Real Estate Buying Guide – Important Things to Do When Purchasing a Condo Unit for the First Time

A lot of Filipinos would now consider availing condo rentals in the Philippines especially that it has a lot of benefits and advantages compared to renting an apartment or a pad. But if you do not like the idea of having to pay the rent monthly and still won’t be able to call the unit as your own, then it would be a great idea if you buy your own condo unit. Buying a condo unit instead of renting it will not only help you save money, it is also a good investment. However, once you’ve decided to purchase one, make sure to consider these important things too:

Make Your Own Decision

As a first-time buyer, you might get a little confused why your broker is giving you special treatment. It is true that hiring a broker makes the buying process easier on your part, but you also need to remember that brokers earn their keep through the commission they get from your purchase. So, as much as possible, make your own judgment when it comes to choosing a condo unit and don’t hinge all of your decisions on what your broker said. Also, make sure that before signing the contract, you have all the necessary information from your broker.

Know the Payment Scheme

The payment scheme when buying a condo unit usually differs from one condominium to another. Some require you to give 51% initial payment, while others are more lenient in their payment schemes, especially for installment buyers. It is very important that you ask your broker about the breakdown of your installment scheme so that you will know how much you need to pay monthly.

Be Aware of the Other Costs

One of the downsides of buying a condo unit is that the costs you have to pay do not end with the full payment of the buying price. There are actually a lot of other costs that you have to consider when planning to buy a condominium. Normally, you will have to shoulder the expenses of registering the condo title to your name, plus you also have to pay the taxes. Condominium complexes also charge both owners and even renters a monthly condo association’s fee that will be used to maintain the building’s amenities, facilities, and common areas. Make sure that before signing the deal, you are aware of all the other costs that you are required to pay.

Check the Condo Rules

If you are not aware yet, condominiums have rules and regulations that every resident should follow. These rules are made by the board of the condo owners’ association in order to promote the welfare and safety of the tenants and to maintain the harmony in the building. Since following these rules are mandatory, you really have to take time and check them out and see whether you can live with them or not. These rules usually cover policies regarding visitors and pets, so be sure to consider studying the stipulations thoroughly before you close the deal.

And last, but definitely not the least, make sure that you read everything in a contract before signing it. Enjoy your new condo unit!