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.


Comments

Popular posts from this blog

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 ...

The Non-Negotiable Rules of Buying a Condominium - Part 1

A condominium can be the place where you settle down, relax, and explore your passion. It's a fast-selling commodity in the real estate market for its flexibility. It can be an investment - a channel for passive income through rent, weekend accommodation or resale. It can also be an asset you can pass on to the next generation. These ideas make it tempting to one. People of all ages aspire to have their own. Students have a condo in Metro Manila while young professionals have a unit in Makati or Bonifacio Global City. Whatever your reasons for wanting a condo, here are some rules to consider before you call and meet a broker. 1. Build your credit score. The credit history allows them to take a loan. Locally, the person's credit history is available through a bank's credit report. The report shows if you were a responsible creditor. Once you overtake a loan as the downpayment for your property, request a fixed interest rate. Go for financial institutions that maxi...

5 Steps to Maximize the Magic of the New Year

Indeed, the new year is a magical and enchanting moment. It gives an opportunity to leave the past behind. It offers a fresh start and a time to reassess where you want to be in life. Besides staying in a condo Pasig , have you thought o what you want for this year? Do you have a checklist to accomplish or bridges to burn? Anything that your heart desires is possible as long as you set your mind to it. Use these five steps to help you sail through the rest of the year. 1. Throw the memories of yesterday. Everyone has two types of memories - those worthy of keeping and those that don't need revisiting . Learn which ones are worth the mental space. When you determine which ones that should be locked in the depths of your brain, you save yourself from heartaches, unnecessary nostalgia and commitment. Failed relationships, misfortunes and sad moments aren't always the things you have to drop from your stream of consciousness. It may be the remnants of your toxic ...