7 things to consider when buying a condo unit

Owning a condo unit is easy especially if you have enough money to buy a unit. Condominiums are made to be a home not only for bachelors but also for starting family. If you are the buyer, you might think that the price is the major issue but it’s actually the last thing you might need to worry about. There are many things that you need to consider when buying a unit.

Most of the prestigious condos are located in Bonifacio Global City, Makati and Mandaluyong. These places are the busiest places in Metro Manila. If you are planning to own a unit around the metro, there are several factors that you need to consider.

1. Location
Most of buyers consider location above everything when buying a land or house. Same goes with purchasing a condo unit, it should be on top. The price of a unit depends on its location, how accessible it is to key places like malls, market, restaurant, schools, banks or hospital. Also, in choosing a location, it must be away from busy roads.

2. Developer
If you are planning to buy a condo at the pre-selling stage, it is important to choose a developer that has a good reputation in the field because the completion of the project is in their hand. In some cases, some condo projects come to a halt because the developer ran out of budget. In such cases, you cannot refund your money. For RFO condos, the developer must meet your expectations – the security, rules and maintenance of the whole building. Ayala Land, Megaworld, and Robinsons Land are known in this industry. They have already proven that they are trustworthy as real estate developers.

3. Parking
Parking slots in condominiums are not for free. You need to buy them. How much? The prices are around 500,000 to 1 million pesos—like space for gold. If you need it, purchase it or rent it if you can’t afford to shell out half a million.

4. Noise
Condominiums are known as “communities”, where you and other residents share the garden, swimming pools, elevator, playground and other amenities. Also, you need to share your walls to the people next door which means you exchange noises. Living in a condo doesn’t mean you get away from noises.

5. Amenities
Condos are expensive because of the amenities included. Your family is free to use the swimming pool, gym, playground, etc. But use of these facilities may have limitations. For example, if you own a studio type condo, only two people are free to use the swimming pool at a time while other members’ need to pay fees. Also, some condos may only have one pool, gym and etc., which means that when those areas are full, you can’t use them until you get a turn.

6. Monthly Association dues
If you are living in a condo, expect that you need to pay monthly association dues. This serves as a contribution of all owners to be distributed to the guards, janitors, and other maintenances. This associate due must be paid on time because it earns penalty interest.

7. Rules and Regulation
Living in condo limits you through laws. Once you are part of the community, you need to follow the rules and regulation. For example, if they don’t allow changing the color of walls, you will have to live with the color they provided you. There’s a specific color that must be used for curtains. You can use the amenities in certain times only. The parties are allowed but only until 11 pm.

These 7 are the guide for your condo living. Price is not only the things to consider. Now, you have an idea about living in a CONDOMINIUM.