Image of a condo in the afternoon

4 Things You Need to Consider When Buying a Condo

Buying a condo unit in Pasig is the easiest and most affordable way to live in the heart of the metro. Because of the fierce competition, more and more developers are building condominiums with topnotch amenities that are situated in prime locations. These factors make it an attractive option for buyers. However, unlike properties that are sold individually, common areas in a condominium complex are shared among residents.

The downside is that the common areas within the complex are shared spaces. This may present some problems to people who are accustomed to the privacy of living in a house. While that’s something to consider, owning a condo does have its own perks. However, before buying your first condo in The Grove by Rockwell, there are things you need to consider:

1. Budget

The thought of going condo shopping can be so exciting and exhilarating. However, before the excitement sweeps you off your feet, you first need to assess your financial capacity. You may have the budget to pay for the mortgage, but have you thought of the maintenance costs, association dues, realty taxes, utilities, and other possible fees that come with the property? Yes, your expenses don’t end with your mortgage. Hence, before purchasing a condo, make sure that your finances are in order and that you are ready for such future expenses.

2. Location

Once you have determined your budget and financial capacity, you are now ready to choose the location of the condo. The first thing you need to consider is the security of the neighborhood. Next is the building’s proximity to your workplace, relatives, and friends. However, the closer the building is to the central business district, the more expensive it is. If you have a limited budget, you will need to compromise a little bit on location.

3. Reputation of the Developer

Workers on top of an unfinished buildingThe portfolio and reputation of the property developer are another important factor that you should consider. This is especially true for condos that are still in the pre-selling stage. There have been a lot of instances in the past where construction of some condos was halted because of budget problems. A trustworthy developer will not just make sure that the building is finished on time but also commit to properly managing the condo. This means strict implementation of rules and security measures, as well as proper building maintenance.

4. Amenities

Buying a condo will require a sizable investment on your part, and part of what you are paying for is the amenities of the building. Thus, you need to make sure that you are getting your money’s worth. Make sure that you check all the amenities and conveniences the property offers. When buying a condo, you need to ask yourself these questions:

  • How big is the pool, and how many people can it accommodate?
  • Does the property have a gym, and how many pieces of equipment does it have?
  • How many elevators do they have, and how many can fit in one?

When shopping online, photos and descriptions are really helpful. However, you still need to see and assess the property personally. Attending an open house can help confirm if it is indeed the perfect place for you or not.

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