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June 25, 2010

Condo Buying Tips - Things To Consider Before Investing in A Condominium - PART 2

This is the second part of the condo buying tips where details about what you need to know more than just the location is explained further. Let’s move on.

Location – Accessibility is the key factor when choosing a condo but oftentimes the better the location, the higher the price is. So what is the solution if you are a middle income earner? Look for a project that is located just outside the heart of the city but is still very accessible. A good example would be DMCI’s Acacia Estates projects like Rosewood Pointe, Cedar Crest, Royal Palm and Cypress Towers. Compared to the projects inside the Fort Bonifacio Global City, prices are much much lower for a 3-bedroom unit in these projects, considering that it’s just 3 kilometers away from that area.

Surroundings – It is important to know the community surrounding the project that you want to invest in. You don’t want to live in a place where trouble is rampant and you don’t want frequent noise coming from a nearby factory.

Unit Orientation – Why is it important to know if your unit is facing North, South, East or West? Because you would want to find out how sunlight would affect you. Depending on your preference, but I personally prefer a unit that is facing the North or the South because I don’t want the heat brought about by the morning or the afternoon rays of the sun. Another reason why you need to know your unit orientation is because if you bought a unit that is opposite the amenities side, you would want to know what scenery awaits you when you look at your window.

Get To Know Your Neighbors – You can only do this if you are buying an RFO (Ready For Occupancy) unit in a project that has many dwellers already. One thing I can suggest is to go tripping on a weekend or a holiday. It can be in the morning or late in the afternoon where everyone is up and kids are at play. Try to observe how the noise from your neighbors affect you while inside the unit. It is also good to know the thickness of the walls dividing the units and if the windows have gaskets that can help filter the noise from outside.

Flood Level – This is self explanatory. The best way to find out is to ask someone who lives nearby and ask at least three persons to verify it. Flow of traffic can also be determined by asking around or trying to go tripping on a rush hour. This way you can really experience what the traffic is like when you actually live there.

Know The Developer – it is important to know how credible the developer is. Remember that you are investing your hard earned money and you would of course want to invest it to a company that you know you can trust. There had been stories about developers running out of funds because they  mostly depended on pre-selling sales to construct their project and the result was a nightmare for those who have already invested money with them. Ask for their past projects and look for positive and negative feedback. Internet forums can be a good start or ask around, somebody in your network might know someone who lives there. Verify if that is really a past project of that developer.

Know The Rules – Condominiums are governed by a set of rules and regulations to ensure the order in the community as well as the proper maintenance of the amenities and other common areas. It is important that you know these rules beforehand to prevent future issues that may arise with regards to things like having pets, visitor parking, use of amenities and others.

Property Management – it is important to know if the developer or the condominium association employs property management team because they are the ones to ensure proper maintenance of the project and proper implementation of the rules and regulations in the community. They serve as the executive body of the condominium association. I think having a property management team is very important in a condominium community because they are focused on the objective of keeping everything in order as compared to just having the community itself to implement the rules since everyone has their business to mind on their own.  

Action Plan

Don’t just rely on your broker. Get your hands dirty in knowing these facts. Besides, it is you and your family who will live there for a long time not your broker. Verify by asking at least three people for questions about flood level, traffic, noise in the area and others. Be diligent in getting the information and weigh them in accordance to what is acceptable to you. 

Live a beautiful life! 

Ryan Rillorta
Real Estate Broker
PRC Reg. # 5578

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1 comment:

  1. The things to consider before investing in real estate are shared on the post here. Know all about it


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