19 Tips to Affordable Condominium

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Condominium buying is very popular nowadays in the Philippines and also in other parts of the world. Colliers International Philippines reported that, in 2013 alone, there are about 51,000 new high-rise units uncovered. This boom in condominium industry can be attributed to affordable payment terms, according to Benigno Cabrieto, the President of National Real Estate Association Inc.

Low interest rates, flexible terms and PAG-IBIG Fund also helped in boosting the industry. These helped the people to easily make a financial decision to invest in buying condominiums.

But before buying an affordable condominium in Pasig, Manila, Quezon City, Makati or any part of the Metropolis, here are 19 tips you need to know first.

1. Make sure that the development is a legal one and that the developers are of good reputation and background when it comes to condominium development. Remember the Torre de Manila controversy? 
2. Make sure you have a good lawyer, in case you need assistance in understanding legal matters
3. Seek financial qualification so that you can determine how much mortgage you can afford
4. Check variety of development styles: low-rise, mid-rise and high-rise. See developments with and without amenities like fitness gym and pools, and ask yourself which one is more beneficial to you.
5. If you can afford two-bedroom unit, go and get it. Studio units are hard to resell, if you think reselling in the next 10 years.
6. Visit the condominium at different time of the day so you can see how it looks in the morning, afternoon and at night. 
7. Choose a unit that has a perfect view of the outside world. This can be an asset for a resell.
8. Avoid a layout that looks out over the garbage-picking area.
9. Avoid a unit that is beside or across the elevator. Privacy matters.
10. A parking space is always recommended.
11. Having a locker is also recommended. For sure that you’ll be in pursuit of additional storage space.
12. Find out how many visitor parking slots are available so that you can tell your friends how many of them can park in the building in case you throw a party in your unit.
13. Take note of the condition and aroma of common areas like the hallways and stairs.
14. Know who are your soon to be neighbors? Are they tenants or owners? Owners are preferable.
15. Find out how much is the monthly maintenance fee and what does it covers.
16. Find out what are the property taxes and ask if they are already included in the maintenance fees.
17. Chat with the unit owners and ask their experiences in the community. Are they positive about it? 
18. When you are ready to buy the affordable condo unit, make your good lawyer review all the papers and the Condominium Document and Status Certificate.
19. Last but not the least, pray hard about it. Prayer works!