Buying a condo in the Philippines is a big milestone for anyone. Of course, OFWs hoping to spend their hard earned money on it are no exception. Once you have decided on buying a property, the next step is, on the kind of condominium unit you are looking for. Choosing the right property is the most crucial step. There are things to consider before buying a condo. Thankfully, we are here to help you make a more informed decision on your next condominium unit purchase.
Location
Location is one of the key things to look out for when it comes to buying a condominium unit. This is because most condo unit buyers prefer a condominium building that is near strategic locations such as their school or workplace. Condominium buildings that are strategically located beside schools, workplaces, and hospitals tend to see a demand in buyers who are looking for a place near where they work, study or near where their other family or relatives reside. The tendency is the same for investors such as OFWs. OFW investors realize the demand for condominium units near highly developed areas as it makes these units easier to rent or lease out in the future.
Looking at a condominium’s location and its surrounding area is vital because being near areas of development or being in the center of all the “action” can be a vital aspect of asset appreciation for your property in the future.
Condo Type
Not all condominiums are built the same. Condominiums can be high-rise, mid-rise, or low-rise buildings, and they are sold at a pre-selling price or at a higher price that is ready-for-occupancy (RFO).
Pre-selling units are generally cheaper as they are sold before the building’s construction or completion. This is perfect for buyers and investors who are not in a hurry to move in,since they can take advantage of the longer payment terms and early bird discounts. On the other hand, ready-for-occupancy units for sale, are typically sold at higher rates and sometimes require buyers to pay in full.
Developers set a higher price because buying a ready-for-occupancy unit lessens the risk for the buyer as the unit is already built and ready for viewing. A ready-for-occupancy unit allows the buyer to physically see the unit for sale without the risk of purchasing a property for which the real estate developer may eventually not push through with. This is why when it comes to purchasing a condominium unit, always choose to purchase from a real estate developer that has a good track record. Big marketing arm such as Vista Land International have a good reputation especially with OFW investors looking to purchase their next home.
Unit Size
Matching the condominium unit size to your family’s lifestyle and your personal needs is important. There are a variety of unit types such as a studio, one-bedroom, two-bedroom, three-bedroom, and loft-type units, to name a few.
Young professionals and single men or women typically prefer a studio type of condominium unit, while couples starting out would favor a one-bedroom type of unit. On the other hand, families with young children would consider a slightly bigger space such as a two or three-bedroom unit which allows them to give their children individual rooms.
Condominium Dues and Other Fees
Condominium fees are one aspect of living in a condominium that many buyers do not know about. Owning your condominium unit entails added costs on top of your monthly amortization. Such condominium fees mandatory to all unit owners include association dues, membership fees, parking fees, and the like. Before purchasing a condominium unit, make sure to ask your real estate developer the details about the additional fees that you would need to pay on a monthly or annual basis.
Such fees charged by the condominium association are co-related to the location of the condominium, the available amenities, and in some instances the amount of repair needed on common areas such as the elevator or the lobby. The monthly association dues are necessarily charged to unit owners to ensure that the building is well-maintained and working smoothly for all.
Developer’s Reputation
The condominium market is very much saturated with so many real estate developers, big or small. Sometimes, multiple real estate developers have several developments in the same location. This adds another layer of decision-making that goes beyond just the location. One deal breaker that you should consider is the real estate developer of the building and its reputation in the market. Make sure to take the time to read some reviews, testimonials and feedback online to get an idea on other peoples’ experiences dealing with different real estate companies and agents.
With years of experience in building different kinds of homes under their belt, Vistaland International has the experience and the good reputation as a property developer of condominiums, communities and commercial areas. Vistaland International is a trusted real estate developer that believes in giving every OFW a chance to make their dream home a reality. Discover the many properties of Vistaland International that are suited for any OFW family’s needs. View our website catalogue here.