BLOGS
The Major List of Questions to Ask When Buying a Condo
Buying a condominium unit would be one of the biggest yet most fulfilling investments, especially as a first-time buyer. It can also be an exciting business opportunity for on-the-lookout lessors. With many condo buildings to choose from in the real estate market, it would be overwhelming to consider so many condos and the factors to decide on a single future home for your and your family members’ liking.
In fact, in Asia Property HQ’s 2021 Real Estate Market Overview, real estate, and investment advisors predict a staggering increase in demand for condominium units and activities in the Philippine market. Most notably, young professionals, families seeking an upgraded future home, and High-Net-Worth-Individuals are the main drivers of this increased demand.
Whether you’re a young professional saving up for a studio unit near your workplace or a family home buyer, the following questions will surely come to mind: Where do you start? What are the things you need? Where do you seek help, from a credible real estate agent or through your independent research? If you somehow found yourself skimming this article trying to get a few insights, you have come to the right place. Here is the ultimate list of questions that can help you in your condo purchase:
1. What Requirements Do You Need?
Your condo purchase starts with preparing the necessary legal documents. Buying a luxury condo in Tagaytay in your name might sound like a daunting task, but there are six pieces of paperwork you would need to have ready, according to Federal Land:
Letter of Intent to Purchase
A letter of intent is the first step toward negotiation and buying a luxury condo in Tagaytay: to state clearly the intention and basic terms involving the purchase for the information of both parties.
Reservation Application
This document, similar to the letter of intent, is usually filled up through a form where your details and the unit details are laid out before the reservation fee payment. This will indicate that the seller has agreed to reserve the luxury condominium in Tagaytay for you.
Contract to Sell
This will serve as a formal binding agreement between the real estate seller and home buyer concerning the terms and conditions of your luxury condominium in Tagaytay purchase.
Tax Declaration
All property taxes included in the purchases and tax obligations would be yours to pay and fulfill.
Letter of Guarantee
This document, to be provided by your bank or financial institution, will be proof of any approved loans that will be able to settle the release of the luxury condominium in Tagaytay.
Deed of Absolute Sale
Lastly, this document confirms your ownership of the luxury condominium in Tagaytay, serving as the legal basis of the Condominium Certificate Title, and will be filed in the Registry of Deeds.
All of these legal documents will be necessary proof of ownership and help you should any mishaps or breaches of contracts occur. The real estate industry will have you working long hours and making a grueling effort to get things in order. It would help if essential documents were well-prepared and safely kept.
2. Where is the Condo Located?
A strategic location and condo site that would benefit you and your family is the best factor when choosing a place for a prospective luxury real estate condo unit purchase. Nearby establishments such as hospitals and malls, infrastructure (e.g., expressways, roads), workplaces, and educational institutions are some you might want to consider.
Although there are hundreds of developments to choose from, luxury homes in the Philippines are a great place to start investing. Say you’d like your family to upgrade to luxury homes in Tagaytay; some important transportation routes accessible to your workplaces and schools should be considered. Crosswinds Tagaytay for sale, a luxury swiss resort in the vicinity, has nearby establishments that regard this factor.
3. How are the Property Space and Amenities?
You can choose from different luxury condo types that would be perfect to your liking and tick all the right boxes for your home search. Depending on various factors, you can choose from a studio unit or a single-family home with one or more bedrooms. Moreover, buying luxury real estate isn’t always just for the sights or purchasing the property itself.
Would it be suitable for the luxury condo community you will find yourself in? Would you rather have a unit structure with limited space suited to your lifestyle or a much larger floor area? These are questions to help in your decision-making.
Shared amenities are always a joy to condo owners. The most common amenities in a long list of condo offerings are swimming pools, basketball courts, tennis courts, and golf courses. These shared amenities allow luxury condo buyers to participate in different activities that would allow for relaxation and fitness. They provide opportunities to get to know the condo community better.
For example, luxury condos in Tagaytay, such as Alpine Villas Crosswinds and Grand Quartier Crosswinds, pride themselves in a family-friendly community and feature shared amenities such as clubhouses and fitness gyms, and swimming pools.
You can learn more about Alpine Villas and more properties at Crosswinds Tagaytay for sale here.
4. What are the Condo Rules and Policies?
Reading the fine print carefully and meticulously is one of the most commonly thrown-around phrases when buying a luxury condo, and it definitely should be. Rules and policies in the contracts will detail the things you need to remember to avoid problems when moving in. For example, some communities allow pets while others prohibit them. No matter how small, these rules can heavily affect your condo living, so it would be best to be aware of them.
5. What are the Financing Options and Payments?
Financing options are crucial to handling a luxury condominium unit’s overall lease and ownership. Before purchasing a luxury condo unit, you must first be familiar with the standard payment terms: spot cash, in-house financing, and bank loans. It is good if there are flexible payment terms.
Spot cash is for people with enough money. They use cash to buy the property. Usually, in spot cash, the luxury condominium is given at a lower price. On the other hand, in-house financing is the option for 10-20% down payments and paying the balance through monthly amortizations.
Lastly, bank loans or bank financing allows your financial institution to buy the luxury condominium, which you will need to pay back monthly. Choosing the best option is key to handling your finances better, such as with a lower or higher down payment and becoming more insured in your real estate journey in the long run.
6. How are Upkeep and Development?
In today’s new normal, buying a luxury condominium or renting out property has long-term needs. It is important to ask direct questions about the upkeep or maintenance of the units and the whole community.
Building maintenance and residential development are significant factors when you are keen to live in a place that does not compromise your safety and cleanliness. Locations with developers who do a thorough inspection of the interior and exterior maintenance must be a priority.
7. How is the Security in the Location?
Security does not only cover the availability of CCTV cameras in public places in the luxury condo community but terms of structure and ownership. A safe and secure location is highly recommended when considering buying a luxury condo. Doing a background check on the real estate developers’ credibility and experience would help confirm construction safety.
Suggested Read: Your Condo Safety and Security Checklist
8. What are the Fees and Insurance covered?
The fine print is guaranteed to have all the exact details of the property and condo fees, including down payment and others. However, some details may be overlooked, such as closing costs, membership or association dues, and other expenses that need to be paid before moving in.
To ensure that the monthly bills and payments that come to your door come as no surprise, ask the real estate sales team or investment consultant the average monthly fees you must prepare for. Insurance cover should also be a determining factor in your decision.
9. Can You Rent out Property?
Aside from home buyers looking for their future homes, some invest in condo units to rent them out for staycations or long-term leases. Suppose you are one of these people hoping to invest in a condo unit for extra income.
In that case, you must ensure the developer allows this type of ownership or leasing deed. Having carefully considered the condo rules, you would be better equipped to buy a unit considering the develoers.
Despite considering many rules and even more paperwork, there are still numerous good reasons to invest in condo units and luxury homes.
10. Where to Purchase a Condo?
Aside from getting the required documents for home buyers, it would be a big challenge for first-time buyers exactly where they could find condos good for themselves or their families. In this day and age, where young and experienced professionals have enough on their plates with full schedules and workloads, finding condos by going outside would be physically draining.
You would honestly have no time to go through all the effort of setting up an appointment with real estate sales, which is why people now look into buying a condo online in the new normal.
Although purchasing online can be more convenient with e-signature document processes and online payment options now widely accepted in the real estate market, viewing the space you are interested in and collaborating with a professional real estate broker would further help you secure your big decision.
You’re on your way to becoming not just condo dwellers but a new homeowner! If you need an extra push, Brittany Corporation by VistaLand Philippines offers ready-for-occupancy high-quality luxury condos in Crosswinds Tagaytay for sale, with scenic and strategic locations for the working professional or upgrading families wanting cool weather, spectacular sights, and warm communities with great value for money:
The Grand Quartier Crosswinds Tagaytay
For questions and more investing opportunities at Brittany, check out their official website or follow their social media pages for the latest real estate and luxury condo updates.
