Investing in a Condo? Ask These 5 Questions First

Are you ready to grab your next property? Now, that you've owned a house and lot now, now is the perfect time to invest in a new one for investment purposes. In Makati, condo for rent is big right now. So, it would be best to buy one now but how can you make sure that your next real estate purchase would be as good as the first?

Property hunting can be challenging and frustrating. You have to consider different factors that will help you decide where to bet your chances. Having thousands of options in the market doesn’t improve the situation.

No matter the state of the real estate market, the property that you want to acquire will always depend on you. The choice, taste, and preferences in the condo will come from you. Thus having a clear perspective on what you want, including your goals and a long-term plan, will help you pick the best one.

Ponder on these questions before taking the quest to search for a new pad.

1. What are the lease terms?

You have to prioritize money matters. Understanding the conditions in the agreement allows you to adjust to your prospective dues. Make sure the range is something you can comply. If there are some parts of the contract that isn’t clear, seek advice from reliable sources. 

The broker and landlord are the best people to give clarity on the issues. Veer away from individuals who limit information on the properties.

2. Am I ready for the move in fees?

Various developers handle move-in differently. If you are sure with what they are offering on the table, ask yourself if you are prepared to cover unexpected costs. Fees can vary from manageable to bank breaking figures. It’s best to set a separate fund to cover the expenses.

If you plan to earn by offering the property as a rental, you must ensure that that the mover provides timely payment. The renter should be trustworthy and responsible in case of inflicted damages to your property.

3. What is the complex’s pet policy?

Knowing the building’s policy on having pets is extremely helpful. If you are planning to bunk with a friend, it pays to know if they are allowed to roam in the grounds. Some neighbors aren’t particularly happy with the idea of having animals in the area.

Therefore, the management bans them on the premises. If they do allow pets, it is your responsibility to observe rules and guidelines. There may be penalties and sanctions placed on each violation.

4. Is there a guest policy?

Other places are so out of reach that inviting people over are limited to the lobby. If you plan on having people often, make sure you and the landlord or management have a clear agreement on these terms.

If the place is super strict when it comes to these details, find a different real estate that allows you to meet halfway.

5. Am I required to join the homeowners association?

Under Section 30 of the Presidential Decree No. 957, “The Subdivision and Condominium Buyers’ Protective Decree,” the initiated organization from the owner or the developer will be for the interest and assistance of buyers and residents. 

Still, under Section 22 of Republic Act 9904, it is unlawful to compel a homeowner to join the organization. It is clear that the choice of being part of an organization depends on the person.

If you want to avoid additional dues from joining the association, you are free not to join. The law also states your right to enjoy the services and facilities as long as you pay the necessary fees.

If you’ve done your research and successfully answered these questions, you have the green light to proceed to the next step. The next phase includes compiling a list of prospective high-rise properties that fit your lifestyle and needs. Settle for a property that breaches the gap between you and your goals. 

Live a full life by purchasing the property for yourself or as a means of investment.