A condo purchase involves a significant amount of money which typically goes by millions of pesos in the Philippine real estate market. Naturally, condo buyers would want to get the maximum benefits from the money they put into it. The current market is replete with a wide selection of condominium developments, making a condo hunt even more challenging.
Here are five helpful tips to consider when you’re looking for a condo unit.
1. Ask yourself, what is it for?
At the outset, condo buyers have to establish if they will be using the unit as an end-user or investor. The author of the book Guide to Investing, Fitz Villafuerte, who runs the finance blog Ready to be Rich and is also a registered financial planner, maintains that the value of the property could appreciate over the years. And a condo purchase only becomes an investment once the owner successfully sells or rents his/her purchased unit after the purchase. In this case, several other planning considerations have to be made, such as the owner’s expertise or capability to be a landlord and the condo unit’s rental prospects.
If you are buying a condo for exclusive use as a residence, on the other hand, you have to consider a different set of factors. A main deciding point will be the property’s fit on the owner’s lifestyle including proximity to employment and recreation centers.
2. Explore the market thoroughly
Be sure to match your needs or purchase goals with the opportunities available in the market. This is a basic task, whether you plan to keep the condo either as a residence or use it as an investment.
Consider market tips on where the local condo hotspots are, especially those outside Metro Manila. These regional markets, such as Cagayan de Oro where Avida Towers Aspira currently draws buying interest, are now replete with opportunities. Such opportunity windows are not only in housing and renting but also extend to employment mainly because of the vibrant BPO sectors in these regions.
You also have to consider which developers offer the best deals in the market and take advantage of special promos and discounts.
3. Pair with an expert real estate agent
Picking the condo that fits your goals or needs might be difficult if you proceed without the expert advice of a realtor. This is especially so if your intent is to keep the condo as a residence. In this case, your decisions could be clouded with emotional rather than rational or critical thinking.
Partnering with a professional real estate agent provides you with an objective market viewpoint. This agent will also serve as an advocate for your best interests and will guide you through the entire buying process.
4. Hunt for the best financing available
It is a good idea to do research on the best housing loan offers available to you. While local commercial and savings banks typically offer this type of financing, their terms and interest rates may vary.
Moreover, a low-interest rate on paper is not necessarily advantageous in the long run. This is another instance where the advice of a real estate agent would come handy.
5. Scrutinize the developers you’re dealing with
The importance of picking properties only from trusted developers cannot be overemphasized particularly for those who are buying their first condo. A certain amount of risk is involved especially if you are buying at the pre-selling phase of a condominium construction project. This is why it is important to choose a developer with an established track record.
To find your first condo, and perhaps even link up with a real estate agent who will guide you through your search for the right condo, visit Avida Land.
HOMEPOSSIBLE is where Pursuit of Passion all started. Originally a series of events by Avida, it encourages and educates the target market to take steps toward an independent life and gives them the tools for an easy home purchase. Through the HOMEPOSSIBLE series, Avida has helped Filipinos to be better informed on how they can maximize life opportunities; inspiring and empowering them to reach their life goals, which includes owning and investing in a home.