How to Pick a Condo That’s Best for You
These days, purchasing a condo unit is the most common path to homeownership for many young adults. Picking the right condo is crucial for safeguarding their investment, all while building equity.
For seniors, on the other hand, buying a condo is the best answer to their downsizing needs. If you’re looking for an easy and practical lifestyle, less home maintenance responsibilities, and affordability, investing in a condo might the most viable option for you.
But how could you possibly choose among the many developments in the country?
List Locations that Appeal to You Most
In big cities, the main concern of most people is the location — more specifically how long their commute would be, whether through public transport or driving.
For instance, if you work in Makati, it makes sense that you opt for a condo in Makati, Philippines than one in Ortigas or somewhere up north. Don’t forget to check its local amenities, the surrounding neighborhood, and its access to grocery stores, parks, restaurants and cafes, etc.
What’s Your Price Range?
Aside from the purchase price, consider its monthly association fees, insurance, home loan costs, and taxes. Speaking to local residents about potential costs would greatly help. Don’t forget to ask about the parking fees if any.
Check Out the Condo’s Interior
Determine if the design is fine for your needs because major changes might require board approval and might come with various restrictions. Look around the condo unit, preferably with your interior designer or architect to see if it’s fine the way it is or if you need to do some renovations.
Read and Understand the Condo’s Rules and Regulations
For starters, make sure you’ll follow the rules, especially if you’re planning to live in the condo for a long time. It’s best to talk with existing owners and their living patterns to determine if the rules are reasonable and easy to observe.
Consider Potential Plans in the Future
Could you rent it out or sell it later on? More importantly, would it be easy to rent out or sell? Consider buying a larger condo unit as smaller ones might be harder to sell. Yes, a larger condo unit might be a bit more expensive, but would yield easier and greater returns.
When selecting a condominium, don’t be too overwhelmed by the sheer number of options available to you. To make the entire process easier on you, stick to your priorities so you could easily weigh all the pros and cons of the condominiums you’re eyeing.