Home Buying 101: Six Tips You Should Know When Buying A Condo in 2021

Buying an affordable condo is one way to dive into homeownership sans the upkeep and commitment of maintaining a home that comes with residential houses. 

More importantly, buying a condo not only gives you an insight into what having your own place is like but it allows you to enjoy a home that is complete with amenities. Condo dwellers take advantage of shared condo amenities—a coveted aspect most homebuyers miss out on in family homes and townhouses. 

While the modern way to live seems to be residing in condominium units, they are not exactly for everyone. When it comes to buying a home, you need to consider your lifestyle, needs, and budget. That said, if you feel like an affordable condo in Manila or elsewhere is the best option for you, below is a list of tips that can serve as your guide as you begin your search. 

1.) Consider your lifestyle 

Before deciding to buy a condo, take a look at your lifestyle first. Do you find doing house chores tedious? Do you absolutely hate having to wash your driveway every now and then? Will your finances be in a much better shape if you did not have to shell out money for roof repairs and other maintenance upkeeps around the house? If you said to all of these, then condo living may be for you.

However, if you are not too keen on sharing walls, floors, or ceilings with other people, then you might reconsider your options. Condos are for families and individuals who are comfortable with apartment living. 

2.) Know what types of amenities you want 

One of the perks of condo living is that it allows you access to a myriad of amenities. Before choosing one, however, be sure to have a checklist of all the amenities you want to be included in your chosen property. Keep in mind that amenities factor into a condo’s fetching price, so contemplate long and hard which ones you want to include. 

If you are thinking of reselling your condo in the future, however, it might be worth having condo amenities you do not intend to use as these can result in a higher reselling price. 

3.) Work with an experienced realtor 

Once you have decided that a condo is for you, your next step is to find a real estate agent who has experience in condos. More importantly, choose one who has your best interests in mind. That said, look for someone who has a good track record and a pristine reputation. In this way, they can immediately address your concerns should you have any and guide you through the buying process. They would also be with you throughout the crucial steps, such as reviewing the condo association documents. 

Ideally, you should choose an agent that knows the condo developments happening in your area and what issues they may have. A good agent should be able to tell you if there are community issues or acrimony in the neighborhood. Above all, they would know which developments have fared best and would fetch great resale values.

4.) Research the developer 

You want to ensure that the condo you buy is from a reputable developer. That said, you should always research and look into your developer’s past projects. Read through their testimonials and reviews and see what people are saying about them. 

In this way, you can be at peace with the fact that the developer you will eventually choose would live up to their promise. 

5.) Determine who the property management company will be 

Knowing who will be in charge of the condo’s upkeep is crucial as you will likely want a condo unit that is well-maintained. Keep in mind that you will be paying association dues, so you want to ensure that the financial resource is put to good use. After all, nothing is more disappointing and frustrating than paying dues only to have amenities fall into disrepair as a result of bad management. Apart from being unable to use said amenities, it can negatively impact your property’s value. 

On your initial tour or visit, be sure to ask who is in charge of daily upkeep and maintenance. You may also want to know who spearheads day-to-day operations. Lastly, do not forget to ask who handles the requests of condo residents. 

6.) Review association fees and regulations 

As you will be regularly paying your condo’s association fee, you need to review what those fees will be and ask what would be included. Services such as cleaning common areas and the general upkeep are already included, but it is still best to know where your dues go. 

Additionally, this is the time to ask about the condo community’s house rules. Do they allow pets? Are there any noise restrictions? What are the guidelines about booking areas in advance? These are the questions you need to be asking as it will eventually factor into your decision whether you will be proceeding with your purchase or not. Lastly, these are the questions that will help you know whether the community you are looking to buy is the right fit for you and your family.