4 Tips for First-Time Filipino Condo BuyersNovember 5, 2021
What are the tips for first-time Filipino condo buyers?
- Think about the condo’s location
- Secure funding if needed
- Find a reliable property developer
- Review association dues and restrictions
Owning a condo unit is perhaps one of the ultimate dreams of any hardworking Filipino. A condo is perceived as an ideal residential property that offers convenience and security when leading a busy urban lifestyle. Purchasing a unit in one of the top condos in the Philippines is also known to be a smart investment choice that continuously appreciates over time. But as with any purchase, buying a condo requires much research to get the best value for money. Below we listed down four tips for first-time Filipino condo buyers.
Many condo buyers make the mistake of not doing their planning and research. There are numerous things to consider to make sure you choose the perfect condo unit that matches your lifestyle, budget, and other living needs. Make the right purchasing decision by keeping these tips for first-time Filipino condo buyers in mind.
Think About the Condo’s Location
Condominiums are ideal property types because they make leading a fast-paced, urban lifestyle easier. This being said, it’s important to check if the condo’s location makes it convenient for your daily living.
For instance, buying one of the new condos for sale in Manila, Philippines in Kingsquare Residential Suites will ensure ease of access to the Manila University Belt, workplaces, groceries, malls, restaurants, hospitals, government offices, banks, transportation hubs (LRT 1 Tayuman and Blumentritt stations, PNR Blumentritt station), and major highways (SLEX, NLEX, EDSA). Being one of the best condo developers in the Philippines, Megaworld Manila, master-planned Kingsquare Residential Suites to be conducive for the much desired live-work-play-eat-shop lifestyle.
Moving to a condo with a strategic location like Kingsquare Residential Suites would be ideal for Filipino professionals, students, families, and even expats that don’t want to have trouble going to and from essential establishments.
Keep in mind that the location of the condo will also determine its investment value. A strategic location will garner more demand from tenants and buyers. If you want to earn passive income and profit, you can easily rent out or sell your condo unit.
Secure Funding If Needed
The last thing you want to happen is to step into your dream condo only to find out you can’t afford it. As a Filipino condo buyer, you must secure appropriate funding first.
The good news is that contrary to what many Filipinos think, you don’t have to be a millionaire before you can buy a condo. Most new condos for sale in the Philippines can be yours if you avail of home loans. There are establishments like PAG-IBIG fund, banks, and third-party financing companies that offer home loans.
In addition to that, most condo developers in the country are also offering flexible payment options. Add the fact that the pandemic increased buyer’s purchasing power with developers offering attractive low-priced condo units. It’s much easier to get that unit you’ve always wanted.
For instance, you can score a premium unit in Megaworld Manila’s St. Mark Residences for a 5% downpayment and 36 months to pay the balance. Located in the elegant 50-hectare township of McKinley Hill, Taguig, this condo is designed to add a touch of luxury while meeting your daily needs.
Review Association Dues and Restrictions
Condos in the Philippines have several association rules appointed by a board of directors that residents must follow. Therefore, a good tip for first-time Filipino condo buyers is to be familiar with these association rules.
Condo residents are typically required to pay association dues. Whether it’s on a monthly, quarterly, or annual basis, association dues are paid to cover the maintenance of the residential building. These may cover swimming pool cleaning, hallway cleaning, elevator repair, landscaping, or garbage collection.
Many Filipino condo buyers fail to realize that association dues can take up a significant amount of their budget. Usually, these are counted as expenses on top monthly loans. So if you find a condo in the Philippines with a high association due, it’s possible to not be able to afford the unit.
In addition, you should also ask about the condo restrictions. For example, some condominiums in the Philippines do not allow pets or too much noise. It would be wise to be familiar with these rules to know if the condo is right for you.
Find A Reliable Property Developer
While you are evaluating the condo’s location and regulations as well as securing funding, don’t forget to also research the developer’s reputation. Many first-time Filipino condo buyers fail to realize that not all condo developers in the Philippines are equal.
Reliable property developers in the Philippines would be visionaries and aim to turn their condo units into valuable investments to make sure you get the best value for your money. They would build recreational amenities like gyms, swimming pools, and beautifully landscaped gardens as well as make sure the condo is within proximity of key establishments like schools, hospitals, workplaces, and shopping malls.
Aside from that, you’ll be able to tell if a developer is trustworthy if they can follow their construction plans. Would you trust a developer in the Philippines that consistently lacks funding, uses substandard materials, and fails to reach turnover dates?
Remember the tips for first-time Filipino condo buyers we listed above. This is the key to maximizing your hard-earned money.
On the hunt for your first condo unit? One of the most reputable condo developers in the Philippines you would want to consider is Megaworld Manila. With a live-work-play-eat-shop philosophy, we aim to make life more convenient for every Filipino. From our decades of industry experience to our crisis management skills, Megaworld Manila has what it takes to provide you with a beautiful condo unit, meet your daily living needs, and more.
Click here to check out our top condominiums for sale in the Philippines now!