Buying a Condo? Here are Five Things to Consider

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“Every person who invests in well-selected real estate in a growing section of a prosperous community adopts the surest and safest method of becoming independent, for real estate is the basis of wealth.”

Condominium living has been somewhat of a trend in the Philippines wherein you can find one in almost every nook and cranny of the major cities. Indeed, there are a lot of merits to living in condominiums—especially for perpetually busy Filipinos who long for a more convenient lifestyle. After all, it is a well-known fact that condominium projects and developments pride themselves upon the expedient living they offer to their residents. Living in condos has been associated with an ease of access to most establishments, offices, and entertainment hubs. However, what encourages a prospective condominium buyer to close a deal apart from the practical lifestyle it affords? Well, for most condominium unit buyers, the price would either be a driving factor or a major concern. Unfortunately, if buying a condo unit is in your plans, this should not be the sole consideration you have to make.

A condo unit’s price, albeit a paramount consideration to most condominium buyers, should not be the only consideration. Focusing on this aspect alone might lead you to make bad investments that you would regret soon after. In any case, if you have been eyeing a condominium unit in Avida Asten or wherever, here are some of the other things you should consider:

1.) Location

What good would a condominium unit be if it is located smack dab in the middle of nowhere? If this is the case, it would likely defeat its purpose of being an alternate residency considering living on the outskirts of the city does not offer many conveniences. Apart from that, you should also consider the general safety of the area where your condo is located. Moreover, the location of your condo unit significantly affects the potential price appreciation. So, if you are looking to sell your condo anytime in the future, the location would be a pivotal aspect.

2.) Track record and reputation of the developer

Today, most condominium developers offer their condos at the pre-selling stage in order to sufficiently finance the completion of the project. If you have thought of buying a condo at its pre-selling stage, it would be best if you took a look at the reputation of the developer. This will ensure whether the finished property would be of good quality and if it would be turned over as scheduled.

3.) Parking

Contrary to what most condo buyers believe, parking lots do not come with the unit. You buy them separately, and they can be quite expensive. Condo units by themselves are already expensive, and if you added the price of a parking space with that, it could easily set you back by at least 500K pesos more. If you require parking space, then this should be a primary concern. Furthermore, parking lots appreciate in value and should you not be using them; they can be used to generate extra income.

4.) Population density and amenities sharing

One of the features a condominium has that would entice buyers to close a deal with them is their array of amenities. The more amenities a condo has, the pricier it would be. Basic amenities would include a swimming pool, function rooms, children’s playground, and the gym among others. Before deciding on which condominium to buy, you should assess whether the number of amenities offered corresponds to the price you would pay. Apart from this, you should consider if you would be able to take advantage of the facilities adequately while having to share it with a significant number of neighbors.

5.) Rules and Regulations

Not all condos have the same set of rules. For example, one condominium development might be rigidly strict about having no pets allowed in the units while there are some that can be a bit more flexible. Apart from this, some condos impose strict regulations on what you can modify and alter inside your unit. These are all things you have to consider especially if you intend on making the unit your primary residence as you have to ensure the rules imposed would sit well with you.

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Planning to Sell a Condo? Here are Three Things You Need to Know

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“Real estate investment is certainly a vote of confidence on a future activity” -Fiona Sigalla

 

The Philippines has seen a recent boom in the real estate market over the past decade—particularly in the condominium industry. It is no question that one can readily see condominium developments and properties being erected in almost every nook and cranny in most major cities. In fact, business districts such as Ortigas, Taguig, and Makati are premier spots for condominium developments seeing as this is where demand remains the highest. Seeing as condominiums are rife and are growing rapidly in the city, it is almost perfunctory that having a condominium unit to sell makes for a marketable and profitable venture. However, the logistics in the sale condo unit is not like selling a home. There are certain rules you have to consider before you can do so such as consulting the condo management and board for salient information potential buyers might want to see. Furthermore, there are things such as rules for pets, acceptable noise levels and alterations to the unit’s space and appearance may play a crucial role in affecting a potential buyer’s decisions.

So, if you have a BGC condo for sale or any other condominium property to sell elsewhere, here are some things you should consider:

 

1.) Best time to sell your condo

Before you can appropriately select a prime time for selling your condo, it is essential that you have a thorough understanding of how the property cycles move. Knowing so would help you have an idea or at least a rough estimate of how far along the property clock would yield a better profit. Although property cycles are largely erratic, there would be a series of events in which you would see prices rice, fall and eventually stabilize. Apparently, the best time to sell your condo would be during the boom phase or when the prices rise—a market peak that usually lasts up to six months.

2.) Open House strategy

While selling your condo is unlike selling your home, you would still have to stage it well to attract prospective buyers. Take note, a condo that shows well will sell much faster and would yield a better profit. Invest on small cosmetic touch-ups as even these can already make a significant difference. Additionally, if anything should be repaired then get on that immediately. Remember, an open house is an excellent strategy to make an impression—make sure you make a good one and make sure it lasts.

3.) Accentuate Premier features

Not all condominium units are the same; there are some features a unit possesses which others lack and makes it for a salable unit. These are the features you need to emphasize and accentuate to your prospective buyers. More often than not, one of the premier features that make a condo unit so salable is the ease of access that comes with it to everyday life—such is the case of having it in proximity to offices, entertainment hubs, and most offices. Similarly, unique attributes such as the amenities offered—may that be a hot tub by the pool, a fitness center, concierge services and the like should also be considered. Remember, if a prospective buyer is looking to buy a condo, he or she is probably looking for a living experience that is hassle-free and one that they cannot find in a residential house. So, exploit your unit’s best features. In a sense, explain to them what makes it worth it to be living there.

 

While selling a condo might present an avenue for a profitable real estate venture, it would be best if you considered the things above first to be successful in your endeavor. Apart from that, it is imperative to remember that if you want to sell your condo, you must be patient enough to worth through a lot of negotiations before you can successfully close a deal. This means you would spend a lot of time waiting around. However, you will soon find that your patience will reward you once you finally close an excellent deal.

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Four Survival Tips for House Hunting

 

 

House hunting is easy. It is the catching it part that is difficult. ~Susan Gale

One of the major milestones you encounter in life whether you are a newlywed couple, a couple with kids, or an individual seeking to be more independent is finding the perfect home to live in and begin a new life.

And this milestone in life entails a very exciting and fun activity known as house hunting. The prospect of looking at new beautiful places whether it is a condo in Cebu City or a house and lot in Davao and envisioning what it would be like to finally live in them can be enthralling, and for a while, it can be.

But then again, this is before reality creeps in on you. This is before you realize that you would want to move out of your current residence right away. And you might have the reasons (overbearing in-laws, a new job that requires your move immediately, etc.) for doing so. It seems like the budget you have is not adequate enough for the kind of wish list you have for your home.

When you do find a house that is at the right price, a lot of logistics seem to be involved such as the mountain of paperwork and as it is this kind of pressure can really stress you out. To make sure you do not let the stress of house hunting get to you, here are tips on how to survive it.

1.) Know the difference between your needs and desires

If you are buying a house from a bottomless cash coffer, then your home can come equipped with all the necessities and all the features you would want in a house. However, if you are scouting for homes on a budget, then certain compromises must be made. Know the distinction between your wants and needs and ask yourself some questions when you are doing so. Is it absolutely necessary to have a backyard pool? Or can you use the community’s pool instead? Though location may be a crucial factor in making your final decision, certain extraneous features can be compromised. Do not get too caught up checking off every item on your wish list or you would end up disappointed.

2.) Do not let aesthetics get in the way

The hackneyed phrase, “beauty is in the eye of the beholder” is not only right for individuals, but for choosing homes as well. Remember to look beyond the visual aspect of your home. Although everyone may want a beautiful home, it is equally important to consider the location and structure as well are far more important if you can get the house at the right price.

3.) Brace yourself for anything unexpected

No matter how meticulously you have planned your house hunting strategy, the reality is there are certain things that you can never plan for. An example of this is perhaps when you are buying a foreclosure. Just as you are about to seal the deal, you would find out that there is another existing mortgage on the house with a second bank causing it to decline on your offer.

Maybe you will discover your new condo is peppered with termites. Should the worst occur, stay calm and collected. Be ready for anything to come up and just welcome that as an opportunity to look for a better home.

4.) Prioritize

Know that the most important step when it comes to house hunting is to set priorities. Determine what is essential to you and know which aspects you can try to compromise on. In the same vein, this is where you distinguish your wants from your needs and come up with a list that would help you look for houses with a realistic mindset.

House hunting can be a fun and thrilling experience, but as it is, it could be stressful to potential home buyers as well. So, when you are browsing homes in, keep these tips in mind to make your experience in finding that one perfect home truly rewarding.

Nightmares in Buying a Condo

It is everybody’s dream to have their own condominium. I know you want one too! Fortunately, there are already affordable condominiums for sale in the Philippines. Yes! It is a good news!

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The environment, the lifestyle, and the convenience are one of the things you can experience when you have a condo. Some people will say that if you have a condo, your life will get better. Agree? Perhaps, that is one of the reasons why people are now planning to buy and have one.

There will always be a caveat in buying and choosing a condominium, which is why it is important to know and be careful in buying and choosing a condo. Here are the things that most people had experienced before they own a condo.

Scam

This is one of the reasons why we are so afraid of trusting people and companies especially doing and transacting something with them. We can’t say or pinpoint people or companies that are scam since they persuade and puts up a façade to be more convincing which gets our attention and trust easily. They can also persuade you with impressive words and offers you great deals for you to buy their products and accept their offer.

And when we are trap in their schemes, we feel frustrated and disappointed. Some people do things to the extent where they can just have the refund and bring back what they lost, and other things that can make the situation more hassle and chaotic. As much as possible we want to avoid these things.

A friendly advice:

Before consulting and trusting a company or a person, have a background check. By researching their company background, you will know what kind of company they are. Reading their company reviews or comments will give you an idea whether they are trustworthy enough to help you in choosing and buying a condo.

A little investigation of the company will give you no harm, it is making sure that you are in good hands when you choose and buy a condominium. We all know it is not easy to trust especially when it comes to a lot of money matters.

Slow processing of documents

Hundreds to thousands of people are buying a condominium every year, it is expected that there are also hundreds to thousands of documents that needs to be processed. Especially when there are a lot of holidays adding up, no work, no processing of documents and more and more documents are piling up. What more would you expect? Well, patience is always a virtue. So, try to enjoy and wait!

Of course, that situation is acceptable and reasonable, you may say. But what if the company you transacted, is just way too slow in processing your documents? Wait one month later. One of your documents needs to be reviewed further, wait for another two more weeks. Ugh! I know you hate to wait especially when you already waited long enough.

A friendly advice:

When the company you transacted, is too slow in processing your documents, you have to constantly follow up on the progress of your documents. Do not just wait for their call, because sometimes, they can also forget about it especially when there are also other documents to be processed. And when they do, it will take you more than a month to wait.

Constant followup on the company may give them a heads-up that your documents need to be processed. And by that, they might give you a priority over the others. Try it, it works! Just don’t be rude.

Hidden add-ons

Most people, if not all, usually avail promos or packages in buying a condominium. It is also one way to save more. The company will give sets of packages that you can choose on. They will also give you the total amount and the breakdown of the payments.

Sometimes when everything is set, later will you know that there will be hidden add-ons that must be paid. Of course, you can’t say no since you already have your full or initial payments. Situations like this give us headaches and disappointments especially when the budget is tight.

A friendly advice:

When you avail promos or packages, you have to make sure that everything is clear. From the things that are included in the packages to the down payments, there must be a clear and visibly written agreement in every transaction.

There is no wrong if you make certain to every transaction that you make. It is just to make sure that there will be no further problems and confusions that will occur later on.

Four Signs That You Are Ready For A Condo Lifestyle

There are people who find living in condos a match made in heaven mainly because of the comfort and convenience it offers to the homeowners – no maintenance upkeep to think about, access to deluxe facilities and services plus its convenient location with it in the center of the metro. On the other hand, there are a few people who find it quite limiting and restrictive in terms of space, privacy and investment value. To be specific, the square footage is too small for a family of four or more. The noise level may be too much to handle too due to the shared walls, ceilings and floors. Investment-wise, it appreciates much slower than that of a single-family home. How To Know If You Are Ready For A Condo Lifestyle Want to know if condo lifestyle is the right choice for u? Here are some telltale clues to help you make that final decision.

  1. You have a busy career. You are an advocate of the saying “time is gold”. Your days and nights are filled up with activities that you have no or little tolerance for things that do not yield productivity. Your place is within walking distance from your workplace. You love the idea that you can work late in the nights or on weekends and be away for business trips without having to worry about mowing the lawn or fixing the leaking faucet during your spare time.

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  1. You live an active social life. Regardless if you are regularly hanging out with friends in the malls, dining out with your loved ones in posh restaurants or always on the road and traveling around, you’ll find condos near airport, shopping centers, eating establishments and other prime locations. Additionally, considering the fact that you share amenities and property ownership with your neighbors, the environment presents several opportunities to engage, socialize and make friends.

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  1. You love your freedom. You can stay late in any part of the world without thinking too much about safety issues in the neighborhood. With the 24-hour security service, you can be out until the wee hours in the morning, party the night away, or go on vacation for days or weeks without the nagging concern of leaving your condo unprotected.

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  1. You are single and want to be independent. You are a single income-earner and you answer to yourself alone. With its affordable price, you can buy and own a property, have a place you can call your own and become financially independent.

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