Purchasing a new property is not an easy feat. It’s not as simple as going to the mall or a store, browsing around, and then heading to the checkout counter. It takes a lot more than that.
You need to consider a lot of things to ensure that the property you are buying suits your needs, wants, and future goals. The search can take you longer than you originally thought, but asking the right questions will lead you to the perfect property.
We want you to be sure that your new property is an excellent investment, so you can have the lifestyle that you dream of and a home that adds value to your life. Be it your first time to purchase a property, whether a house or condo for sale, or you’re just looking for additional investment opportunities, this checklist will be helpful for you.
1. Property type
Ask yourself what kind of property you’re looking for. If you want to live in the city or within a central business district, then a condominium unit may be perfect for you. On the other hand, if you want a quieter property that’s far from the hustle and bustle of the city, then consider a house and lot.
Determine also if you want a condo unit, a prebuilt home, or a piece of land where you can build your dream home from the ground up.
Assess your budget. How much are you willing to spend monthly or in total? Are you getting a home loan or are you paying for the full amount? Does the developer offer flexible payment options that you can avail?
Additional costs such as renovations and furnishing should be factored in when you are assessing your financial capacity. Also, take into consideration the cost of living in the specific area of your prospect property and other monthly expenses such as utilities and association dues.
Association dues (or condo dues) cover the expenses and upkeep of common areas and amenities. It may vary per project, but expect higher association dues if your property has more amenities and facilities. Usually, your association dues are equal to the average fee per square meter multiplied by your unit’s total floor area in square meters plus tax.
3. Real Estate Value
Regardless of your reason for buying a new property, it’s an investment that you can potentially profit from. Ask your realtor or broker about the real estate value or hire a third-party real estate evaluator to help you determine the real property value. It can also come in handy when you decide to resell the property or lease it out in the future. Remember, real estate properties appreciate in value over time.
As Filipinos, family is of utmost importance. Choose a location that is accessible or within reasonable driving distance to your extended family and friends. Organizing dinner parties will be easier for you if you are located within the same city or a neighboring town.
Most of the time, we choose a location close to where we grew up in. Let’s face it – that’s where most of the folks are, and we don’t want to move too far from them.
5. Connectedness and Transportation
An ideal location is one where you can work and play. Check the transportation systems available in the area. Is your prospect property accessible by private car or public transportation? Calculating the amount of time it will take you to commute or drive to work is also important in helping you make your decision.
Malls, groceries, restaurants, and other establishments are very convenient for busy professionals who have little time for errands. Choose a property that has everything you need close by.
Every town or city has a different culture. Choose an area or property that can give you the cultural experience that is comfortable for you.
Living inside a business district, for instance, will give you a fast-paced lifestyle, while the culture outside of the city is more relaxed and open.
7. Recreational Opportunities
Recreational opportunities such as malls and parks are also key to finding the perfect property for you. Condominiums for sale now offer recreational facilities such as a gym, a swimming pool, a playground, a game room, and function rooms where you can hold parties and events.
8. Reputation of the Developer
We’ve all heard the horror stories about real estate scams. Do your research! Take note of the properties that they own, the condominiums they’ve built, and whether these buildings are being maintained well.
Ask current homeowners about their experience. It does not hurt to ask around. Doing background checks can assure you that your chosen land developer is reputable and trustworthy. After all, it’s your hard-earned money that you’re investing.
Whatever property you end up purchasing and wherever this is located, it all boils down to one question: Will you be happy living there? Ask that to yourself to determine the best property to buy.