Congratulations on starting the search for a condo for sale! There’s no better time to start than now. With today’s fast-moving lifestyle, condominiums have become the convenient real estate alternative. Their close proximity to offices, shopping, and recreational centres make them an attractive investment for working professionals, who also look at the comfort their amenities could offer. Retirees and families also favour these developments because of their security and building management.
Located in the Pacific with one of the world’s longest coastlines, Philippines has become one of the hottest vacation destinations with Mactan being reputable for the 5-star resorts that line its shoreline. The laidback vibes, beaches, city living and airport have made Mactan island real estate increasingly desirable. While there are several options for vacation rental in Mactan, many are grabbing the opportunity of grabbing a condo for sale.
Before you let your excitement get ahead of you though, read up on these must-know tips when investing in this type of asset.
What to Look Out for in a Condo for Sale
1.) Determine the main purpose of the condo.
Would it be for personal use? If yes, then do you have family? Do you expect other relatives to live with you from time to time? How often would they be visiting and for how long would they usually stay?
These questions will help you determine the size of the unit you should be considering. In the case of using it as an investment, think about the kind of people you’d want to target as renters.
2.) Check out the fees and other possible costs for maintenance and building management.
Condominiums always have monthly dues for security and maintenance of the building amenities. When looking around for a condo for sale, always ask about these monthly fees and think if you can shoulder these on a regular basis. This will be an added cost on top of all your other expenses, including the property tax.
Also, don’t forget to evaluate your findings against unit owners’ feedback on the building management. Ask around and do some research regarding the company’s reputation. A condo building may be in the best area, but it might not be worth it if the building is poorly managed.
3.) Look at the available amenities and nearby offices, stores, shopping centres, etc.
The value of a condominium lies in the convenience it offers. What comforts does the management provide its unit owners? Is it close to offices? Would you be availing of public transportation? How accessible is it? If you have your own vehicle, check the price for parking spaces. Do you have affordable choices for dining close by?
Also think about the options for recreational activities in the area. It is best if you avoid units that are too close to amenities where gatherings take place, especially if these go well into the night. Parties could be quite noisy. You don’t want to lose sleep every weekend.
4.) Consider the view.
One of the best things a condo for sale in Mactan, Cebu could provide is the view. Imagine seeing the city lights every night or waking up to the sunrise over the beach each morning. It’s a luxury that makes owning a condo unit completely worth it. It also increases the chances of reselling should you feel the need to in the future.
5.) Always think about the neighbours.
You’ll be living with them or whoever will be renting your unit will. They have the potential to affect your day-to-day living as you can affect theirs. Are homeowners usually families or retirees? You might want to be careful about inviting loud friends over. Are they single professionals who work during different times of the day? Be aware of their sleeping hours so as not to disturb anyone. Neighbours would also affect the value of a condo for sale.
6.) Get a professional realtor and lawyer.
When dealing with legalities, it’s best to have experts looking out for your welfare. These people would have the know-how to correctly appraise the value of your condo unit. Ask them to go over the terms of the contract before you sign it. Let them be the judge if you’re getting your unit at a fair price and reasonable conditions.
Acquiring real estate, whether for personal or business purposes, is a long-term investment. Carefully scrutinize each condo up for sale. Exercise caution when an agent or broker rushes you into making the purchase. Find one that understands what you need and would look out for your best interest. Envision your life in every condo for sale on your list, as your final decision should be one you can live with (pun intended).