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Condo Buying Tips in the Philippines

The first thing that comes to mind when buying a real estate property especially for residential purposes is location. The location of the condo unit should be proximate to major thoroughfares, should be in a quiet and peaceful neighborhood, should be near the commercial area, and other important services like schools and hospitals and finally, should be proximate to the airport.

Another important thing that one should consider is flood. While developers may ensure that the condo premises is flood proof, the location of the condo however is flood prone, which can trap or isolate dwellers during fortuitous calamities. This takes us to the next consideration that such condominium should be part of a comprehensive community master plan. Locations of commercial or business establishments should be carefully designed to optimize the density of the area. Other typical concerns in the plan included assignment of parking spaces, parks, recreational areas, fitness areas, gardens and other utilities.

Most if not all condominiums have the basic provisions for telecommunication or internet facilities, drainage systems, generator back up and reliable water supply, 24-7 security system, fire alarm and sprinklers and other such building amenities. How reliable are these amenities when the time of need comes however remains doubtful until accidents and unexpected events only happen. It would be critical therefore to look at the reputation and track record of the real estate developer to evaluate how reliable are these amenities when the time for need comes, which brings us to the importance of time. Buyers should take note of the turnover date when buying a condo unit so that they can properly schedule when they can move in and use the condo when they need it. The main factor here is to get a condo with the shortest turn over date so that one can use the unit as soon as possible.

People buy houses to find a peaceful and quiet place to settle in. Some people value this so much that they buy estates in secluded place. A condo however is in a building with which one shares the premises with other people. Hence, one should consider the population or density of the building when buying a condo. Normally, the bigger the building, the more units, the greater the chances that there are of more tenants living in the place.

However, some really exclusive condos apparently have fewer people because of exclusivity and costliness of the unit. In which case, it is also important to consider whether the unit is a flat unit of loft level unit. The former pertains to a unit where all rooms are in one floor while the latter pertains to a unit with a second level where the bedroom is usually located. It would be preferable for couples with children to buy a flat unit for security of the children. Also, for the comfort of all dwellers, ensure that a well air conditioning system is in place because the Philippines is a tropical country and it could be uncomfortably warm especially during summer.

Finally, consider the cost. Aside from the cost of the unit per se, there are other enduring expenses or incidental fees involved in buying the condo which one should consider such as the association fees, parking fees, Value Added Tax (VAT), closing costs, registration fees, and Property Taxes, among others.

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