In 2010, I finally bought a condo in the center of Manila.
It was a random choice, but for me, it’s perfect!
Every time I had my vacation in the Philippines, I was tired of either;
- booking a hotel,
- requesting relatives to stay in their home for a short while,
- renting a transient or
- going directly to my hometown (from Manila to my Province)
With eagerness and since I knew that there are agents who give flyers of real estate properties in malls, I took a chance to go to this mall. In my mind, I told myself, “Whoever is the first person who will give me a brochure, that would be my home already!” Luckily, as I was entering the main gate of the Mall, one lady handed me a brochure of a condominium with the photo as shown herewith. Without any further talk with the lady agent, I told her that I wanted to buy one unit of that condominium, so she showed me an available unit upon telling her my simple criteria, which are;
- It has good amenities such as a swimming pool, gym, etc.
- has a view outside, can inhale fresh air
- has at least 2 to 3 rooms
- secured with the presence of security personnel,
- must be near Malls (fortunately, it’s near Robinsons and SM Manila)
- the bonus part of my criteria is: near Universities and near transport (i.e., train, along the main road for buses, cub & jeepneys), the ground floor has convenience stores, fast foods, salon (barbershop), etc.....…
1) Think!
Should you prefer to buy a condo or build your own home later? What is your primary purpose?
Can you envision yourself with your family living in a multiple neighbors attached to your condo instead a free-standing residence?
Weigh in the pros and cons.
2) Right Agent
Ensure your agent is experienced in selling condos and can explain the differences between units. Due to these differences, your agent can guide you through the process and ensure that important documents are completed. I am thankful I have Ms. Janet as my Agent.
3) Money
You need a substantial down payment to buy a condo. In my case, I paid 25% on-the-spot cash, and I spent the rest via bank financing. I didn’t choose in-house financing because the interest rate is so high—around 18%, compared to bank financing, which is only around 8%. I didn’t take Pag-big Financing because the paperwork is too tedious or complicated.
You must request a full assessment of the amount, including but not limited to the following, total amount, monthly amortization, insurance, government fees, etc.
Does the condo include a reserved parking spot or additional parking for your guests who visit you? In my case, you can buy a parking space on the 3rd to 6th floor or pay a “parking fee” of around P250 for an overnight stay. Since businesses are nearby, I park my car in any of those branches.
5) Association Dues
It is essential to know what you are paying for. Does it include maintenance, administrative/management fees, and amenities? How is it paid: monthly, quarterly, semi-annual, or annually?
6) Condominium Rules (Association Rules)
Many condominiums have many different rules and regulations to maintain order in the community! Unlike a single-detached home, you cannot make your own rules. Also, if you’re a pet lover, check if there’s a restriction on the type of pets allowed or if pets are allowed.
By the way, what I didn’t anticipate was the following;
- Association/Administrative Dues
- Shared Tax contribution to the building/property lot
- Shared contribution for primary repair/replacement (i.e., Elevators, Exterior Painting of the Building, etc.…)
- Real Estate Tax, around P25k per month
Although I bought my condo by random choice, I had already done some research, so I knew what to expect and what to accept.
So, Guys and gals, as I’ve mentioned here, the crucial factors that you need to know are those discussed above.
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