WELCOME!
We will start our website by giving you Tips on how to become a SMART buyer of a CONDOMINIUM property, The Difference of owning a unit in High-rise and Low-rise condominium, we suggest to read all the details here before deciding yourself to purchase a unit from us or not!.......Ok if you are ready....Lets Begin!
We will start our website by giving you Tips on how to become a SMART buyer of a CONDOMINIUM property, The Difference of owning a unit in High-rise and Low-rise condominium, we suggest to read all the details here before deciding yourself to purchase a unit from us or not!.......Ok if you are ready....Lets Begin!
Tips when buying a condo unit
1. Location, location, location
When buying real estate, condos included, a major factor that should always be on top of the list is location, location, location. The location of the condo greatly affects the potential of price appreciation. The Makati area, for instance, being the business center of the Philippines, has always proven to be a good investment area. At The Fort, however, prices of real estate are skyrocketing and have not peaked yet.
A friend who owns a condo near McKinley Street inside The Fort Global City, for example, paid around P2.5 million when he bought the unit last year. Now, the going rate for the same unit is P3.5 million, a 40% increase just after a year.
The location also determines accessibility to needed comforts and conveniences. If you value convenience, get a condo unit that has easy access to restaurants, schools, banks, or hospitals.
2. Reputation of the Developer
For condos that are still on pre-selling stage, the reputation of the developer matters a lot because it ultimately determines whether the condo building will actually be completed. There were previous cases of condo projects that halted construction because the developer ran out of money. In such a case, it would be difficult to get your money back.
For 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. Condo management means installation of effective security measures, strict implementation of condo rules, and proper maintenance of the building.
Backed by several years of experience in the industry, Ayala Land, Robinsons Land, Federal Land, Century Properties and DMCI, among others, have proven themselves to be reliable condo and real estate developers.
(Legaspi Land is a pioneer in cozy-boutique low rise condominium in Makati, St. David Square is already our 4th projects)
3. Parking
If you think condo units are expensive, wait till you hear how much parking spaces cost. In our Makati condo, one 9-square-meter parking slot costs between P400,000 to P500,000. Yup, around half a million pesos. If you can afford it and if you really need to have one, get it. But if you think it’s too much, renting a parking slot is the next best thing. Rental rates normally range from P3,000 to P10,000 a month. 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.
(Parking slot in St. David Square although LIMITED but its FREE on First come, First Serve basis)
4. Noise
In a condo, you share everything with other residents. That includes the noise as well. When our new neighbors upstairs moved in, I could hear their footsteps almost everyday during the first week. One time I opened the windows, I was greeted by the screaming blast of karaoke from the residents below us. One Sunday morning, I was woken by the sound of the drilling machine in the unit next door.
The good thing, however, is that you can complain these noises to the guards on duty but, honestly, it gets tiring if you’ll have to do it every time. If they won’t stop even after you’ve complained, you’ll just have to live with the noise. It only goes to show that living in a condo does not necessarily mean you can get away from noisy or loud people.
(St. David Square can give you a peace and quiet surroundings because we have a total of 48 units for the whole building and our location is in a purely barangay residential areas of Makati)
5. Amenities and Population Density
A condo may be expensive because of the amenities it offers. Normal amenities include swimming pool, gym, children’s playground, function room, and the like. Assess whether the price you are paying equal the value of the amenities to you.
Population density refers to the number of people per unit area of space available. In a condo, this translates to the number of residents sharing the swimming pool, gym, playground, function room, or elevators.
(St. David Square offers a basic amenities without swimming pool, gym & multi-purpose hall because of limited space, our 24 hours security service equipped with CCTV's & access card in the main lobby plus we maintain cleanliness and organized in all the common areas is what we can guaranteed to all the tenants)
Of course, the more residents a condo has, the less space is available to you. For example, our swimming pool at The Fort can comfortably accommodate only eight people. Put some more and the pool will look like a can of sardines. It also has three elevators and normally I wait 2-3 minutes before I can get on one. Two of the elevators broke down one day and I had to wait more than 15 minutes because the only working elevator stopped at every floor.
In short, the more people living in a condo, the more inconvenient it gets because you will have to share the amenities with more people. (You will never experience this in a Low-rise condominiums)
6. Association Dues
Living in a condo means paying an additional expense every month: the association dues. This represents your contribution to the shared costs incurred by all condo owners, such as electricity in common areas, water used to water plants and for the swimming pool, and wages of security guards, janitors, and maintenance workers. This is usually a fixed amount multiplied by the total floor area of your unit AND parking slot, if you have one.
Our monthly due at our Makati condo was P40.00 per floor area while at The Fort, it is P55.00 per floor area. Make sure you pay these association dues on time because like credit cards, the penalty interest rate for late payment ranges from 1-4% per month. That is a hefty price to pay for living in a condo. (Our monthly dues are fixed for studio units @ P1,500/month & P1,800-2,000 for the 1 Bedroom units)
7. Rules and Regulations
As a resident, you are bound by rules and regulations applicable to all who live in the condo building. Some condominiums, for example, totally disallow pets and animals of all kinds. There are condos that forbid tearing down a part of your unit or changing the color of your wall. Some condos allow residents to use the swimming pool or common area up to a certain time only. Parties inside residents’ units are allowed but normally have to end before 10 or 11 p.m. Know your condo rules prior to buying so you won’t be surprised by the regulations once you have moved in.
If you’re looking to buy a condo, don’t be concerned with price alone. Several things ought to be considered so you won’t feel shortchanged or disappointed with your purchase. The list above is not exhaustive but I hope it gave you an idea on what to look for in a condo.
Happy condo living!
Buying a condo pre-construction
Proceed with caution. When you buy a condominium that's not built yet, there can be setbacks before you move in.
Pre-construction condos are units that have been proposed by a developer, but have not yet been built. When you purchase a pre-construction unit, you are putting money down before construction begins.
Buying a pre-construction condominium can be a great opportunity, but you should proceed with caution. Because you are buying into something that does not yet exist, there is greater potential for unforeseen problems and setbacks before you move into your home. By understanding the risks and planning carefully, you can avoid complications and come out a winner.
Advantages
The main advantage to buying into a condominium development before construction starts is that you often get a lower price than if you buy when construction is complete. The reason for this is that developers typically need pre-construction sales of 50 percent to 90 percent of the units in a development before they can borrow funds to begin construction.
Pre-construction condos can also get you in on the ground floor of an investment that will appreciate. The market value of pre-construction units generally increases during the one to three years it takes to build a development, so your unit may be worth more than you’ve paid for it before you set foot in the place. In addition, you can often choose from a variety of finishes and flooring options, allowing you to customize your home.
How the process works?
There are several steps to buying a pre-construction condo. They can vary from developer to developer, but the basic components are:
1. Reservation agreement
You give a deposit or Reservation fee (usually between P15,000 to P30,000) to reserve the unit and set the price (although the builder can reserve the right to change the price in the contract).
2. Condominium documents
When a development is approved for construction, the developer submits condominium documents (including budgets, association rules, unit descriptions, materials and other important information) for approval by the state. Once the documents are approved, they are sent to you for review. Read them carefully to make sure that you will be comfortable living by the association rules.
3. Right of rescission
Once you receive the condominium documents, you have a 29-days period to decide whether you would like to proceed into a binding contract. If you don’t, you can exercise your right of rescission and withdraw with a 50% refund (Maceda Law..read here).
4. Hard contract
If you don’t withdraw, you’ll provide the balance of the required down payment, usually 10 to 20 percent of the purchase price, and sign a binding contract agreeing to purchase the condominium.
5. Constructions, Delivery or Completion
Pre-construction of high rise buildings (30-45 storeys) takes about as early as 4 years to as long as 5 years before you can move-in.
What type of foundations will be use for the constructions? (What is Foundations?) How important is this? Read here now
Please remember that Philippines has one of the longest Fault line in the world read here to know more.(St. David Square is a 5-storey condo to be delivered in 1 to 1 1/2 year) Carefully be aware of the specifications of the units being offered by the developers, buyer should check this basic lists (see below) that should included in the unit to avoid paying additional cost to your contractors or architect. Dont be fooled of Model units this are suggested interior units only. Be smart always ask for the Unit Specifications.
- Granite slabs Kitchen counter with overhead Cabinets
- Grease trap located below the kitchen sink
- Water heater ready for multi-point use
- Wardrobe Closet
- Shower enclosure
- Fully tiled bathroom from floor to ceiling
- Provision for washing machine
- Provision for Aircon slot
- Cable TV & Telephone with DSL Connection ready
- Floorings (wood laminated or vitrified tiles)
- Finish Painted walls
- Wooden baseboard and drop ceiling
- Big picture sliding windows with screen
- Smoke & Fire alarm with sprinkler
6. Permits
The Housing and Land Use Regulatory Board is a government institutions that provides Development Permit, Certificate of Registration and License to sell permits for a pre-development condominium projects, they are also the one who evaluates if the developer is capable of completing the proposed project, if there is no permits you should not pay any amount of money and sign any contracts from the developer...Be carefull!
7. Closing
When construction is nearly finished, the developer will issue you a Certificate of Occupancy. A closing date is set when you will hand over the balance of the purchase price and sign the final documents. If all goes according to plan, your closing will coincide with your move-in date, and you will be ready to enjoy your new home.
8. Title
Ask for the Mother Title or Transfer Certificate of Title (TCT) of the whole property or the lot where the building is going to be constructed, you can look for the Original Title from the developer or a Certified True copy from the Local office of Registered of Deeds (RD). Title must be under the name of the developer only (not to any other individual names) it should be a clean title and or not mortgaged to any financing institutions. A clean title is a guarantee that once you have completely paid your unit you can get your Condominium Certificate Title (CCT) in a period of at least 2-4 weeks.
Buying pre-construction condos was one of the most popular things to do just a few years ago during the 2003 to 2004 heat of the real estate market. There are tons of people who made millions of dollars building and selling pre-construction condos... and many that made hundreds of thousands buying these condos and then renting or selling them.
However, many lost it all when the market bottom fell out.
But these days with the economy showing some strength, there is an opportunity to purchase pre-construction condos... although the game plan has really changed. No longer is this going to be about short-term profits, but long-term profits.
Pre-construction condos have the potential to be a great investment. Here's what typically happens... the building will have the project slated for construction to the point where they are most likely never going to kill the project.
So the builder makes their money and initial investment back when all the units are sold and it's in their best interest to presell so they can calculate their profit and know that the project will be successful. In order to get interest on a piece of property that isn't even built just yet, they will sell them at significant discounts compared to what the price will be when they are finished.
That is your opportunity as a buyer to purchase a property as a discount to market value and when the condo is complete... you'll have an immediate spike in market value and you'll be sitting on equity from the start.
Currently with the real estate market hopefully turning around, this will begin to really present itself as a way for you to be a smart buyer and drastically bump up your net-worth.
You should however only buy a condo with the intent on either renting it out long term or living in it yourself. That way you can be sure that the entire property will become a real success and you will eventually be able to take a nice chuck of your money out of the property.
Another really nice benefit of buying a pre-construction condo is the ability to customize it more. You can usually work with the builder and have some customizations with the bathrooms and kitchens done. This is usually a great opportunity to make the property more you!
So you can see how the pre-construction process typically works and you can see that there are many benefits to buying a pre-construction condo. Just make sure that you really do your research. And whatever you do, don't let the potential for some profit blind you to other considerations that will impact the final decision.
Proceed with caution. When you buy a condominium that's not built yet, there can be setbacks before you move in.
Pre-construction condos are units that have been proposed by a developer, but have not yet been built. When you purchase a pre-construction unit, you are putting money down before construction begins.
Buying a pre-construction condominium can be a great opportunity, but you should proceed with caution. Because you are buying into something that does not yet exist, there is greater potential for unforeseen problems and setbacks before you move into your home. By understanding the risks and planning carefully, you can avoid complications and come out a winner.
Advantages
The main advantage to buying into a condominium development before construction starts is that you often get a lower price than if you buy when construction is complete. The reason for this is that developers typically need pre-construction sales of 50 percent to 90 percent of the units in a development before they can borrow funds to begin construction.
Pre-construction condos can also get you in on the ground floor of an investment that will appreciate. The market value of pre-construction units generally increases during the one to three years it takes to build a development, so your unit may be worth more than you’ve paid for it before you set foot in the place. In addition, you can often choose from a variety of finishes and flooring options, allowing you to customize your home.
How the process works?
There are several steps to buying a pre-construction condo. They can vary from developer to developer, but the basic components are:
1. Reservation agreement
You give a deposit or Reservation fee (usually between P15,000 to P30,000) to reserve the unit and set the price (although the builder can reserve the right to change the price in the contract).
2. Condominium documents
When a development is approved for construction, the developer submits condominium documents (including budgets, association rules, unit descriptions, materials and other important information) for approval by the state. Once the documents are approved, they are sent to you for review. Read them carefully to make sure that you will be comfortable living by the association rules.
3. Right of rescission
Once you receive the condominium documents, you have a 29-days period to decide whether you would like to proceed into a binding contract. If you don’t, you can exercise your right of rescission and withdraw with a 50% refund (Maceda Law..read here).
4. Hard contract
If you don’t withdraw, you’ll provide the balance of the required down payment, usually 10 to 20 percent of the purchase price, and sign a binding contract agreeing to purchase the condominium.
5. Constructions, Delivery or Completion
Pre-construction of high rise buildings (30-45 storeys) takes about as early as 4 years to as long as 5 years before you can move-in.
What type of foundations will be use for the constructions? (What is Foundations?) How important is this? Read here now
Please remember that Philippines has one of the longest Fault line in the world read here to know more.(St. David Square is a 5-storey condo to be delivered in 1 to 1 1/2 year) Carefully be aware of the specifications of the units being offered by the developers, buyer should check this basic lists (see below) that should included in the unit to avoid paying additional cost to your contractors or architect. Dont be fooled of Model units this are suggested interior units only. Be smart always ask for the Unit Specifications.
- Granite slabs Kitchen counter with overhead Cabinets
- Grease trap located below the kitchen sink
- Water heater ready for multi-point use
- Wardrobe Closet
- Shower enclosure
- Fully tiled bathroom from floor to ceiling
- Provision for washing machine
- Provision for Aircon slot
- Cable TV & Telephone with DSL Connection ready
- Floorings (wood laminated or vitrified tiles)
- Finish Painted walls
- Wooden baseboard and drop ceiling
- Big picture sliding windows with screen
- Smoke & Fire alarm with sprinkler
6. Permits
The Housing and Land Use Regulatory Board is a government institutions that provides Development Permit, Certificate of Registration and License to sell permits for a pre-development condominium projects, they are also the one who evaluates if the developer is capable of completing the proposed project, if there is no permits you should not pay any amount of money and sign any contracts from the developer...Be carefull!
7. Closing
When construction is nearly finished, the developer will issue you a Certificate of Occupancy. A closing date is set when you will hand over the balance of the purchase price and sign the final documents. If all goes according to plan, your closing will coincide with your move-in date, and you will be ready to enjoy your new home.
8. Title
Ask for the Mother Title or Transfer Certificate of Title (TCT) of the whole property or the lot where the building is going to be constructed, you can look for the Original Title from the developer or a Certified True copy from the Local office of Registered of Deeds (RD). Title must be under the name of the developer only (not to any other individual names) it should be a clean title and or not mortgaged to any financing institutions. A clean title is a guarantee that once you have completely paid your unit you can get your Condominium Certificate Title (CCT) in a period of at least 2-4 weeks.
Buying pre-construction condos was one of the most popular things to do just a few years ago during the 2003 to 2004 heat of the real estate market. There are tons of people who made millions of dollars building and selling pre-construction condos... and many that made hundreds of thousands buying these condos and then renting or selling them.
However, many lost it all when the market bottom fell out.
But these days with the economy showing some strength, there is an opportunity to purchase pre-construction condos... although the game plan has really changed. No longer is this going to be about short-term profits, but long-term profits.
Pre-construction condos have the potential to be a great investment. Here's what typically happens... the building will have the project slated for construction to the point where they are most likely never going to kill the project.
So the builder makes their money and initial investment back when all the units are sold and it's in their best interest to presell so they can calculate their profit and know that the project will be successful. In order to get interest on a piece of property that isn't even built just yet, they will sell them at significant discounts compared to what the price will be when they are finished.
That is your opportunity as a buyer to purchase a property as a discount to market value and when the condo is complete... you'll have an immediate spike in market value and you'll be sitting on equity from the start.
Currently with the real estate market hopefully turning around, this will begin to really present itself as a way for you to be a smart buyer and drastically bump up your net-worth.
You should however only buy a condo with the intent on either renting it out long term or living in it yourself. That way you can be sure that the entire property will become a real success and you will eventually be able to take a nice chuck of your money out of the property.
Another really nice benefit of buying a pre-construction condo is the ability to customize it more. You can usually work with the builder and have some customizations with the bathrooms and kitchens done. This is usually a great opportunity to make the property more you!
So you can see how the pre-construction process typically works and you can see that there are many benefits to buying a pre-construction condo. Just make sure that you really do your research. And whatever you do, don't let the potential for some profit blind you to other considerations that will impact the final decision.
HIGH RISE or LOW-RISE?
High density & Luxurious Amenities or Low density w/ Safety Living?
Read first here
The Philippine Skylines, more high rise buildings and skyscrapers are coming up...
But are we prepared for it?Is the Philippine Fire Bureau equipped for the unexpected things to happen?
Read here now
But are we prepared for it?Is the Philippine Fire Bureau equipped for the unexpected things to happen?
Read here now