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NEWS - 18 June 2019

Aspiring Homeowners: Ask Yourself These 10 Critical Questions Before Purchasing a Condo Property

When it comes to property investments, there is no easy template to follow that won’t require any risk. It will require a lot of responsibility and will require a certain amount of time, effort, and resources. If you’re contemplating on getting a new home, here are 10 critical questions to ask before you make that purchase.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Why should I invest in a condo property?

This question will rearrange your priorities as well as your goals for getting one. Is the real estate project close to your work? Is it the community? Is it the price? Is it the bigger space? A condo property that meets your goal for buying it will most likely end up as a valuable asset to you in the long run, thus, allowing you to get your money’s worth.

 

How much is the down payment?

You may ask the agent how much is the reservation fee (if there’s any) and how many percent is the down payment– or if there are options for zero down payment where you can stretch out monthly amortizations to longer periods. Be ready for the balance which is usually settled through bank loan and it is also best to allot a certain amount for taxes and other fees.

 

How many real estate properties should I look into before making a purchase?

There is no definite answer to this one but it is a general rule of thumb to go for the one that fits your finances and meet almost all of the items on your checklist for your dream home.

 

Is the developer a competitive player in the industry?

You may want to check on the developer’s website as well as review the company profile to get an idea about the number of projects they have completed and sold so far.

 

Where is the offered price based upon?

Ask the seller how they arrived at the price offer and if there are special discounts and promos you can avail should you decide to purchase the property.

 

How do I choose the right real estate broker?

You can check out the online portfolio of a real estate broker once you find the property of your choice. Another option is to ask for referrals once you have found your ideal real estate investment.

 

Do I have the complete set of documents needed when I apply for a bank loan?

This also means having the time to process the requirements should you lack any of them. Having a representative to process them on your behalf is an alternative but this will be difficult for specific documents that require your signature asap.

 

Can I afford to purchase a condo in my current situation?

It is important to note that before you purchase a condo, you must have a good credit history, especially when you’ll be eventually financing the condo through a bank loan. If you’re planning to buy the property through savings, there are several options such as savings accounts, bonds, and stocks.  

 

What are the materials used for the property i.e. foundation, roofing, flooring, etc.?

Even the property is new, check if it’s made of good quality. The interiors may look good but the quality of the materials used may be substandard. Ask the seller for specific details on the materials used for the building’s foundation, ceiling, bathroom fixtures, and kitchen sink to name a few.

 

How is the community or the neighborhood?

A nice neighborhood is always worth your investment as it translates to less hassle in dealing with the neighbors, easy access to everything you need, and a peaceful environment after a hard day’s work.

Not every property for sale may have all the qualities you are looking for in your future home. But you may find one closest to your dream property at Empire East’s luxurious uphill community in Pasig-Cainta that is set to be the first-ever elevated city in the Philippines, the Empire East Highland City. The grandest of its kind, it will comprise the Highland Park, the Highland Mall, the Highland Residences, and the Chartered Club. The expansive green park at the frontage of the development along Felix Avenue will fulfill the company’s vision of allotting 40% to greenery and open spaces for their newest development.

 

 

 

 

 

 

 

As a pioneer in real estate concepts such as the township model, the micro-city, the transit-oriented developments, the loft innovation, and the no down payment scheme, Empire East will once again elevate the standards of urban living with this exclusive residential development. The Highland Residences will house 38 high-rise towers with the first cluster now open for pre-selling.

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This article originally appeared on Lamudi.

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