Introduction
The demand for real estate properties will continue to increase. Why? It's simple. The shelter is a basic human need. In addition, the Philippines' rapidly growing economy is boosting property value too. Among the many property options, living in a condominium undoubtedly presents some of the most attractive benefits.
Nowadays, living in a condominium is considered as one of the most valuable investments anyone can make. It offers residents the opportunity to take advantage of premium amenities and unrivalled convenience. Let's not forget that it's a smart investment choice as well. For this reason, more and more people are eyeing to own a condo unit.
If you have found an ideal condo, there are some things you should know before you start making the big purchase. Continue reading on to learn more about these!
Location Accessibility
While it's true that condominiums are known for offering convenience, not all are located strategically to cater to your expectations.
For students, it should go without saying that you need a condo unit that's within proximity to educational institutions. On the other hand, career-driven individuals should go for condominiums that are located near economic hubs and central cities where industrial companies are popping left and right.
If you have a family, your ideal condominium would be close to retail malls, financial institutions, healthcare establishments, workplaces, schools, restaurants, and other essential facilities.
Being able to go to and from places easily is an underrated factor when buying a condominium. If you want to make your life much more convenient, don't forget to think about this underrated factor.
Restrictions
Familiarize yourself with the rules and regulations of the condominium developer. Some condominiums allow pets inside. However, they may have limitations regarding the size and number of pets you have. If you plan on inviting guests frequently, it pays to know about the occupancy rules and noise policies as well.
Amenities Offered
Today, most condominiums are built to offer residents access to exclusive amenities. These can typically range from swimming pools, fully-equipped gyms, multi-purpose halls, and sports courts. Some top-notch condominiums also have indoor spas, private jogging paths, game rooms, sky gardens, and even daycare centres.
When it comes to living in a condominium, consider the standard of your everyday living. After a long day of managing daily responsibilities, nothing compares to coming home to a place where your ideal amenities are within reach.
Insurance Policy
Scrutinize the condominium's warranty regarding what it covers and how much it covers. Insurance policies are what ensure you are protected from facing any financial problem in the future.
It is highly encouraged that you purchase a condominium unit with insurance that covers damages within the unit, such as explosion damage, fire and smoke damage, wind damage, lightning damage, theft, vandalism, and burst pipes.
Remember that it is best to be clear about insurance policies before making your final purchasing decision. You can also ask your realtor or real estate agent about these details.
Budget
Of course, your budget will determine what type of condominium unit you can afford.
The Philippines is a highly attractive residential choice for homebuyers. Even foreign individuals are looking to reside in the city. Given that level of demand, condominium prices can range anywhere from hundreds of thousands to millions.
The price will also depend on where the condominium is located and how big the unit is. If you choose to live in a spacious unit located nearby central cities, the selling price will be higher. Also, you should take the different condominium fees into account as well.
Credibility
Research about the condominium developer of your choice. Do they have pending lawsuits or other negative reputational issues?
It's common knowledge that developers often build multiple projects, and they have target turnover dates. It is important to check their track record of achieving these targets as it is a trademark of professionalism, sufficient capitalization, and a customer-oriented approach. If you find anything suspicious about their credibility, then take it as a signal of potential management risks.
Safety and Security
You can never be too careful when it comes to safety and security. When it comes to buying a condominium, these are the most important factors to consider. So, go ahead and explore the features of the condominium such as 24/7 CCTVs, guards doing routine rounds, fire extinguishers, first aid kits, fire exits, and even a feasible evacuation plan if there is an emergency.
Ask your realtor regarding crime rates in the building. Don't forget to ask if the location is flood-free or if you will be passing by flooder streets during your daily travels as well.
Key Takeaway
There are numerous things to know before living in a condominium. Remember to consider all these if you want to make a well-informed purchasing decision. After all, you will be the one who's coming home to the unit you chose.
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