Part 5:Summary&Advanced Tips

Buying Your First Condo Unit

(Part 5 – Summary and Advanced Tips)



Of course, given the basic guidelines I have outlined in my five-part series in buying a condo, I hope you will be able to make a learned decision on this very important purchase. For those who would like a quick overview of the points I have discussed here are the questions you need to ask yourself before buying a condo:

  • Do you really need a condo unit? – Most first time buyers tend to be impulsive especially if they realize they can afford fancy new condo units in Makati or BGC. One should not fall for this thinking trap, always assess first the factors for this condo purchase before proceeding. If investing, make sure this development is the suited to your investment requirements.
  • Can you afford it? – Familiarize yourself with the various payment schemes and make sure there is one scheme that fits your budget. Take into consideration your current and future financial situation so that you are sure you have enough to meet your monthly amortized payments for your unit.
  • Is this development the best location for you? – Location is the most important factor that should concern you when it comes to your condo. Being close to your place of work, commercial spaces, and offices are obvious plus factors, but of course the ideal location for you works on a case-to-case basis. As much as possible, opt for prime locations rather than those far from the city centers.

Once these questions are answered, more or less you are equipped to make a correct decision for purchasing your new condo for sale.



Advanced tips

Before confirming your purchase, make sure you read these advanced tips that I have been able to learn from the several years I have been investing in Philippine condominiums:

  1. Look for a trustworthy broker. As I mention in all my hubs The Condo King is simply the best way to start especially if you are new to buying real estate. Avoid in-house agents because they do not look after you in the after-sales process (like in the turnover of your unit).
  2. Before purchasing a unit in a specific area, read up on the area first. If possible, go to the site of the development and take a look around. Find out the good and bad. If you can, check prevailing condo prices so you can set a benchmark for your purchase. If the property is more expensive, ask your broker why this is so. Normally though, those defined as luxury condos will have a high premium price than other condo developments.
  3. Follow directions carefully when filling up requirements with your broker. Keep in mind that any mistakes in the documents my lead you to end up paying for administrative expenses to rectify any errors. So, as much as possible avoid these mistakes to avoid these extra costs.
  4. Sometimes developers and banks will let you decide which requirements of a number of different ones you could submit (for example IDs), pick the ones that will not necessarily change over a long period of time, and are the most accessible to you.
  5. Clarify the requirements for any perks or discounts. Sometimes, developers offer different discounts or benefits depending on your payment terms or expediency when providing requirements. Always take advantage of these promotions as they can save you a few thousand to tens of thousands. Keep in mind that your diligence is your best friend when it comes to these things, and of course a very smart and good-hearted broker.


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