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Published on: 7/2/2007
Last Visited: 9/27/2009
To help balikbayans and migrant workers in choosing the right condominium, Cynthia Palad-Yap, the owner and general manager of Real Estate Movers Inc., bares nine tips-which she readily shares with clients-on how to buy a condominium in the Philippines.
Location
"When it comes to buying a condominium or any other real property, location is key.
You should ask yourself, 'Is it near major thoroughfares?
Is the condo located in a quiet area and yet accessible to commercial areas, schools and hospitals?'" Palad-Yap says.
If the buyer is a balikbayan or migrant worker, the most important question may be, "How many minutes is the condominium from the airport," she adds.
Palad-Yap, however, is partial to Fort Bonifacio, which she points out is "a very good location."
"It's only 30 minutes from the Ninoy Aquino International Airport and is practically close to major locations like Makati, Pasig, Mandaluyong, Quezon City, Manila, Antipolo, and Alabang.
Fort Bonifacio is right in the middle of everything," she says.
'Mastaplan'
Every good condominium has a masterplan that details correct zoning and strict adherence to laws.
Palad-Yap says she advocates not only the preparation of a good masterplan for any condominium building but also convincing buyers to take an active interest in the plan.
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"Ask the developer whether the project was finished on time or delivered exactly as they promised," Palad-Yap says.
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"Far from it," Palad-Yap assures.
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As a real estate broker, I'd like to point out several areas for consideration," Palad-Yap says.
"The Philippines is a tropical country, and during summer it gets really hot, especially in a condominium unit.
Most condos use glass for aesthetic purposes and loft-type units have large glass windows covering the entire length of the exterior wall, from floor to ceiling, meaning higher exposure to sunshine," she adds.
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Palad-Yap says other factors to consider are small children and old persons who will co-inhabit the condominium.
"A flat unit will be more appropriate if there are small children and elderly folk."
Property management
Buy condos from property developers that have the appreciation of property values at the top of their minds, Palad-Yap says.
How do you determine this without baiting the property developer with sugarcoated words dripping with sarcasm?
"Good property management will be reflected through efficient maintenance and security of the condos common areas, like the lobby and hallways, efficient garbage collection, and proper maintenance of amenities like the swimming pool, gym, and function rooms," Palad-Yap says.
In the same vein, Palad-Yap says, it is also important to know beforehand how much the association dues are.
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There is also the matter of projected property taxes for the unit, Palad-Yap adds.
"The actual property tax can only be determined when the condo is ready for occupancy.
The city or town assessor's office will make an actual assessment of the value of the property that will form the basis for the taxes.
Property tax is usually 1.5 percent of the assessed value," she says.
Reputation
Palad-Yap says the most important factor to consider in buying a condominium is the reputation of the broker that is selling the unit.
"The licensed real estate broker is your link to the developer or builder.
He or she can give you a thorough background of different condominium developments, emphasizing the condos strengths and weaknesses," she says.
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