10 Things to Consider Before Investing In A Condo
Condo living is the best way to enjoy a balanced live-work-play lifestyle. Luxury condo towers are emerging all around Metro Manila, providing a convenient and comfortable home in the city. Thus, many modern day home buyers seek to buy a condominium to remain closer to their workplace or school while being near hip lifestyle spots in the city.
Because of the thousands of choices available, choosing the right type of condo is a decision that needs careful evaluation. Acquiring a real estate property like a condominium requires certain factors to be considered to ensure that this purchase is worth your investment.
Accessibility – Condo living is all about convenience, and location plays an important role in ensuring that. Consider the places you’ll be going to regularly, like your workplace, and identify how long it will take you to get there from your condo’s location. You can prefer a certain neighborhood more than another, but if it will not promise accessibility, you may run into more complications. It’s important as well to consider walkability, safety (especially at night), and the availability of transportation options should you need to travel to other cities.
Security – A well-made condominium doesn’t just boast of world-class interiors and top-tier amenities. It should also offer security. When choosing a condo, check for any safety hazards in the unit and in the building itself, such as dangling wiring, raised tiles or faulty lighting. Check the perimeter of the building and for security personnel manning the main entrances and exits. Ask about the building’s fire and earthquake safety precautions, including their evacuation plan.
Regulations – Living in a condominium means sharing, to an extent, the same space with other tenants. Thus, all condominiums have set their own specific rules and regulations for all residents. Some residential towers do not allow pets of all kinds, which limits the choices of animal owners. Other condos do not allow the unit to be repainted or altered. Regulations can also be placed on visitation policies, use of facilities, and noise control – things that you need to factor into your decision.
Layout – Every condo is designed with multiple layouts, and they all vary in desirability for different types of clients. When you choose a condo, identify what kind of layout you need. The common condo-types in the Philippines can be categorized into studio, bedroom, and loft-type units. These layouts have different features, but if you know what you need, you’ll be able to choose one that suits you best.
Amenities – A condominium’s amenities are dedicated to upgrading your living conditions and adding comfort. Thus, it’s beneficial to know what your unit can offer. Amenities like a balcony access from the living room or bedroom, consistent Wi-Fi connection, parking spaces, and a open-sided lanai or veranda can elevate your living experience. Amenities that matter to you are important to ensuring the value of your investment, so before you decide to purchase a condo, ask about what amenities you can expect.
Facilities – Building facilities enhance value, and as a resident, you have access to these areas. Almost all condominiums have a swimming pool, a gym, and a rooftop bar. Some have jogging and biking tracks, a garden for having picnics and walking pets, and even multi-sports courts. Facilities provide far more enjoyment to residents, because it gives them something to look forward to in their building. It’s part of what you’re investing in, so why not enjoy them?
Finishes – There are no rules when it comes to finishes; it’s a matter of personal taste, and they vary from building to building and developer to developer. But they could make a difference, because they add to the physical touch and feel of the unit. If you’re looking at a condo development that claims premium finishes like crafted furniture and advanced home appliances, ask about them in detail. Be diligent when evaluating the quality of the materials and finishes to understand what you’re actually getting.
Community – One critical factor, often overlooked by first-time condominium buyers, is the community they’ll be surrounded with when they move into their new home. Condo residents are part of a community comprised of families and individuals, foreigners and locals. Knowing the community will allow you to see if your lifestyle fits with those around you. There are some buyers who want to check if their condo engages the community through activities or events.
Lifestyle – Consider your lifestyle—both now and in a few years—and make sure a condo is the right fit. One of the goals of buying a condo should be to finally experience the lifestyle you’ve always envisioned for yourself.
Sustainability – Buying a condo is an investment, but to see the highest return on your money, you’ll need to hold on to it for several years. Today, green architecture movements have inspired designs that are good not only for you, but for the environment as well. But for a more beneficial effect on the health of the environment, you, yourself should be aware of how you can maintain a sustainable and environmental-friendly lifestyle by living in your chosen condo.
If you are looking to buy a condo, there are considerations beyond the final purchase price. These factors must be taken into account so you won’t feel shortchanged or disappointed with your purchase.