Condo buying is a unique process and perhaps the biggest purchase of your life. If you’re planning to invest in your first unit, here are some things you can do to make a well-informed decision:
You deserve to have your first condo fit your basic desires, but you also need to be flexible especially if you’re getting a pre-selling one. What you should pay attention to are the things you are purchasing: unit size, views, layout, deliverables, and the neighborhood.
How the neighborhood fits into your career plans is a major deciding factor—the security, traffic in the area, and its proximity to your workplace or school. Most professionals will gravitate towards areas such as Makati and Fort Bonifacio that are close to basic conveniences and lifestyle centers.
As a first-time buyer, you need to honestly look at your capacity to pay. Aside from the downpayment and monthly amortization, there are other costs that you need to prepare for such as association dues, realty taxes, and utilities. But if you decide not to pay for the unit in full, you can always apply for a housing loan from partner banks and government programs.
There’s a lot of information online, but it helps if you have a professional real estate agent who will look out for your best interests and make sure you are well-informed. If you have the time, sit down with your agent or broker so you can get a clear picture of the whole buying process.
As your priorities change over the years, you may come to a point when you will be bound to sell or lease your unit. That’s why it’s important to determine the value appreciation in five or ten years. For example, property prices that are near the planned Build, Build, Build projects are seen to double due to better accessibility.
Allot a day when you can check the unit personally, and assess the space, surroundings, and people who primarily live there. Attend open houses so you can see your agent in action and to find out a lot of information about your dream condo unit.
That’s it! You’re one step closer to your dream home & property investment. 🙂