Helpful guide for condo buyers

Helpful guide for condo buyers

By Rick Falco

When buying a condo unit, whether for primary residence, for second home or for investment you should not hesitate to ask the seller any question that comes to mind. In some cases, some of us do not know what questions to ask or we ask the wrong questions. Here are some helpful guides for condominium buyers to ask themselves before them sign-up for their own condo unit that could be their next home or their next investment property:

1. Do I really want to live in a condo?

Much as condo units are not typical homes, where majority of the society, especially in the Philippines is used to living in houses with the whole family, the condo has become an ideal residence for the independent working single and couples, vacationing Balikbayans, and just recently, the retirees and expats. Review your needs and assess your resources, and go for a condo that’s truly practical and offers value-for-money.

2. How about this location?

The selling-point of most high-rise properties is location – so it would be a shame to purchase one that is situated to your disadvantage. Most condominiums today are either part of a master-planned community or a business district – securing them a prime position, whether in commercial or residential communities. But don’t be swayed by the usual “near the malls or few steps from major business establishments – examine whether you yourself like the location and it offers the conveniences that you need, such as proximity to work, commercial establishments, services from banks to hospitals, as well as transportation and major highways and at the same time the promise of privacy and security.

3. Can I trust this brand/developer?

Residential condominiums with major franchises or those developed by known real estate companies are more likely to deliver good facilities and services. An established brand carries more revenue to back up its projects and cater to the needs of its market – it will also want to protect its name and place in the industry by maintaining a standard of quality it can be proud of.

4. How will I benefit from owning this property?

A condo that is near major establishments like convention centers, theme parks, theaters, malls, even an airport or highway will have to have more benefits than those that are not. Would you be more comfortable living in a high-traffic area or in a more subdued neighborhood? Ultimately, it’s your personal preference that really counts, no matter what the real estate representative tell you.

5. What amenities and perks will I enjoy?

Does the condo provide its residents with extra perks like exclusive memberships to sports and health clubs, community shuttle services? Will you be able to enjoy in-house facilities like gym, pool, or restaurants?

6. Does this particular unit meet my needs?

Does the unit have enough space for you, your activities and belongings?

Does it have the necessary rooms like the kitchen, dining area, laundry room, etc? Is it furnished or will you have to shell out cash for furnishings? The answer to this question is most crucial, and may even override any negative responses to others – if you feel strongly about a piece of property and are willing to do without the benefits of extra perks and benefits, then by all means consider it.

7. Will the condo appreciate?

It is also smart to assess whether the property you are eyeing has the potential to appreciate in the future. You can determine this by comparing it to neighboring properties and their appreciation rates. Are there any major construction projects in the area, such as those for commercial centers, restaurants and food chains, or service establishments? All these can contribute to the value of your unit.

You can contact Rick Falco for more free professional advice at his Philuscan office at 4310 Sherwoodtowne Blvd., 4th floor, Mississauga, Ontario, L4Z 4C4, or via email at rickfalco@rogers.com or call 416-312-5773.