Skip to main content

4 Important Questions Before Settling on a Condo

If you are clueless as a rock on the how-to's and whatnots of real estate, then you need to brush up on relevant information regarding the purchase and acquisition of property. Oftimes, knowing the basics is enough to get you a good deal.


Getting a prime condo like Rockwell Land Katipunan is without strings or hitches. Developers cannot oversee every offer and contract drafted by their agents, so it's up to you to decide and take heed of their proposal.

As a first-time property owner and newbie in the real estate arena, here are the answers to some important questions on your condo.

1. Is it possible to refund the reservation fee?

Before entering any transactions, you need to clarify the terms of how they handle reservation fees. Real estate contracts can contain verses and loopholes that can result in penalties and additional expenses. It can be wasteful and expensive especially if you wish back out of the deal. 

Consequently, you have the right to get the amount you have paid as it is illegal for developers to withhold payments for their gain. You can learn more about your right as a buyer by scanning the Presidential Decree No. 957 - Subdivision and Condominium Buyers Protective Decree. In any case, you plan to continue with the transaction, have everything in writing.

2. Are discounts applicable to the unit?

It’s tempting to pay the full amount especially when the price is significantly lower. However, avoid paying the full price without inquiring about the discounts available. Most real estate developers don’t inform buyers of their promotions and slashed prices unless the buyer asks them.

At the same time, it helps to negotiate on the price. Most developers are ready to hand out discounts and offer incentives for free furnishing. These, of course, depends on factors such as the number of units available and the completion date of the property.

3. When will the property be completed?

Dropping the question during the pre-selling stage is essential. Developers can only assume the turnover date, but they should be able to provide the target completion date.

Knowing when the property will be finished helps you plan your payment terms. Moreover, it enables you to organize your move to your new home. It allows you to curtail any expectations on the living condition of being in the area.

4. Who are your past clients?

A reliable real estate developer delivers its promises to its clients. The best ones are highly-recommended by past homebuyers and property hunters. Agents should be able to identify satisfied clients so you can rely on them for an unbiased review of the property. 

Besides asking the agents directly, you can also check online reviews to see what people are saying about the development.

5. Can I make changes in the unit?

Most condos and developments have the same features. Each unit has similar interior and exterior features. Some of these details may not fit your taste, or it may not be suitable for the function you are aiming.

If you wish to make your property unique, you need to ask the agent or developer if they allow changes and renovations in the unit.


These questions can serve as your guide before and during negotiation. Keeping in mind these issues and their respective answers save you from hidden charges and problems you may encounter during your move. It also helps you become sure of your selected property because you get the information you may need that the agent may not provide. Tha satisfaction rating and flexibility in design are some of the crucial information that sellers may withhold from buyers.


Labels:

Comments

Post a Comment

Popular posts from this blog

8 Terms of Housing Tenure

House hunters and property investors don't consider housing tenure as a "must-know" unless they encounter a rental. There is are other factors to consider in real estate beside the price, location, floor area, and design. Housing tenure plays a vital role in various decision-making. The Philippine Statistics Authority (PSA) defined four housing tenures that exist in the country. Besides these four, there are other types of tenure. These categories came from the changes in culture and society. The lack of housing units and land areas enabled public and private institutions to offer their property to settlers. Common housing tenures include: home-ownership rentals settling for free with permission occupied for free without consent or squatting When the occupants are the legal owners of the land or structure, they belong to the first type of tenure. They have rights over the property even if it is on or obtained through amortization or mortgage. Meanwhile, apar...
Post a Comment
Read more

Hacking Your Personal Growth

A successful person – whether an entrepreneur, professional or scholar – isn't born. The person develops and matures until the time they are ready to face the challenges of the world. Their experience teaches them to the ins and outs of living. Not everyone has access to the same opportunities as some people. Other people must work on themselves to have access on how to improve themselves. If you want to hack your growth, here are some ways to go about your improvement. 1. Hesitating makes you less likely to follow the plan. When you start putting off the things you say you were going to do, it goes to the back of your mind. It can also come to the end of the list in your subconscious. It also knocks a few pegs off your confidence meter. Confidence is a product of the activities you undertake. Hence, going against your nature doesn't help you improve your confidence. 2. The mental and physical state you have when making decisions affects the quality of your choices. I...
Post a Comment
Read more

6 Steps of Real Estate Acquisition

It's profitable to invest in real estate when the business environment is stable, and the macroeconomic fundamentals are within their limit. The right time along with valuable investment instruments can result in future yield. Besides the accumulation of wealth due to investments, acquiring a property allows you to build your assets. Having a condo near Makati gives you a home for your growing family. When the time comes, you can entrust your investment to your existing family members. Before that happens, you need to be aware of the steps in the process of acquiring real estate properties. 1. Presentation It can be a proposal or a sales package. It can be a presentation or a document where you find the relevant details of the project. It contains the physical aspects of the project as well as other marketing components. It must include an analysis of the surrounding location and target market. Some contain market leads, but most will have a breakdown of risks and opportuniti...
Post a Comment
Read more