Getting a condominium unit, especially for young individuals who are looking for their first home, may be challenging. However, you can navigate around these challenges with the condo hunting hacks below. These will make your condo hunting experience easier!
Primarily, you need to know how much you can afford and allot for monthly amortizations. Aside from the mortgage loan, you also need to factor in living expenses and maintenance costs. It must be clear to you whether or not you can afford to buy a condo now.
Condo living is all about convenience. For sure, you have a draft of your non-negotiables or those things you cannot live without. Turn it into a concrete shortlist you can refer to whenever you are visiting a prospect unit.
Collect as many flyers and brochures as you can from different developers, so you can easily compare. Read through these to give you an idea of your choices given your budget.
Lifestyle and home magazines feature various condominium buildings as well as the lifestyle of current unit owners. You would surely score valuable tips from them.
Visit property sites to learn more about your choices. If you have a developer in mind, visit its website too so you’d know its current projects and the process of unit acquisition.
Whether you are looking for a condo in Cebu such as Amaia Steps Mandaue or in other cities, you may ask your friends and relatives who were able to invest successfully in properties. Listen to their stories particularly on how they were able to save up for down payment and pay for monthly expenses. Take note of the non-financial details, too.
Even if it’s just an inquiry, talk to a real estate property specialist. Discuss the type of unit that you are looking for, your preferred location and your working budget. Consider handing the property specialist a list of your must-haves.
Do this to determine how much home loan you can afford. Home loans and their rates differ if you are going to acquire through Pag-IBIG or banks. If you are going to obtain the unit through a bank loan, the process will be easier particularly if your credit score is positive.
There are low-rise, mid-rise, and high-rise condominium buildings. Each comes with a variety of facilities and amenities. Nonetheless, more amenities may mean higher contract prices.
Ask the current owners about their experiences with the management and the policies and restrictions, if there are any. Observe the bulletin boards to gauge how transparent the condo association is. Note the condition of the common areas such as the lobby, stairwells, and hallways, among others.
Avoid plans that overlook the garbage area and garage entrance. Don’t pick a unit that’s beside or across elevators. An impressive view is more appealing also. Once you’ve chosen a unit, visit it at least twice before you finally decide to buy it.
Once you see the condo unit that fits your preferences and decided to own it, buy it. Make sure, however, that you buy the biggest unit you can afford.
You may always turn to your bank and ask about its home loan products. When doing so, look into the application process and requirements and, of course, the interest rates. Read the fine print before signing anything.
After the hunt, the necessary next step is to pay for the initial costs and move-in. You could get good results with the hunting hacks mentioned above. Remember, when looking for a prospective condo unit, nothing substitutes for experience.