10 Upfront Tips for First Time Condo Buyers

10 Upfront Tips for First Time Condo Buyers

Taking the first step to investing can be quite overwhelming. Moreso when it’s a property investment it can be challenging for a first-timer. After all this is a major milestone that anyone in their 20s or 30s (at any age really) would like to cross off their lifetime bucket list. We know that this juncture can be one of the most exhilarating yet stressful moments of your life. So here are some upfront and straight tips to help you make a decision on buying property for the first time:

1.
CAN YOU AFFORD THE DOWNPAYMENT AND MONTHLY AMORTIZATION?

Being able to afford a new house today is not nearly as important as your ability to afford it over the long haul. Unless you come from a wealthy family and can pay in cash, you will have to borrow money from a bank or other home financing options to make the purchase. Remember that getting approved for a mortgage up to a certain amount doesn’t mean you can actually afford the payments, so be honest about the level of financial risk that you are comfortable living with. Can 28% of your monthly income cover the amortization for the next few years until your loans are paid off completely?
That’s why it is also good to take advantage of flexible payment terms and discounted prices for a shorter amount of time.

2.
CAN YOU STILL KEEP UP WITH EXPENSES AND LIFESTYLE COSTS?

From property tax to building association dues, there are multiple costs you constantly need to secure even after you complete payment for your new home. On top of all that, consider the costs of moving, appliances, security, furniture, and the likes. You also need to set aside funds for maintenance in case something breaks or leaks.

3.
ARE YOU CHOOSEY ABOUT LOCATION?

As you should! When buying a new property, you’ll need to consider more than just finances. Consider the accessibility, appearance, and amenities of the surrounding community as well as the trusted credibility of the developer first to help you make a firm decision, as it adds value to any property when you decide to lease out to future tenants.

 Check out the best future-ready RFO projects in and around Quezon City here.

4.
ARE YOU FAMILIAR WITH THE COMMUNITY? DO A FULL WALK-THROUGH

You might decide that the unit is perfect, but you’ll want to make sure that the surrounding community is a good fit for you, too.
With centrality as a key factor, you would most likely prefer to live near accessible public transportation systems, dining establishments, as well as health centers and lifestyle hubs.

5.
IS YOUR AGENT TRANSPARENT WITH YOU?

It’s extremely important to have an agent you trust — and whose opinion you value. It’s also a great idea to work with an agent who knows the area where you want to move intimately because an agent with in-depth knowledge of the area will know certain things about the community

6.
ARE YOU LOOKING INTO SHORT TERM OR LONG TERM INVESTMENT?

When it comes to real estate investment strategies, you have two options; you can either choose long term investment (e.g. passive rental income with leasing) or short term investment (e.g. buying a house below market price, renovating it, and then selling it for a profit) strategies.
Determining which type of strategy you’re going for will help you plan ahead and make final decisions better, like what kind of property, where you’re buying, and how much money you need to budget in.

7.
IF YOU'RE PLANNING TO RENT OUT YOUR SPACE, CAN YOU CALCULATE THE ROI?

Regardless of the intention, for investors who diversify their investment portfolio with real estate, it’s important to measure return on investment (ROI) to determine a property’s profitability.

8.
DO YOU KNOW WHERE AND HOW TO GET A HOUSING LOAN?

Luckily, having the condo of your dreams is possible thanks to flexible payment schemes and available financing options.
A few ways you can buy your target property if you’re in the market for a condo in the Philippines — spot cash, in-house financing, bank loan, and Pag-IBIG loan. You can research on your own or ask for professional advise, as each of these financing options differs in loan amounts, interest rates, and terms and conditions.

9.
ARE YOU AWARE OF THE LEGAL REQUIREMENTS YOU NEED TO SECURE?

Buying a home doesn’t just mean presenting a couple of valid IDs and signing an agreement. You don’t just pay the unit price and they are yours. Purchasing a home requires a lot of paperwork, which possibly means additional costs. From transfer tax, bank loan fees, to insurances, make sure you are aware of other supplementary requirements needed to ensure you readily have the budget needed to complete the purchase with no hassle. Ask professional agents and property specialists to help you with understanding these processes.

10.
ARE YOU HAVING A HARD TIME FINDING A NEW PROPERTY THAT MATCHES YOUR STANDARDS AND BUDGET?

Finding the perfect new home for you can be difficult, but it doesn’t have to be! Your Prime Property Specialist is your bestfriend throughout your homebuying journey, so ask for the best deals and the most strategic payment terms fit for you.

Buying a condo is a worthy and rewarding investment if it fits your budget, needs, and lifestyle. The important thing is to know as much as you can about the options and opportunities available to you. In Manila, the real estate market is teeming with quality condos in prime spots. Check out the best future-ready RFO projects in and around Quezon City.  Get in touch with a Prime Property Specialist to get started!

BOOK A FREE CONSULATION

Ready to live in one of the best high-rise communities in Quezon City today? Leave us a message here!

You may also call to inquire about ready-for-occupancy condo units for sale in Metro Manila at [email protected] or 0917.51.MPRFO and one of our Prime property specialists will assist you





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