Things to consider-Buying a condo

When planning to buy a condominium, the ultimate consideration is your purpose for purchasing one. Is it because you want to move into a better residence to establish your independence? Or are you planning to make it an investment property? Buying a condominium ensures that these two reasons are fulfilled.

Consider your short-term needs and long-term goals.

Evaluate your goals in life before buying a condo. While a condominium is a premium investment and a cost effective housing option, you cannot bank on the possibility that it can be passed on to your children 50 years into the future (see Section 8 of RA 4726).

Location/Cost

Location is a very crucial factor in selecting your unit, mainly because where you choose to live will shape the lifestyle that you will have. However, different locations especially in the Metro are priced differently depending on the area.

Know what is in the contract

Buying a condo unit entitles you to a building’s services and amenities. Thus, you are also responsible for a portion of the upkeep of the building.

You should also pay particular attention to the details of the contract and discuss some important points you want to clarify with the building owner. For example, if you’re planning on sub-letting your unit then you should be aware if the owner allows this sort of business venture or not.