Tips for Filipinos When Buying a Condo

How to Buy a Condo in the Philippines
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According to Leechiu Property Consultants, the condo oversupply in Metro Manila has reached the equivalent of 34 months in November. Meaning, it will generally take up to 34 months to sell the current supply in the market. The high interest rates, preference to buying single-detached houses, and other external concerns caused the oversupply of condominiums in the city. However, it’s also the best time to get a condo since Manila is a great location. Read on to learn how to buy a condominium unit in the Philippines as well as tips on how to find the right one in this guide.

Is Condo the Best Option?Before we delve into the steps in buying a condo, let’s tackle first whether or not this is right for you. One important thing you need to know is that the condo lifestyle is way different from living in a single-detached home that many Filipinos now prefer. Some pointers to consider when deciding whether condo living is best for you:

• You value convenience, comfort only comes second.
      
• No plans for major renovations.
      
• Doesn’t expect regular guests.
      
• Okay with conservative home space and having neighbors.
      
• Needs     to live in the metro or as close as possible to where you work.

How Will You Pay?

Of course, the next important thing to consider is the available financing options that you can afford. Buying a condo needs you to pay the unit’s total contract price. So if you don’t have the budget right now, don’t worry because you can choose a good financing service such as bank loan, in-house financing, or Pag-IBIG to settle it for you.

Types of Condominium Units

There are ideal options for everyone who wants to acquire a new condo unit in the metro or other provinces like Cavite, Laguna and even Baguio. It all depends on how much you can afford and your needs that should be addressed when choosing a suitable condo. You have the most popular studio type unit, 1/2/3-BR unit, and penthouse. All these cater to the different needs and comfort expectations of the buyer.

Buying Tips for Condo HuntersAlways do your diligence when making big decisions in your life. Here are the steps you can follow when investing in a condo here in the Philippines:

1. Know your goals.
       
2. Examine the structure of the condominium unit.
       
3. Choose a good location.
       
4. Read and understand the contract.
       
5. Decide on the best financing option.
       
6. Learn about the amenities offered.
       
7. Ensure that proper security measures are in place.
       
8. Check     the neighborhood.
       
9. Know the background of the developer.
       
10. Observe the parking space.

Final Thoughts

Having a condo in the Philippines is one of the most convenient choices that one can make, especially if you want to live near your workplace. If you’re looking for condo recommendations, our experts can help you in decision-making. Let us know if you need professional guidance and we will immediately answer your questions!

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