What to consider when buying a condo unit?

For most condominium unit buyers, price is definitely a major issue, but trust us when we say it should NOT be the only issue! We’ve lived in several condos before — in Makati, Ortigas, Quezon City, and at The Fort BGC — and based on our experience, here are several factors you must consider before purchasing a condo unit.

Why did I have to pay cash for my condo?

When she tried to sell her condo, she discovered mortgage lenders either refused to loan to new buyers or they charged very high interest rates because of the high risk with so many renters. The only way she could get her cash out was to sell to another all-cash sucker.

What does access mean in buying a condo?

“Access” here means ability to go to those places by foot in under 10 minutes from the unit. Most of these establishments are open 24/7 which meant I had no problem if I needed to grab a bite at 2 a.m. The downside, however, is the traffic and noise because, during the day, the area is busy with cars and people.

Why are condos still in pre selling stage?

For condos that are still in pre-selling stage, the reputation of the developer matters a lot because it ultimately determines whether the condo will actually be completed. There have been cases of condo projects in the past that halted construction because the developer ran out of money.

What are the right questions to ask before buying a condo?

Questions To Ask Before Buying A Condo. Ask the right questions you will get an idea of what is going on with the HOA, the Management Company, the finances, maintenance and the overall community before you purchase. Being part of an HOA you will most likely be paying condo fees that covers the daily operation and maintenance of the complex.

Which is more complicated buying a home or a condo?

Purchasing a condominium is much more complicated than buying a house. There are specific details that you don’t have to worry about when buying a home. After reading, I am sure you will agree they are super important! You would also ask these questions when purchasing a townhouse as well. What Are The Condo Association Rules?

How much does it cost to get special assessment for condo?

Sometimes rather than taking it out of the reserve fund, a special assessment will be made to become a short-term expenditure. If your condo fee was usually $350 per month, it might jump to $400 for a certain amount of time. Of course, if you consider buying into the neighborhood, you will want to have this information for budgeting purposes.

What are the pros and cons of buying a condo?

You often get a pool and fitness center, as well as a security team and the opportunity to own a home without having to worry about all the caretaking responsibilities. Although there are pros and cons of buying a condo, it’s not quite the same process as buying a house.

Who are the owners of a condominium building?

In a condominium (commonly known as a condo) some parts – your residence – are owned privately, while others – common areas – are owned collectively by all of the condominium’s residents. A less technical way to think of a condo is an apartment that you own.

Where is the best place to buy a condominium?

An affordable condominium is a popular choice for a vacation home in beach locations such as Florida, Bermuda, or Hawaii, and high-property value locations, like New York City and Los Angeles. Before purchasing a condo, it is advisable to request and read all the rules of the condominium complex.

Are there pros and cons to buying a condo?

They are also a good fit for home owners looking to downsize and have someone else take care of all the maintenance hassles. Or if you want to be close to the hub of downtown life and stroll to bars, cafes an restaurants, then a condo is probably your only option. There are pros and cons to buying a condo versus a house.

Is it a smart move to buy a condo?

If you’re thinking of buying a condo, there are lots of reasons why it might be a smart move right now. Condos have never been more popular, particularly with the aging Baby Boomer population, which is starting to downsize and move into homes that are easier to care for.