![]() ![]() When our new neighbors upstairs moved in, I could hear their footsteps almost everyday during the first week. In a condo, you share everything with the residents - elevators, swimming pool, playground, garden, etc. Inquire with your condo’s property office how to rent one or ask other condo residents if they are renting out their unused parking slot. Rental rates for a parking slot normally range between P3,000 and P10,000 per month. But if you think the price is too much, renting a parking slot may be the next best thing. ![]() It could appreciate in value or provide additional income in the future if you lease it out, assuming you will no longer use it. If you can afford it and if you really need to have one, get it. In BGC, some parking slots sell for P600,000 to P1.5 million each. Yup, around half a million pesos for a tight parking space. In our Makati condo, a 9-square-meter of parking slot costs P400,000 to P500,000. If you think condo units are expensive, wait till you hear how much parking spaces cost. This is not an endorsement but Ayala Land, Robinsons Land, Megaworld, Federal Land, Century Properties and DMCI, among others, have proven themselves to be reliable real estate developers in the Philippines based on their ability to turn over condo projects to homeowners within predetermined dates. Condo management means adoption of effective security measures, strict implementation of condo rules, and proper maintenance of the building. In such a case, it might be difficult to get your money back.įor condos that are already ready for occupancy (RFO), the reputation of the developer can tell you if they are committed to work with the condominium homeowners’ association to help manage the condo. There have been cases of condo projects in the past that halted construction because the developer ran out of money. Track Record and Reputation of the Developerįor condos that are still in pre-selling stage, the reputation of the developer matters a lot because it ultimately determines whether the condo will actually be completed. But the good thing is, we’re far away from the annoying sounds of passing vehicles and the chaos of traffic. The nearest McDonald’s outlet is six blocks away and if I need to buy groceries, I’ll have to go to Market! Market! or SM Aura which is a 5-10-minute drive. Our new place at Bonifacio Global City (BGC), however, is quiet but away from all the conveniences. The downside, however, is the traffic and noise because, during the day, the area is busy with cars and people. Most of these establishments are open 24/7 which meant I had no problem if I needed to grab a bite at 2 a.m. “Access” here means ability to go to those places by foot in under 10 minutes from the unit. Our previous condo in Buendia, Makati is strategically located with access to two restaurants, three fastfood chains, and four convenience stores. If you value convenience, get a condo unit that has easy access to restaurants, schools, banks, or hospitals. The location also determines accessibility to needed comforts and conveniences. Now, in 2017, similar units are being sold for P5 million. Just one year later, the going rate for the same unit is P3.5 million - a huge 40% price appreciation. A friend paid P2.5 million for a condo located at McKinley Street inside The Fort BGC back in 2007. At The Fort BGC, meanwhile, prices of real estate have skyrocketed in the last few years. The Makati area, for instance, being the business center of the Philippines, has always proven to be a good investment area. The location of the condo greatly affects, one, the potential of price appreciation and, two, access to conveniences. When buying real estate, co ndo units included, a major factor a potential buyer should consider is location, location, location. ![]() We’ve lived in several condos before - in Makati, Ortigas, Quezon City, and at The Fort BGC - and based on our experience, here are several factors you must consider before purchasing a condo unit.įeel free to add your inputs to the list! Seven (7) Things to Consider when Buying a Condo Unit For most condominium unit buyers, price is definitely a major issue, but trust us when we say it should NOT be the only issue! Here’s a list of things you should consider before buying your first condo unit. ![]()
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