A condo is a great property investment option, especially if you live in the city. With more and more areas being developed into commercial centers where building vertically is the way to go, owning a condominium unit is an affordable property investment that you can start working on.
However, not all condos have the same quality. You have to do your homework in order to find a great property like Woodcrest Residences in Cebu City. To help you out in buying your first condo, here are some practical tips that you have to keep in mind:
Choose the location wisely
Condos are known to be centrally-located, meaning they are located in key locations, situated near important establishments such as offices and malls. In theory, this is a good concept, but is not enough for you to decide to buy any condo right away.
The first thing you have to keep in mind in terms of location is if it is near or accessible to your place of work. Condos help you skip traffic by living near work, so it’s best to take that advantage in your favor and look for condos that are near your current place of work. However, doing that means that you are committing in that location for a long time, which means you will have to stay at your current company or transfer to companies that are within the same general area.
With this in mind, you have to think about your career plan while thinking of which location to choose. To be safe, it’s best to buy a condo in a location that is accessible to different areas where you may be working in so that your career options would not be limited.
Think about how much space you need
Condos come in different unit sizes and in different room configurations. Before deciding on what condo to buy, you should think about what size works for you, and how many rooms you need. And when you decide on your space need, you should not be thinking only of your current needs, but your long-term needs.
If you are single, then a studio-type condo may work for you now. If you are in a relationship or are married, and are looking at having a family soon, then you should consider getting a unit with two or more bedrooms.
With remote work gaining popularity, you may also consider dedicating a room as your home office.
Know all the inclusions of your condo prospects
When assessing your condo options, it’s best to get to know everything they offer. Check out the amenities, the policies, and other particulars that your condo prospects offer, and weigh which offers are best suited with you and your lifestyle. Ask about what level of furnishing your condo will have upon turnover so you can compare accordingly.
In that way, you are more assured that the condo you are getting is a perfect fit for you. You are also able to weigh which condo offers the best value for your money.
Understand the pricing and dues
Of course, a practical point of comparison for your condo prospects would be the pricing. The total price and the price per square meter of your condo prospects are some of the most important numbers that you should look at. But don’t forget about other costs such as association dues, parking cost, and other charges that you may need to pay for when buying. It is best to get actual quotations and to compare your different condo options so that you see which ones have unusual additional charges that you may have to inquire about.
It’s also best to understand what the inclusions of the association dues are. Typically, they cover sanitation and maintenance of common areas and amenities, and security. Insurance and shared property taxes are also typically included in the association dues, but it’s best to get the particulars from all your condo prospects so you know for sure whether you need to pay these separately as special assessments. First-time buyers are usually taken by surprise when special assessments come up so it’s best to ask for these before you buy.
Assess the developer you’re looking at buying a condo from
When choosing a condo, it’s a good idea to also assess who built and manages it. Getting to know the property developer gives you an idea of what level of quality and what service promise you can expect.
A general rule is that it’s safer to buy a condo from reputable developers. There’s a lot of risk working with boutique developers or fairly new ones. They have less experience, and don’t have a lot of track record for you to assess. But with trustworthy developers, you will feel more assured of what kind of condo you will get, especially if you are buying during the pre-selling phase.
Developers usually have policies that they implement through their projects so it’s best to find a developer whose condo policies are aligned with you. Hosting pets within the premises is something that’s not allowed in certain condos so this can be a dealbreaker for you if you love animals.
Check the neighborhood
Aside from the condo itself, it’s best to check out the surrounding neighborhood of the condo you’re looking at buying. Decide whether or not this is the neighborhood that you want to be part of, as this is a community that you will be a part of.
Also check out what kind of facilities and services can be found around your neighborhood so that you know what kind of services you can avail from within a few steps from your condo.
You will also find yourself taking some leisurely stroll, or some wellness jogs outside your condo so it’s always best to look for a neighborhood where you can do these and be safe while doing so.
CHOOSE YOUR CONDO WISELY
Investing in a condo is a commitment that you have to be wise about. That is why it’s very important to be smart about your choice of a condo. The six tips above can help you out in choosing the best option for you so make sure to do them before purchasing your dream condo.