Things you need to do before buying a condo

We may still be facing uncertain times but many people have opted to move out of their homes to live on their own.

If you have been thinking of finally buying your own condo unit, there are a few things you need to do:

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Check if you are financially ready

Ask yourself if you are in a good place financially. Are your savings enough to get you through the installment payment and succeeding payments, or is it enough to buy the unit in full. And is your money enough to pay for the monthly association dues, water, electricity, and phone and internet bills? You need to face the harsh reality these questions will put you in order to help you decide once and for all. To further help you, there are calculators available online that will help you determine what you can afford and other concerns. Buying a home is a big investment, so think carefully.

Research heavily

You must diligently research on the pricing of condo units within the area, on the developers that have properties there, and on the reviews if there are any. By knowing the pricing on condo units in the area

you want, it will help you have an idea on how much to spend. This will also help you determine rental prices should you decide to rent it out.

Research on home loans 

Research on financial loans you may need to apply for either through a bank or through a governing agency such as Pag-Ibig. Determine which lending source offers  the best and which one works best for your financial situation. Ask a friend who has recently bought their home which option they chose. Check your credit as well; you will need to know this when applying for loans.

Determine the location 

With many established and up-and-coming areas to choose from, determine which location you want to live in. What makes an area the perfect location for you? Do you want to live near your office or near the center of attractions such as malls, restaurants and clubs? If it’s the latter, research if there are any nearby supermarkets and malls, gyms, restaurants and bars within the area. But as there are developers who offer townships, study if this is something that you can consider.

Imagine yourself in the area

Do you see yourself living here for ten years or longer? Will you get used to the pace of the chosen location? Or will you eventually get tired and annoyed of the noise, traffic and other issues that may come up over time?

Find a trusted real estate agent 

Though there are numerous websites available online, knowing the process of buying properties is essential and should be reserved for the experts.

Ask friends and loved ones if they know a reliable real estate agent. It is essential that you get a real estate agent who is knowledgeable on the industry and market.

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Attend open houses and viewings 

If you can summon the courage to go out and attend open houses and viewings, do so. It is important to see the unit and to inspect its condition. For some home buyers, the feeling that they get from a new home is also important. But if you cannot attend any, check if the developers have a video tour or offer have virtual reality tours to get an idea of what it looks like.

Buying a home is an important decision to make and must not be taken lightly. It is also the most stressful. Before plunging in, weigh your options and assess which property and financial term is the best one for you. When buying a condominium unit, always remember that it is you are living there and not anyone else. Happy house hunting!

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Article and Photo originally posted by Property Report Ph last June 9, 2021 and written by Aliyya Sawadjaan.

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