Every first will always be a special event that you will remember. Learn how to make the right choice with your first real estate investment with this guide.
Buying a property or condo unit is an overwhelming experience, especially if it’s your first time. The real estate world can be intimidating for a newbie, so you need to tick the right boxes and ask the right questions to make the best choice.
At this stage of your buying process, you need to do research and consult with your realtor. This step is the perfect opportunity for them to entertain all the queries you have in mind. To give you a kickstart on what to ask your realtor, we’ve rounded up some important questions to ask when buying a condo.
6 Must-Ask Questions When Buying a Condo in Cebu
Purchasing a condo for sale in Cebu is not a task you do post-haste. There are a lot of things you should consider before you commit. Remember that you’re not only buying the unit; you’re also buying into the community. Here’s what you should ask your realtor to get more insight on the condo you’re eyeing:
1. Who are the developers? What are their other projects?
There are a lot of condominium developers in the Philippines. Some of them have the reputation of being affordable, while others are known to build high-end condos. Knowing who you’re buying from can help manage your expectations.
Inquire about the developer’s other projects as well. What are the developers known for? Are they up to your standards? Are there any controversies tied to their properties?
2. What is the history and background of this property?
One of the most crucial factors you should look into when investing in a property is its background information and history. Is this condo unit brand new? Did it have previous owners? How long has this unit been on the market?
Asking for background information can help you know more about the property you’re buying and the environment surrounding it. You can even ask your realtor about disaster history. Is the location prone to floods or earthquakes? The more information you know about your property, the better you are at making the right decision.
3. What’s the neighborhood or community like?
When you move into a condo, having an idea of who your neighbors are and what they are like can significantly affect your decision. Ask your realtor about the condo’s demographic and see if it’s something you’re comfortable with. Questions like: Is the property a family-friendly neighborhood? Is the community more on the professional side? Are pets allowed?
You can also ask questions about potential disturbances like noise (traffic, barking dogs, etc.) and odor (smoking, litter, etc.). Try to find out as much as you can about the neighborhood you’re moving into to avoid any upsetting surprises.
Furthermore, location is important when you are buying a condo. If not in the center of schools, hospitals, and supermarkets, you want to live in a location that has easy access to these essential establishments. You can also ask your realtor if the neighborhood or community is expecting a boom in the next few years.
4. What are my payment terms?
Most of the time, when you buy a condo, the realtor will ask for a 20% down payment. If your allotted savings are not enough for the unit you want, you can always look into financial alternatives like Pag-IBIG housing loans.
Another viable option you should consider is a housing loan from your bank. This housing loan offered by your bank might provide more flexible loan packages and ideal payment options depending on your financial situation.
Once you’ve paid your down payment, your financial responsibility for the condo doesn’t end there. Property maintenance costs will entail additional costs like monthly condo association fees. It would be best to ask for the breakdown of these costs to be aware of your dues. Once you’ve discussed payment terms, you and your realtor should review and see if you’re financially ready to purchase a unit.
5. What are the privileges included? What are the amenities provided when I buy a unit?
One of the best-selling points of a condo complex is the amenities it provides. Most properties offer an array of onsite amenities like swimming pools, gyms, basketball courts, and multi-purpose areas.
With the help of your realtor, find out what kind of perks are included with your condo purchase and what aren’t. You can ask questions like, is parking included? Can you decorate your unit’s exterior? Are you allowed to have a garden on your balcony?
6. How will the management handle repair and maintenance?
Are you responsible for your unit’s repair and maintenance, or can you call management to handle these issues? Will the payments for repair and maintenance come from the monthly condo association fees? These are crucial questions you should ask your realtor before you make a purchase.
You’ll want to have everything about repair and maintenance clear and understood the moment you sign the contract. You don’t want to deal with financial arguments when there’s already something wrong with your unit.
Find the Best Condo for You
Whether you’re purchasing a condo as your next home or an investment, you should be ready to make this huge commitment. Thorough research and extensive Q&As with your realtor can help you prepare for this milestone.
To find the right property for you, you should look for a condo built by trustworthy developers like Mandani Bay in Cebu. Mandani Bay is a luxury waterfront development situated in a lively urban neighborhood, offering several amenities like a 50-meter lap pool, outdoor lounge, and kids’ playground.
Get in touch with Mandani Bay today for more information.
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