15/08/2014
Five tips for buying a condo in the Philippines
Urbanization and rapid population growth have changed the face of real estate in the Philippines. Gone are the days when houses and apartments were the property of choice for Filipinos. These days, more and more people are opting to live in condos and the market is also attracting an ever increasing number of foreign investors.
Today, both high-rise and low-rise condominiums are being constructed in most metro areas. The demand for residential condos is increasing. To help you get started in this growing market, here are a few simple tips to consider before buying a condo.
Tip 1: Do your research
Before you even go to open inspections and condo tours, remember to do your research and conduct a background check on the property developer. This way, you’ll become acquainted with the company’s portfolio, client testimonials and the developer’s current projects. For example, check whether they have a history of finishing their other projects on time. Always remember to invest in a company that has an excellent track record and a good reputation.
Tip 2: Consider property management
It can be hard to distinguish one good property developer from another. One tip is to check whether the property management services they offer meet your standards. It is one thing to be able to finish the development within budget and on time. But once construction is completed, what will matter more is the company’s ability to manage the property well.
Tip 3: Find the perfect location
There are a variety of condominium styles to choose from in the Philippines. But as a buyer, you should pay particular attention to your condo’s location. As a general rule, condos are often located close to central business districts in metro areas. Many condos have been constructed near connected to or at least near MRT stations in Manila. But you should still consider its accessibility to major thoroughfares and public transport. To prevent any future problems, avoid areas which are susceptible to flooding and heavy traffic.
Tip 4: Inspect the property
Make sure you get the chance to view the actual units, so you can see firsthand whether the amenities and features offered are right for you. It’s not worth the risk of investing in a property that does not match your needs. If possible, visit the site during different times of the day to gauge its susceptibility to things like traffic noise.
Tip 5: Review your budget
This may sound obvious, but one of the final things you should do is calculate what you can afford and make sure the property fits your set budget. However, this is not limited to the price of the property: investigate what taxes you are liable to pay as well as any other costs, such as homeowners’ association fees and closing fees. As a guide, expect to pay a down payment of between 10 and 30 percent.(Source: www.lamudi.com.ph)
Condominium For Sale in Philippines
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