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 maximize the value of your money. Each institution has their term for mortgage loans. Be sure to check and compare rates. A floating interest rate impacts your ability to pay monthly amortization compared to fixed ones.

2. Prepare a list of must-haves.

Look for these aspects during the visit. It's not a necessity, but it can be an incentive or a plus one on top of the things you need.

3. Visit the property before entering any agreement.

Try not to focus and place too much value on the aesthetics of the condo unit. Developers have interior designers or hire one to attract buyers and investors. Don't be fooled by these gimmicks. Instead, take note of the bones - construction work, electrical wiring, plumbing, room partition and window placement. These are the elements that come with purchasing the unit. The color of the walls, flooring, and pieces of furniture are replaceable. You can buy tools and materials from hardware and DIY stores. The former is not.

If you aren't familiar with the things you must look for in a property, seek a professional. Hire a professional home inspector if you must. Follow them around and ask questions while the property visit is ongoing.

3. Embrace renovations.

Be realistic and don't aim for the catalog homes or those you see on HGTV and Lifestyle Network. Buying a fully-furnished condo is a ploy to spend more than the property's worth. You are overpaying for what you can achieve in less as long as you're willing to put in some work.

4. Location, transportation, and services must be at least a kilometer from your unit.

The development must be in an area that provides comfort. You may be happy in the city, but outside the condo, the face of poverty is everywhere. At the same time, sources of air pollution surround the area. It's best to look for a place that both hits the target. It must also be close to social services such as schools, hospitals, fire and police stations. Malls and retails shops near the area makes living easier.

Meanwhile, the development must be accessible on all fronts. The roads must be concrete and in excellent condition. Public transportation must be an option for traveling to work, school, and other places. The area must maximize all types of transport, whether through land or water, if possible.

It's best to follow these rules when buying a condo. A lot of people think a bargain or fancy address is the way to go. They only hit the surface.

Purchasing a condominium entails responsibilities before and after the transaction. Ensuring that you are ready to face these gives a rewarding experience.