Condominiums are becoming more and more popular among finance-savvy Filipinos, especially professionals and starting families. Condo ownership allows a certain kind of living flexibility that traditional house and property types couldn’t, not to mention the relatively lower purchase and maintenance costs.
Pre-selling condos, in particular, are an attractive option for those who want to get a discounted price. These are units that are sold before the condo project is completed and are often offered at a discount with other incentives.
There are several things first-time pre-selling condo buyers need to consider, though. If you’re planning to purchase a condo either as an investment or for personal use, you need to keep in mind the following things.
Location still matters
Some might say that location isn’t that much of a huge deal now compared to the previous years. After all, there are so many condo projects around the metro that it’s easy to think that one area is just as good as the others. However, when it comes to buying a condo, you still need to consider the property’s location to properly gauge if it’s worth buying and if it fits your lifestyle needs.
For example, if you want to be close to commercial establishments and business areas, a pre-selling condo unit in Ortigas or other business districts is a better option for you. This makes much more sense if you want to live near where you work and cut your commuting expenses.
Get a trusted developer
A pre-selling condo means you don’t get to see the final output just yet. If you’re anxious that the project might not meet your expectations or needs, it’s better to choose a developer that you can trust. Before entering a contract, do a thorough background check of their previous projects and see whether they are able to deliver what they promise. You can also ask around about the developer’s reputation.
Know the timeframe
It also helps to keep track of the project’s completion deadline. While you don’t have to worry about moving into your new unit anytime soon, being updated on the project timeframe can help you plan better. This can also help you manage your finances better and prepare yourself when it’s time to finally move in.
Consider other fees and realty tax
Many Filipinos buying a pre-selling condo for the first time aren’t aware that there are other taxes and fees that come with owning it. Apart from the mortgage, you need to take into account fees like association dues and utilities. Do you have the financial capacity to maintain your unit when it’s finally turned over to you? Read the contract carefully, so you’re fully aware of some other duties or expenses that you need to consider.
If it’s your first time to buy a condo unit, it pays to be extra mindful of the little details. You’ll be able to maximize the advantages that such an option brings and give yourself some peace of mind. Ultimately, it all comes down to making a sound plan and not a rushed decision. What you’re buying essentially is your future home, after all.