18 Condo Buying Tips for 2018

Buying a condo can be a daunting task especially for the first-timers, but this should not be the case. Here are some essential tips to make the process easier and stress-free for you.

2018 Condo buying tips

1) Think long term. 

Don’t even think of buying a condo if you have no plans of staying in it for 5 years or more.

2) Know what you can afford.

It is useless pining over a condo unit that you cannot pay for. Use a home loan calculator to determine whether you are financially ready or not.

3) Determine payment options.

Familiarize yourself with various loan options. Options vary from one banking institution to another.

4) Obtain a pre-approval.

A pre-approval is a proof that you are a serious home buyer. Banks take note of this.

5) Save for the down payment.

A down payment can be between 10 and 30% of the total purchase price. So, again, make sure that you have enough savings to pay for it.

6) Hire a broker.

Real estate brokers will be a big help when it comes to negotiation since they have established relationships with the developers and financial institutions.

7) Find a location.

The location is the most important factor that affects any other factors when buying a property.

8) Leverage the Internet.

There are hundreds of property portals online where you can find just the right condo for you and your family. You can search for 'rockwell kapitunan' for instance, to learn about its features and amenities.

9) Create a shortlist.

List down 3 to 5 (at most) properties that have the amenities that you want in a condo unit.

10) Ask questions.

Newspapers and websites are a good source of information and so is your broker. Write down your questions and pay attention to the answers when you visit the properties.

11) Take photos.

Upon visiting the properties, document the features of the condo especially the amenities because it means saving a lot in the future.

12) Round the neighborhood.

Don’t forget to talk to your future neighbors. Ask them what it feels like living in such community.

13) Consult professionals.

If you have no eye for details, you can talk to some professionals like a home inspector who can spot maintenance issues. A geodetic engineer can also give information on the hazards of the area that is, whether it is flood-free or not.

14) Determine what goes into the condo.

During a condo visit, the condo is usually staged so it will be attractive. Not everything you see will be included when you purchase the unit. Double check the inclusions.

15) Consider a second visit.

After deciding on which condo unit to buy, pay it a visit once more. Bring a friend with you since he or she can give a fair evaluation of the property.

16) Prepare the paperwork in advance.

Documentary requirements differ if you are employed or self-employed. Secure those that you can such as Income Tax Return, Credit Report, etc. so you have fewer to accomplish after filling out the application form.

17) Learn the condo rules in advance.

Condominium associations generally vary although some common rules are no pets allowed, no guest overnight stays and no installation without written consent from the association.

18) Learn the move in date.

Once you learn about the rules, let that sink in then ask the condo manager when can you move in. While at it, ask if there are certain procedures when it comes to moving your personal properties and belongings inside the unit such as where to park the moving truck, which elevator to use, etc.

Remember that there are several pitfalls that home-buying entails. Don’t be a victim by educating yourself with what you really have to learn about the process.