Urban Lifestyle Guide – Four Things You Need to Know When Buying a Condo

Are you currently on the market looking for a condominium to buy? Before you go on with your search for the best condominium in Philippines, kindly take a look first at these four important things that every condo buyer should know:

  • When it comes to buying a condo unit, a lot of people really think that when a building has fewer amenities and facilities, the lower the cost that you will have to pay. Unfortunately, this isn’t true all the time since there are also a number of small mid-rise condominium complexes that have higher condo fees even when the amenities that they have are only few. On the other hand, some luxury condominiums with complete amenities have lesser condo costs because of the number of tenants occupying the building. So, before consulting your real estate agent, always remember that the amenities and facilities of a particular condo building have relatively little effect on the fees that you will have to pay.
  • One of the advantages of condo living is the convenience of going to key places in the city such as hospitals, shopping centers, banks, restaurants, and schools. The majority of people consider buying a condominium because they can enjoy more of the city’s fun without being stuck in the traffic for hours. So, when buying a condo unit, always consider the location of the building.
  • Another important thing that you should know when purchasing a condo unit is the reputation of the building and the developer. Always ask your agent about the background of the building’s developer, or if you have time, you can search about it on the Internet. By simply knowing the reputation of the developer base on their previous building projects, you will easily know whether the condo unit you are planning to buy is indeed a good investment or not. Ask your agent also about the desirability of the building in the real estate market including the selling turnover; these questions will help you access whether the building is highly saleable or not. When investing on real estate properties, financial analysts would really advise people to go for properties that are highly liquid or in other words, those that can easily be converted into money.
  • A condominium has a lot of advantages, but also has its share of disadvantages. If you are in your late 50s and you’re looking for a place that can give you peace of mind, a condominium is definitely not for you. One of the problems condo owners usually cite about living in a condo is the noise. You can technically hear your neighbors’ noises 24/7 since you are only separated by walls. And since most occupants of condominiums are people in their 20s, you’ll expect that they’ll host loud and noisy parties frequently.

If you do not want to end up making a bad financial decision, consider these four things first before closing the deal with your real estate agent and purchasing a condo unit.