As real estate values continue to appreciate and become further limited, condominiums remain a viable option for property seekers looking for an investment and residence that is conveniently located in the city. Condo sales continue to thrive despite the pandemic and resulting economic downturn and will seemingly continue to do so in the foreseeable future.
Owning a condo is also an ideal way to get into homeownership while not having to immediately worry about too much of the upkeep that is more common with single-family homes and townhouses. Along with having professional management addressing building maintenance, there is also the benefit of being able to enjoy multiple shared amenities, at real estate prices that are significantly lower than a traditional lotted home in the city.
Now while a condo is an ideal place in terms of affordability, comfort, and living in a convenient location, it still isn’t for everyone. Buying for the first time? The following are some considerations you may want to make.
Consider your lifestyle
Not too keen on maintaining a front or backyard? Are you worried about how many repairs you might have to incur on your roof and the rest of your home in the event there is an exceptionally strong storm during the monsoon season? If your answer to these and similar questions is yes, condo living might be right for you.
On the other hand, if you prefer to have a part of your property be yard area, and would want to be able to make any type of alterations to your property, as well as value your privacy significantly and don’t want to have neighbors living too close by, then you might be better off considering other properties.
For those favoring the former but also want some of the open-space features of the latter, many modern condo developments are innovatively built to have walkable spaces that make residents feel like they are walking around a resort or subdivision and not a tower residence.
A notable example of these are Vista Land projects like The Courtyard, which is described as “an urban vertical village that offers a complete and balanced living experience”. The Taguig development features studio units surrounded by landscaped gardens and amenities such as a jogging path, swimming pool, and recreational lounge, among others.
Connect with a trusted real estate agent
Once you’ve decided that a condominium is the property for you, it is ideal to work with an agent who will prioritize your best interest. By working with a professional as early as when you start looking for the exact condo to buy, you are better able to avoid incurring any unnecessary expenses as well as not be relegated to a property that is expensive yet doesn’t quite meet your needs or expectations.
Ideally, you’ll want a duly licensed real estate professional who has experience specifically dealing with condominiums. Apart from helping you find the most value at the price, the right agent will help in addressing condo-specific concerns you may have, such as reviewing condo association documents.
At Ohmyhome, you can expect the agent you work with to do exactly these for you, making sure you find the condo for sale in the Philippines that meets exactly what you want and need, at a price that is fair and is acquired legally with all requirements duly met.
Consider the location
Location, location, location. As cliché as it sounds, location remains the biggest consideration to make when buying real estate, as where a property is located plays a hand in its value. In a general sense, this includes aspects such as the city it is in, how close it is to key locations like hospitals, schools, the central business district.
From a personal standpoint, you get the most value from the property when it is ideally situated for you: Is it conveniently located in places you need to be? Is it relatively close to YOUR school or office? Is it in a safe city or neighborhood? Do you have easy access to hospitals, groceries, banks, and other key locations from it?
Location is a key reason why condominiums for sale in the Philippines, despite being modest in size compared to traditional homes, consistently appreciate in value. This, combined with modern amenities, further make condos an ideal choice for property seekers in the city.
The second-largest city in terms of land area in the Philippines, Quezon City is the location of many businesses, schools, and yes, condominium developments. Among these is Suntrust Amadea by Suntrust properties, which is situated along Quezon Avenue. Featuring resort-like amenities, it is a convenient escape in the city and is located near key areas like EDSA, the Capitol Medical Center, and within minutes of Ayala Malls Trinoma and SM North.
Decide on the amenities you consider important
On the topic of amenities, condominiums-especially those in today’s modern residential developments– offer a wide variety. Some of these you’ll use regularly, and some of you might not even remember being available to you. When discussing with your Ohmyhome agent, make sure to address the types of amenities you absolutely want so you can find the ideal place.
It’d be best to be mindful as well that even if there are some amenities you don’t use-like the gym because you have a fitness subscription elsewhere, for example-may still be worth having, especially if you sell or rent out the unit later on because a condo with more than the usual amenities compared to other developments in the same area will have a decided advantage on the market.
This is evident in the previously mentioned developments as well those like Avida Towers Prime Taft. Along with units ranging from studio, one-bedroom, and two-bedroom options, interested property seekers can also look forward to enjoying several amenities when residing there. Among these are adult and kiddie pools, a children’s play area, a clubhouse, several function rooms, a playground, and outdoor gym equipment, among others.
Review Your Finances
While you surely already have an amount you are willing to spend to buy your condo in mind, you have to make sure that this already also takes into account the expenses beyond the selling or market price.
Condominiums commonly have association dues that need to be paid periodically, then there also expenses such as insurance and real property tax that must be paid annually. These, of course, on top of your mortgage payments.
In line with the first consideration regarding your lifestyle, it is important to keep in mind that while you won’t spend as much time and energy in property maintenance, in its place is the cost of the property management that is often part of association dues, but in some instances may also be separate. The key here is to consider everything you’ll need to pay for so that you have a property that you genuinely enjoy and not only feel the chore of paying for it.
This another reason why having a professional work with you throughout the process is beneficial. Apart from finding the best possible property that gets you the most value, an Ohmyhome agent also helps in ensuring all that all requirements for your purchase are met, and that there are no hidden costs or expenses that will result in your overpayment.
Are you ready to find the condominium for you? Visit Ohmyhome and find the latest and greatest in condominiums for sale in the Philippines?
Need help with the buying process? Connect with an Ohmyhome agent to get assistance from start to finish.
Ohmyhome was launched in the Philippines in September 2020, following the company’s establishment of a tech team in the country in 2017. Ohmyhome was originally founded in 2016, and subsequently rose in Singapore as a leading PropTech solution and licensed real estate agency.
Ohmyhome expanded into the Philippines so that Filipino home seekers can have a real estate partner that they can trust to have their best interests at heart and can be relied upon to provide exceptional services throughout the entire property journey.
Featuring thousands of properties across many of the Philippines’ major real estate brands, Ohmyhome differs from other local platforms by going the extra mile and extensively helping buyers narrow down the choices and find the property that best suits their budgets, home needs, and lifestyle preferences.
The company’s Real Estate Agents not only help in the shortlisting of options but also provide professional services through the entire purchasing process. These include assistance in property inspections, negotiations, the finalization of the Conditions of Sale, deposit collection, the submission of property documents, as well as providing buyers regular updates.
Ohmyhome helps Filipinos find their dream homes, all while making sure each real estate transaction is complete and is an efficient and enjoyable experience.