Buying A Condominium Unit in the Philippines


Are you thinking of investing your money by buying a condominium unit in the Philippines? Or as a balikbayan, do you need a property that you can use while visiting? Here are things to consider in condo purchase:

  • Location.  Check the condo’s location. The condo should be located in the city’s prime area. It should have access to major thoroughfares and nearby facilities i.e. - shopping centres, church, schools.  As a buyer and prospective resident, take a look at the neighborhood.  What are the other buildings in the vicinity? Is there a park? What is the community like – is it safe and secure? Bear in mind- you are not only purchasing a property, you would be assuming a certain lifestyle as well.
  • Building Condition. What is the age of the building? Is this new construction? Has the building been maintained properly? The biggest problem encountered most specially for Philippine buildings is water leakage. It is prominent in flat roofs and can be seen on the building envelope. Visually, leakage can be detected if you see water marks on the façade. Take a close look at the exterior of the building and if there is a roof top, inspect it as well. It is very difficult to fix a leaky building.
  • Market Value. The market value of your condominium is based on different factors – location and quality of construction.  Investigate current condo units on sale to have an idea.  The value of your unit is based on the floor area and computed per square meter.
  • Developer. Check the history of the builder. Is it a good company with a strong reputation? Do they have a good portfolio of built projects? For the built projects, were they successfully sold and what is their current physical condition? If you have a good developer, then you can be rest assured that you have a good quality building. 
  • Condominium Association.  Get to know more about the condo association. Is it an active condo association with a strong board? The board is composed of volunteer members that reside in the condominium. What is the financial status of the building? Does the condo have any arrears? Are there residents that are behind in their accounts? You do not want to buy into buildings with financial problems. If there are delinquent members, this means the condo association is covering the overdue fees. 
  • Floor Plan Layout- Usually, the realty sales centre will show the floor plans. Better yet if they have a mock up unit. This will give a better sense of the size of the unit, the layout and the finishes. There are units that are sold as bare, finished unit, finished units that are semi-furnished and finished units that are fully furnished.
    Typically for families, it is best to have a 2-bedroom unit, floor area is about 100SM. A single person can have a 1-bedroom unit which is about 70SM to 80SM.  For studio types, the areas are about 50SM. 
  • Condominium Fees - The condo fees are costs to run and maintain the common areas of the building, this is aside from your own utility bills. Common areas are: lobby, corridors, parkade, elevator, rooftop, building envelope and building structure.  The fees are computed based on your floor area and depends on the building’s systems and facilities – elevators, swimming pool, amenities, underground parking, security systems, etc.
  • Parking- Does the condominium come with its own parking space or do you have to buy parking separately? Possessing parking increases the value of your unit.
     

Purchasing a condo unit can be exciting venture. It can create revenue as a rental, a temporary residence while visiting or can be a permanent residence if you are a retiree. Do your homework and as a property owner, you can look forward to a lifetime and worthy investment!
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