A successful home buying experience, like any other large project, is all about ensuring that everything is right from beginning to end. It is great investment to the family especially if it’s affordable. In this article you will be given an specific first time condo buyer tips and steps in buying condo in the Philippines.
Know your monthly maximum payment
Knowing your monthly maximum payment helps you to analyze and helps you budgeting your monthly expenses towards your monthly salary. Some first-time buyers base their purchase on their current rent. Other purchasers use spreadsheets and mortgage calculators. Choose a monthly payment method that works for you. Use that figure as a guideline for the rest of your dream home. It’s simpler to implement wise decisions when you know how much you’re willing to spend.
Reflect and Asses your needs
Your primary for purchasing a condo in the Philippines is that it meets your requirements, unless you intend to resell the unit.
Before you decide which the best options for you is, you’ll need to put some times to think and efforts to do research and consider your options
A condo might not be the best choice for you if you want some space away from other people because your neighbors will live right next to your unit. However, your requirements and standard with regards to your privacy, this will be meet.
Other aspects you might include to keep it on your mind are:
- Security on the neighborhood
- Security for protection on possible and potential disaster and hazard
- How it will affect your daily and usual routine
- Keep in minds that this condo will be a part of you for a long time.
Know your Location in the Philippines
Against the background of the previous point, needs assessment is just one component of the solution. Another component should provide the answer to the question, “Are condos the answer?”
If so, it’s time to explore all your options.
Which one where and what next?
As 2022 lifestyle trends shift to smart investments and strategic financial planning, you should consider the potential future market value of your current choice of location.
Definitely a better investment in the city center than Mount Makiling.
In addition, you should pay attention to the following factors:
Distance from work or office. Proximity to important facilities such as schools and hospitals. Traffic density in the area.
Work with Professionals
It’s crucial that you engage with a real estate agent or team that has experience with condo acquisitions if you’re a first-time condo buyer.
Working with the developer’s salesperson is likely if you’re purchasing a pre-construction or new unit. Although they can aid in the purchase, it’s crucial to remember that these experts are looking out for the developer’s interests. You may make sure you’re getting the greatest offer that satisfies all of your needs by using your own agent or concierge team. Condo-experienced agents can also advise you in the proper route.
Make Sure Your Real Estate Agent Doesn’t Also Represent the Seller
Realtors are typically licensed and trained salespeople. They manage and present offers, negotiate contracts, and oversee home buying transactions.
Buying a home is a legal transaction, so it is common for her two realtors to be involved in each transaction. The buyer’s best interests are represented by a single realtor. The seller’s best interests are represented by other realtors. Initially, you may not need a real estate agent to buy a home, but when you’re ready to make an offer, consider hiring your own agent. A real estate agent should not represent both parties in a transaction any more than he or she would choose an attorney to represent you and the other party in a legal proceeding.
Be prepared put 20 % Down payment
Lenders want at least 20% down for a standard mortgage. Condominiums are viewed as higher-risk investments by lenders, which explains why.
Even if you’ll be making a sizable down payment, having a high credit score will help you get better loan conditions, which will make your mortgage more affordable overall. For instance, obtaining a reduced interest rate over time can enable you to save money.
You’ll need to make sure you have enough money saved since the down payment is made up front to put 20% of the condo’s purchase price down.
Know your Association Dues
Even if you pay the full cost of the unit, renters will still need to pay monthly association dues. The property will be maintained, cleaned, repaired, and renovated using the accrued fund. Make sure to ask the person handling your case about any additional fees you may be responsible for, such as real estate taxes, condo insurance, fire insurance, elevator fees, etc.
Knowing what you have to spend money on can help you determine whether you can fit it into your budget.
Get the Unit Inspected
Get the condo inspected before you buy even if you are an experienced condo buyer.
One of the most important steps in purchasing a condo is a home inspection. It assesses the unit to see if there are any undiscovered problems. The inspector will also look at the building’s and your unit’s physical condition when examining a condo.
Even if the apartment is brand new, this is crucial. Before you move in and take over ownership of a pre-construction purchase, you should conduct an inspection. If any problems are found, buyers can use the inspection report to demand repairs.
Follow our first-time condo buyer tips and steps in buying a condo in the Philippines.
Even home owners can fail due to frequent changes in mortgage lending regulations. Lending guidelines change several times a month. The mortgage market changes every hour. The forces affecting interest rates are complex and interdependent.
So watch your mortgage advice and stay informed. Consider the mortgage lender and their working knowledge. Good advice will save you or pay for your mistakes.