Condo living at best is like living in a resort or hotel. That’s what most developers guarantee. It should not be a “too good to be true” proposition. The condo that I bought has delivered on their promise. We just have to be smart in making choices. I’d heard from well-intended brokers, read from news articles but nothing substitutes for experience. Hopefully you could get the same good results by keeping these things in mind:
1) It’s all about convenience.
The list can stop right here. Everything should be dictated by convenience. It is the main thrust of condo-living. A lifestyle fit to who you are. List down what your priorities are. If you’re single, it’s a little easier to define. If you have a family, you have to check out if are there any good school near the area. Are you going to swim as often as you think you will? Are you going to the gym as often? In the end, you’ll be spending most of your time inside your space, which leads us to #2.
2) Check the layout of your space
Most buyers would like to save and the best way to save money in buying a condo is thru pre-selling. And this is when you get flooded with information and promises of how great the condo will be. This is also the time when you should be smartest. Learn how the condo will be laid out. Visualize. Bring a measuring tape handy so you’ll get a real idea if you can fit in the sofa you saw at the store. There’s also a lot of bait-and-switch going on in pre-selling where they’d show you a wonderfully laid out unit only to find out that it was equivalent to two units making the set up unrealistic.
3) Materials Used
This is an item that is mostly overlooked because we believe that this directly helps the cost down. That is a shortsighted assessment of the whole investment. If the materials used won’t last a good period of time, then it will cost you more. The things that we should never compromise for little savings are those that concern our security (doors, locks, etc) and safety (windows, anything electrical)
4) Check the community
Condominiums essentially are scaled Barangays or communities. There’s no sense in how short the distance between point A to point B, if in transit your security is at risk. Most security issues of urban living factors in the community not just entities that provide security. Check out the density (number of units/floor) to give you an idea of the community. When you consider this, you may realize that;
5) Location may not be everything
Location must be in harmony with what you want and need. Its right in the middle of everything, sure, and most condos are built to have everything by incorporating at least a mini mall. There are other things to consider, if it could get you closer to work, that’s great because it will lower your other overheads like gas budget and more time which is more important for both single and with family.
6) Everything must be on paper
Every service, amenity, deliverables, restrictions must be stated on contracts and other legal documents. Its better you have this read or get a good legal advice on it now than later. The cost of litigation is never worth it.
It should be run just as efficient. I’d heard stories of condominiums not being able to pay utilities and not being able to maintain basic services like garbage collection. This is why, like responsible members of the community we should always be vigilant. Vigilance in getting involved in installing sound by-laws that property management functions smoothly. It begins with transparency like having their financial reports posted.
One of the promises of investing in condominiums is its flexibility. We could tie our future with it or when we see a better opportunity, a nicely located condo should be easy to put up for rent.