, and it also depends on the property you decide to purchase. But if you can’t afford to purchase a house and lot for sale, then another option is to rent the parking slot. Parking rental rates are comparatively cheaper. But before you take the rent, don’t forget to consult with your real estate agent. The agent may help you to get the unused parking slots of other condo residents for rent.
Long-term plans
As purchasing a condo in the Philippines is a lifelong decision, therefore before you invest, you must consider the 5-10 years continuing plan. Decide whether you want to rent out or sell the condo later or if it will be your home for long. Think about it carefully before choosing the purchase. Remember only to purchase a condo that suits your requirements.
Related Blog: What are Your Rights and Responsibilities as a Condo Resident?
