With property values in major metropolitan areas becoming exceedingly high, and the availability of space becoming exceedingly low, a key solution to the continually burgeoning population in the metro is the condominium – and to date, most of the country’s developers have been responding to this need with a vengeance.
However, most of the condominiums cropping up left and right are spartan towers of tiny cubbyholes which attempt to fit as many as possible, in as little space as possible. While this is not the way a person or a family should live in, for many, the convenience condo living offers outweighs the lack of space and loss of privacy.
If you are considering investing in a condominium, here are some tips that you should check out before putting your hard-earned money into it:
Check the developer. The number one check point when buying any kind of real estate is its developer. Check if the developer can be trusted. Look into other developments that they have done in the past. Ask some unit owners or tenants from their previous projects if they are satisfied regarding their residence experience.
Ask yourself some questions such as: Are they delivering what was originally planned? Do they have in-house property or condo managers to manage the condo?
Check location. The primary selling point of any condo is its location as condos are known to provide convenience to its residents. Is it near your workplace? Does it have nearby establishments in it such as malls or schools?
If you have a sole intention to rent it out in the future, be sure to check if it’s near office buildings. Chances are your number one tenants are surely nearby office workers.
Moreover, if you plan to make passive income out of rental income in the future, you can make it as a self-liquidating asset. What you can do is pay required down payment before turn over, look for a tenant who will rent it, and use the rental income to pay your remaining amortization. In this case, the monthly rental will offset your monthly amortization.
Check your cash flow. Once you’ve checked both the developer and location, the next thing to check is your cash flow if you can afford to own the condo you’re eyeing. Most condos are cheap in their pre-selling period. Check your monthly cash flow to assess if it can accommodate the monthly amortization you’ll be paying for your condo investment.
It is advisable to make straight cash or partial spot down payments to take advantage of the discounts offered by developers. Straight cash payers can avail of up to 15% discounts while spot cash down payment payers can avail of discounts ranging from 5% to 11%.
Check the accessibility to public transportation. Some condos have sprouted to areas in which public transportation is hard and restricted. Look for developments which are easily accessible to public transportation as most tenants and condo residents look for means of saving from their transportation expenses.
Check out the condo dues and amenities. One of the monthly recurring expenses of residing in a condo is the monthly dues. Look for condo developments which have lower monthly dues. In addition, check out the amenities of the development. This is part of what you are paying in your monthly dues.
One of the country’s top developers is Vista Residences. Although the company is a relatively new player in this high-rise property development industry, it brings its three-decade experience of building homes, developing properties, and creating master-planned communities.
Vista Residences carries three brands namely Camella Condo Homes, Crown Asia Residences and Brittany to address the needs of the housing and residence market.
Camella Condo Homes caters to the low-income segment. One of their latest projects 878 Espana, dubbed as “Not Your Usual College Address”, is located in No. 878 G. Tolentino Street, Sampaloc, Manila which is suitable to students in nearby schools.
Brittany, on the other hand, is suitable the high-income segment. Their latest projects include The Hudson, dubbed as “Address of the Privileged Few”, is located at the Fort Global City named for and inspired by Hudson River which flows between New York and New Jersey.
Lastly, Crown Asia Residences, suitable for the upper middle-income group had their eyes on their latest project at Wack Wack on Shaw Boulevard dubbed as “a heritage redefined through world class masterplanning” It will be situated in the Laurel Mansion built by then president Jose P. Laurel.
Elevating your address to condo living usually involves both comfort and convenience. However, before you put your hard-earned money, be sure to check the following points above to be sure that it is really indeed worthy as an investment.
Full disclosure: This is a sponsored post from Vista Residences