What are the tips for first-time condo buyers?
- Identify your living needs
- Research the market
- Determine your budget
- Take advantage of flexible payment schemes
- Review association rules and fees
Planning to buy a unit from one of the top condos in the Philippines? Then, you would do well to consider these tips for first-time condo buyers.
Buying a condo is a dream for many Filipinos. After all, a condo is an ideal property for living a convenient and luxurious lifestyle. Condos are often strategically located, designed with premium amenities, and offer an enhanced sense of security.
But many buyers make the mistake of settling for the first unit they lay their eyes on without much thought. There are numerous things to consider when purchasing a condo for the first time. Here are five tips for first-time condo buyers to ensure you get the most out of your investment.
Identify Your Living Needs
First things first, you need to ask yourself about what you are looking for in a condo. Condos can differ in size, layout, bedroom number, design, furniture finish, and more. It would be best to think about your living needs first.
For example, you must think about whether you will be living alone or with a small family. This is because the unit size should depend on the number of occupants. It must be big enough to fit all your belongings while maintaining comfort for everyone. Moreover, you might also want to consider your lifestyle. Do you prefer a luxurious lifestyle or do you prioritize convenience above all?
Only after you have figured out your living needs can you move on to researching the market for condos that match your expectations.
Research The Market
Once you have identified your living needs, it’s time to research the market. When you are looking through your options, don’t just settle for the first condo that you see. The Philippine real estate market is currently booming and the best condo developers in the Philippines are continuously building projects across the country.
As a first-time buyer, it is the perfect time to meticulously research the condo options you have. What does the property have to offer? Are there nearby transportation hubs, malls, hospitals, banks, or schools? Does the condo have security features for natural disasters like fire, earthquakes, or floods?
An excellent example of an ideal condo is Gentry Manor of Megaworld Manila. It is known that the revolutionary townships of Megaworld offer complete facilities, amenities, and establishments that are conducive to a live-work-play-learn-shop lifestyle. The Gentry Manor is a luxurious condo located in the 31-hectare Westside City township in Paranaque so you can expect that it will have everything that residents need for the rest of their life.
Determine Your Budget
Many first-time condo buyers are guilty of immediately falling in love with units without determining if they can afford it in the long run. It should go the other way around to avoid disappointments. You must first determine your budget to learn what type of unit you can buy.
Take Advantage of Flexible Payment Schemes
Buying a condo unit is considered a major investment. Of course, you would want to make sure your investment is maximized. The goal is to take out as little money as possible to secure the unit you want.
Nowadays, it is becoming more and more ideal to buy a condo because of the flexible payment schemes that developers offer. Take Kingsquare Residential Suites by Megaworld Manila as an example. The condo is currently providing down payment options of 30% payable in 60 months at 0% interest with a 70% balance upon turnover. This means you can get a unit for as low as about ₱23,000! To add to that, given that the condo is at its pre-selling stage, you get more discounts.
Make sure to take advantage of these entry payment points and you will be able to fund your unit for a cheaper price.
Review Association Rules and Fees
It’s also a good idea to ask about the condo’s association rules. Ask about noise restrictions and pet rules. Understanding these rules ahead of time will help you determine if the condo is the right choice for you.
Apart from your home mortgage, you will also need to pay association fees for the upkeep of the condo’s amenities. Make sure to review those fees and ask about when they are paid (e.g., monthly, quarterly, or annually). Keep in mind that association fees can take up a significant amount of your budget so it is a factor for knowing if you can afford the unit.
Key Takeaway
On the hunt for your very first dream condo unit? Remember the tips for first-time condo buyers above.
Get the most out of your investment with Megaworld Manila. Our sales teams can guide you through your purchasing journey. With condominiums in prime locations like Manila, Taguig, Paranaque, Pasay, Makati, Cebu, and Quezon City, you will easily find your dream condo unit that will meet your needs. Contact us now for more information!
