3 Major Factors You Should Never Forget in Buying a Condo

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By MJ Gonzales│ExecutiveChronicles.com

Buying condo now is necessity for the busy folks who always on the go and for people feel serenity in living in the metro.  It’s understandable given the fact that most condominium buildings are strategically seated at the heart of major business districts. Thus, the distance between work and home is just a stone’s throw away.   Are you planning to buy condo too? What are essentials things you need to know?

Investigate the whole truth about their advertisement.   Like a suitor that always put his best foot forward during the courtship period, agents and developers will do sales talk to get your sweet yes and payment.  Though there are facts in what your agent says and his company, don’t be carried away

.   You have to counter check if all the promises are not empty or pretentious.

Investigate not only the legality and their good track of records, but also the features and limitations of the deal. Are you sure that it’s really 2.5 only? Are there other costs that you need to pay? In other words, take initiative to unearth if there are hidden charges along the way. In a report of ABS-CBNnews.com, Financial adviser Salve Duplito cited condo fees are one of the things that buyers need to know from their agents.  She added that fees such as association dues, realty tax on your unit, membership fees,  share of realty tax on the land where your condo is constructed, and parking fees will accumulate interest too if you don’t paid on time.

“Brokers earn commissions from his transactions with you. The more you pay, the more he gets… Find great brokers who aren’t greedy and are highly moral and ethical,” Duplito advised.

Alejandro S. Mañalac, chairman of National Real Estate Association, divulged in an interview with Inquirer that most of the time parking lot is not automatically part of the deal so customers have to pay separately for it.

“It is more practical than automatically offering the unit with parking (with the corresponding additional price, of course) and ‘forcing’ the clients to buy them even if they don’t have use for them, especially those who are just intending to lease out their units. But, as a piece of advice to condo buyers, it is really more practical to buy a parking slot. You may not have use for them but you can definitely easily lease them out,” Mañalac shared.

Take initial security and safety measures, go check if what you get is so-so or superb.    There are condos that are expensive because of their state-of-the-art securities and strong foundation against calamities.   Go for that one that gives you peace of mind because you’re going to live there as long as you want and as long as you are at home.

Check not only your unit and condominium building, but also the areas around it against life –threatening risks such as fire, flood, earthquake, community safety, burglars and more.  My Property.Ph recommended that it’s good to evaluate the neighborhood around your condo especially if you commute, go out at nights or work graveyard shifts,   and buy products from convenience stores.

“ Visit the condo at night to see how well-lighted the surrounding area is, especially if you usually take public transport and will be doing a bit of walking to get to the waiting shed or highway,” MyProperty advised.

tips in buying a  condo 2Are you really fit for condo lifestyle?  Be practical and this means not only in terms of budget, but also your lifestyle and vision as well.  Can you really afford to buy it or you are just lured with the idea?  As mentioned above there are condo fees, apart from the actually payment for your unit so better check your budget and source of income.

Another point to consider is condo living is not ideal for all.  According to Investopedia, retiring professionals may not at ease to stay in a place with lots of young lively noisy neighbors.  They also added that it’s good to knock on your potential neighbors who are already settled there in your condo building.

“Ask your future neighbors questions about the complex that aren’t being answered by the real estate agent, or ask the same questions again to get a different perspective without the sales pitch! Not only can you learn a lot about the people you’ll possibly be living next to, but you can gain insight into how much they enjoy living in the complex,” Investopedia shared.