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Tips for Buying a Condo in the Philippines

Looking to purchase a home? A sky high lifestyle in a condominium could be for you.

For those looking to find a new home, purchasing a condo is one of the options you can consider. Condos are a popular choice in real estate in the Philippines. Having a condo not only provides you with a good home, you also enjoy the luxuries that come with it. With condos strategically located in or near business districts, it’s definitely advantageous to residents.

However, it’s understandable that buying a condo can be intimidating, especially if you’re buying one for the first time. While condos are generally less expensive than house and lots, it’s still a major purchase decision.

If you’re looking to purchase a condo, here are some tips for you to consider:

1. Analyze your financial capacity.

Before you start your search, you have to know what you can afford. Evaluate your funds and where these will come from. Visit your trusted bank, and they can give you the details you’ll need before you purchase a condo. They will also work with you on setting a reasonable budget for your income.

2. Check the developer’s track record.

If you already have properties in mind, do research first. Are the projects finished on time? When is the turnover date for your prospective condo?

3. Consider your location.

Aside from the general location, pay attention to the neighbourhood. Consider things like your daily commute, the proximity to grocery stores, malls, and other factors that could be appealing or unappealing.

4. Attend open houses for your preferred condo.

Typically there are scheduled open houses for different properties. If not, you can get in touch with your seller to set up a schedule for viewing. It’s best to really take your time in going through the condo and take note of things you like and don’t like. Don’t forget to take note of these on a notebook or on your smartphone. This way, you’ll be able to compare notes when you’re trying to narrow down your choices.

5. Ask questions.

If something is not clear to you, don’t hesitate to ask your seller. Ask about details like fees associated with the property. Are there association fees you need to pay? What comes with these fees? Know what benefits come with what you’re paying for.

It can be pretty scary for a first-time buyer, but keep these tips in mind and you’ll be able to approach the condo-buying process with confidence.