Five Things Homebuyers Should Know When Buying a Condo This 2023

0
995

“Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.” – Franklin D. Roosevelt.

Five Things Homebuyers Should Know When Buying a Condo This 2023

We often begin a brand-new year with new goals, aspirations, and objectives for the year ahead.

Depending on what we wish to achieve, these goals often entail a timeline and a plan. Of the many goals many Filipinos have, home ownership is one that takes precedence should it be on their list of things to achieve in the year. As it is, homeownership is often considered a keystone of financial stability and independence. For an urban dweller whose lifestyle revolves around the daily hustle and bustle, however, a single-family home property’s required upkeep might be a deterrent.

These individuals often lead busy lifestyles, so owning a traditional home may only slow them down. A condo is an excellent alternative to a conventional single-story family home. For many prospective homeowners, buying a condo is an excellent way to dive into the world of homeownership without having to deal with the upkeep that comes with traditional homes.

One of the biggest benefits of owning a condo means you can take advantage of shared amenities. Also, it is worth noting that buying one does not necessarily mean you have to live in it. If your condo association permits, you can rent your unit to tenants and earn a rental income making it an excellent investment.

Today, you have plenty of options for condo living from Vertis North, Vermosa, Parklinks, Nuvali, Circuit Makati, and so many more. With an overwhelming number of selections, choosing one can be understandably difficult. To make the endeavor less tricky, below are some of the top tips when buying a condo:

1.) Consider the kind of lifestyle you have

Individuals who hate washing the driveway, trimming and landscaping their laws, or do not have enough financially for house maintenance should consider living in a condo. Living in a condo means less maintenance work and financial burdens for repairs. However, if you find the need for a large and landscaped backyard outweighs the burden of maintaining it, then you may want to go with a different kind of property.

2.) Check the structure of units

Like buying a house and lot, purchasing a condominium is a long-term commitment. If you intend for this property to be your new home, you should assess its appearance and size. Talk to your real estate agent and schedule a viewing to make a more informed choice. Be sure to check the amenities and walk around the units to see if it is up to your expectations.

3.) Decide what amenities you want

Depending on the condo you choose, purchasing a condo unit means having access to the variety of amenities it offers. Today, condos offer a wide variety of amenities to ensure that condo owners get the most out of their investments. Some condos may offer the bare minimum, but luxury offerings include gyms, theaters, cafes, common areas, pools, playgrounds, and so much more. Talk to your realtor and determine what amenities you want to include in your prospective location. Remember that when you buy your unit, you are also essentially buying access to these amenities, so be sure to include them in your wish list. It is also worth noting that there may be amenities you do not necessarily want to have or intend to use. However, they are still worth having as they can increase your property’s resale value.

4.) Security

You cannot put a price tag on your personal or family’s security. That said, it is imperative to ensure everything is up to par. Be sure to ask if security is available around the clock and look around to see if there is a smoke alarm and an accessible fire exit. Check the floor plan and determine whether the property is a safe place to live. You and your family need a safe and secure environment. Living in a gated area with 24-hour security means you can sleep soundly at night, knowing that your family is in good hands.

5.) Accessibility and Location

Condominiums are often built within a city’s busiest business sector. It is then your responsibility as a buyer to know and be precise about the location of the condo you are interested in. Condominiums are built near malls, commercial districts, offices, and transportation hubs. Condos are also built with the guarantee that you are able to live near basic and recreational facilities such as hospitals, supermarkets, churches, and police and fire stations. That said, living in a condo often means saving time by walking to these nearby locations.

To maximize your investment, consider a location with the potential for expansion and think about how the market value and demand in that area might increase in the future. Be sure to check that the area you choose is flood-free and away from the fault’s line core to protect your family from any potential devastation caused by natural disasters.

LEAVE A REPLY

Please enter your comment!
Please enter your name here