The Non-Negotiable Rules of Buying a Condominium - Part 2

A reputable credit score, conducting property visits and knowing what you want to have in a condo is the basic guidelines when hunting for down for a unit. On top of that, you must be realistic. You should take time to get in each flat before agreeing to any contract. Moreover, you must be flexible. Not all units will turn out the way they look in photos.

All of these are part of the non-negotiable rules of purchasing a big-ticket asset such as a condo. On top of that, you must also consider living conditions if you plan on living there. Accessibility is crucial. Therefore, think of location and transportation routes. The Philippines condo for sale must be part of a sustainable community.

If you already have these on lockdown, the next thing to do is to consider the remaining set of guides. Learning more about the developer before applying for a loan and maximizing your investment by choosing between pre-selling or RFO is part of the next set of rules that must be part of the general knowledge.

Below are five rules to follow before involving cash and stamping "sold" on the agreement.

1. Secure a loan.

A housing loan will be your blanket if you can't provide a one-time payment. It will serve as funding for purchasing your dream home. In the local scene, PAG-IBIG and commercial banks are the only financial institutions eligible to grant housing loans. Thus, the process of acquiring loans may vary per institution. Moreover, each institution requires different documents before issuing an application.

If your contract to buy is time-bound, file your loan application as soon as able. That way, the institution releases your loan at the time of the deal closure or property turnover.

2. Research on the history of the developer.

Conduct due diligence before entering business with another party. In this case, investigate the background of the developer. Check if they are reliable and trustworthy. Do they finish projects on time? Do they use high-quality materials? Are past customers satisfied with their service and performance?

Verify the information from their publications and realtors. Seek advice from a third-party source such as an independent appraiser regarding the construction of your home. Hire an attorney to verify the legitimacy of the contents of the contract. Do your homework to learn more about the real estate market. Be an informed decision-maker while taking precautionary measures.

3. Consider the difference between pre-selling and ready-for-occupancy (RFO) properties.

Pre-sold properties have the upper hand when considering its future value. Offering it on the market during the development's turnover maximizes profit because of appreciation. On the one hand, RFO properties have higher prices compared to the former.

Apart from the price, the capacity to choose your unit type and construction status are some details that separate one from the other. It takes almost five years for the construction of the development to finish. Hence, pre-selling properties are much ideal for investors and people securing for their future. In an RFO, you can settle in the unit as soon as you pay in full and accomplish the paperwork.

Last but not least, customized condo units are available. It enables you to choose your floor, view, and layout when going for pre-sold properties. You can only select the leftover properties with RFOs. Still, you have the luxury of viewing the actual unit you wish to purchase. Therefore, it's fit for families, retirees, expats, foreigners, and immigrants who need a place to move in in a short amount of time.

4. Survey the terms of the contract.

All contracts have key points you must digest. Creating a checklist helps you stay on track of the items you must prioritize. In general, ensure you understand your expectations out of the contract. Review the action section thoroughly. The document must contain all the important deal terms. That way, you can negotiate any changes you wish to apply. Being straightforward with your communication makes the revision process easier. Outline your request, so it becomes clear to the other party.

5. Expect maintenance and other additional fees.

Living in a condominium unit comes with high-class amenities you won't have in a house and lot. Some compounds have swimming pools, gardens, indoor fitness, and recreation areas. There are also clubhouses and function room where the homeowners' association can host parties and weekly activities. The setup encourages owners to explore their interests and build a healthy lifestyle. All of these comes with fees on top of your monthly expenses and bills. Some developments include parking spaces which charge you every month if you subscribe to it.

These are the costs you will encounter once you start living in the unit. Before you settle in the place, costs from procuring other types of documentation may arise before getting the title of the property.


Equipping yourself with the right information and documents will help you arrive at better decisions. When you know the value of pre-selling over RFO, you can decide which type of unit suits your needs. Most of all, you won't get lost once the contract is in front of your face. Living by these non-negotiable rules puts your investment to good use.