A growing number of urban professionals and young families are foregoing the expense and drama of buying residential family homes in the suburbs in favor of condominium properties in Manila and other cities in the metro for convenience. This trend has greatly accelerated urbanization; thereby, shooting real estate prices upwards.
What can you afford?
Securing your finances to acquire a new condo unit is just the beginning. The terms of sale might place unexpected demands on your buying decision. Each developer will implement varied payment conditions that need to be negotiated; from the popular zero-down-payment-with-higher-interest methods, to the full-payment-before-settlement process. There are also rent-to-own schemes with large payment balloons at term.
The availability of different payment options is intended to make it easy to sell condos, but have the effect of confusing the genuine buyer willing to close a deal. Giving careful consideration to the lifetime price, including optional extras and building maintenance, is really the only way to ensure you are not signing an unfavorable contract.
Remember that while condos are sold complete with luxurious facilities such as pools, gyms, tennis courts, basement parking, and close access to metro stations and shops, this comes with the obligation to pay ongoing management fees. Usage restrictions and other conditions might also affect your residential experience in your condo, so be sure to read the fine print.
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Is it strategically located?
That perfect condo you chose could be situated on a major intersection gridlocked during rush hour or noisy for other reasons. Ambulances, police, and fire trucks need to use their sirens, even at 3 A.M. in the morning. Choosing a peaceful and traffic-free neighborhood could work wonders for your sleeping pattern.
With urbanization, old flood plains and swamps have been drained and built on. However, heavy rains during natural depressions attract flood water. If the condominium isn't properly constructed, the basement could fill up with water, or worse, untreated sewage. Earthquakes and other natural disasters in the metro are also issues you need to bear in mind when choosing your location.
Within the building, you might be offered a substantial discount for a condo near the elevator, the rubbish chute, or the building service conduit, which could turn out to be very noisy. It is worth remembering that most of the noise within the building will be at times when most residents are home. Knowing more about the property’s technical details could help you avoid the worst areas and ensure a lifetime of peace and privacy.
Who is the developer?
In legal terminology, the phrase “Let the buyer beware” is apt. Research on the condo developer to learn about their history in the real estate industry. Even the biggest developers do not complete construction on time or even hire subcontractors with shady work practices to save expenses.
It is wise to remember that agents and developers have their own agenda. As such, you have to practice due diligence. Go into every negotiation with your eyes open and make sure your priorities are being addressed. Walk away from a contract that is unfavorable to your needs.
Image via Pixabay.com
Image via Pixabay.com