Buying a condominium is more difficult than buying a house because you’ll be sharing living space and financial responsibilities with other owners.
Aside from finding a good location at an affordable price, you also have to consider lots of extra costs, from association fees and special assessments to how well the building is maintained and how strictly it enforces rules on everything from noise to pets.
The location of the property is the primary consideration and one of the broad choices that will help buyers define their real estate goals. Where young professionals may prefer an urban setting, close to work and night life, retirees may desire being on the beach or close to a golf course. You can search for Metro Manila based properties as most condominium developments is located here. There are condos that are recently ready for occupancy (RFo), under construction, and pre-selling. Interestingly, Bonifacio Global City, Makati, Mandaluyong, Manila, and Quezon City are the areas with most number of condos in development. There are also a good number of properties in Alabang, Ortigas Center and Paranaque City.
Each neighborhood may have several condominium developments from which to choose. Once a preferred neighborhood has been decided upon, buyers must make other general choices to help narrow the search.
Style of the Property
The style of the property is also a major consideration when finding the ideal condominium. Some condominiums are large high-rises while others developments are clusters of two-story buildings that more closely resemble traditional homes. The style is important in terms of appearance and function. If a condo unit owner wants quick access to the outside, a low-rise or duplex-style condominium could be a good choice. Alternatively, if one wants to be part of a large community or have a beautiful view of the city, a high rise is a very good choice.
The physical characteristics of the building are another consideration. Some buyers like old and traditional-looking buildings, while others may prefer modern and stylish properties. The style of the property’s grounds should be factored in, as well. Well-maintained lawns and meticulous landscaping may be a priority to some people, while others prefer a more natural environment.
Age of the Property
Advantages of new developments include sought-after upgrades such as hardwood floors, granite countertops and high ceilings, as well modern structures, latest furnishings, high-tech security and contemporary building design. Older developments, on the other hand, have probably completed all construction phases and finished any planned common areas. In addition, they are likely to have an established community and may have larger units for the same money.
Condominium developments often provide access to certain desirable amenities that would not be practical or affordable for an individual house owner. Facilities are things that you and your guests can use such as swimming pools, saunas, gym, café, restaurant, etc. On the other hand, amenities are the things available within your unit such as air condition, cable, internet access, bath tub, patio, and the likes. Remember that not all condominium offers the same amenities as well as facilities. Although, bear in mind that the more services there are in a condo; the more expensive they can get. If you don’t need lavishing extras, ditching them can help you save some cost.
Each condominium is different. Depending on the quality of materials used, structural design and project developer, some are made to last a lifetime while others will show wear and tear within couple of years. If you want a high quality condominium unit, it is very important to choose a developer with proven track record. Additionally, real estate project developers who has been in the business for a long time and those with proven track record of success are known to deliver completion dates on time. Review their past projects to determine credibility.
Depending on the specific market, the price of a condo unit is a major factor in purchasing a condominium. In certain locations in Metro Manila, the units may be predominantly larger and more expensive while in other areas, units may be smaller (either in terms of square feet and/or the number of bedrooms) and more affordable. Buyers also need to keep in mind the additional costs associated with monthly dues.