PH Real Estate - Ten Commandments of Buying Condo Units

Nowadays, there are numerous condo unit owners who are complaining about their properties. They complain about how the condo is not being maintained properly; they complain about the security guard being disrespectful, and many more issues that seemed not plausible when they were buying the condo.

Are the staff members of the condos remiss in maintaining the amenities and services promised? It may probably be so. Nothing is sure why these condos are not maintained properly anymore. This can serve as a lesson for people, who are interested in buying condo units. They should double-check everything first before purchasing.

To help interested persons in buying their homes in condos, here are the Ten Commandments of Buying Condo units.

Ten Commandments of Buying Condo Units

• Thou shalt browse all condos before choosing one.

The Internet has provided a way for you to browse the hundreds of condominiums available in the country. You can easily do this, while sitting comfortably in your room. Let your fingers do the walking. Examine in detail the specifications of the units, the amenities and everything offered to buyers.

• Thou shalt refer to customers’ reviews and ratings.

Remember to peruse the reviews or ratings of actual customers, who are verified buyers of the condos. Majority of the reviews should be positive. A rating of 80% and above or a mark of 4 to 5 stars is recommended. Consider only condos that have this rating. Eliminate condos with ratings below 80% or below 4 stars. They’re not worth your time. They may be less expensive but you will surely have difficulties later on. This is one of the first things that you should do too. Research the developer’s track record. Search for reviews of the developer and you will gain valuable insights there.

If the track record is questionable, avoid that condo. You wouldn’t want to be one of the clients, who will be complaining later on. Understandably, there will be negative comments about the developer, but you should consider what majority of the clients say.

• Thou shalt interview people living in the condo.

Important information you should know are the actual experiences of people who are living in the condo. You can knock at their doors and ask for assistance. From their inputs, you can decide whether you would like to live there too. Don’t be too obvious and don’t be rude. If you’re arrogant and rude, they may feed you false information.

• Thou shalt check the amenities offered if they’re working.

You can obtain this information from the dwellers of the condo, or you can check them yourself. There may be damages that are hidden from sight. Don’t just go around. Poke into things; touch things to confirm if they’re working or not. It’s best to visit when the agent is not around so you can examine each detail.

• Thou shalt check if the security system is reliable.

Walk over to the security guard and observe if he would notice you. Is he alert and attentive? Is he respectful? Is the condo gated? Are there CCTV cameras and a reliable alarm system? These are all questions you must get the answer to.

Your security and that of your family must be foremost in your mind. No matter how comfortable and elegant your unit is, if you’re not secure,  then it’s useless. Find another condo unit.

• Thou shalt bargain with the price.

You could have gotten a discount if you asked. This is what some sellers say after a deal has been closed. The agent would most likely attend to you in this case. He can reduce his commission to be able to give you a discount.

The owner may also grant a discount depending on his generosity. The price is always negotiable, up to a certain degree. Hence, be aware of this commandment. You should always ask for a discount.  If you’re a good negotiator, you may be given one.

• Thou shalt scrutinize the unit completely.

Don’t do a haphazard examination of the place. You must scrutinize the place, inch by inch, to find out any defects or damages. Go from top to bottom, and then, left to right.

• Thou shalt confirm if the condo is legitimate and has a clean title.

This is an essential commandment too. You have to request the broker to present the appropriate documents of the property. There were instances in the past, when a condo had problems with its ownership. There were two claimants for the land. The unit owners are now caught in the middle, not knowing what to do. Don’t let this happen to you.

Verify with the concerned government agencies, if the owner is what he claims he is. Is the title clean without liens? Make sure there are no loans connected to the property. Don’t ask the agent or broker. Go to the concerned agency and request for proof.

• Thou shalt not pay unless the documents are all in order.

This is common sense. Don’t bring out your cash unless all is properly set and documented. When you pay, all your payments must be duly signed and acknowledged with an official receipt.

Don’t just stuff the receipt into your bag. Confirm if the amount entered is correct, and if the receipt is officially stamped by the BIR. Have a real estate expert go over the documents to ascertain that everything is in order.

Don’t be duped into giving your money without an assurance that the sale is legal and legitimate.

Conclusion
Buying a condo unit would be a breeze if you follow these Ten Commandments of Buying Condo Units. This is due to the fact that there are various complaints about condo units nowadays. Don’t miss the chance to own a condo unit, but be vigilant, so you won’t be scammed of your money.

Also, there are new condo units that you can choose from. Hence, don’t limit yourself to the old and, perhaps, dilapidated units. You’re the buyer; you should buy the best unit that suits your taste.

Tags:    Rules To Follow While Buying Condo Units