For some, and particularly for those who purchase at the right moment, investing in value-packed condominiums can be a wise financial move. These vertical homes are relatively cheaper than single-family houses, and condo residents enjoy a wide range of high-end features and conveniences as opposed to individual homeownership with no shared facilities.
However, as a first-time condo buyer in one of Asterra’s condo communities, you may be feeling overwhelmed by the procedures involved in relocating to a new residence or for your first home.
Many first-time condo buyers experience undue anxiety because of everything there is to worry about when buying a condo, such as property taxes, condo fees, and keeping in touch with your real estate brokers. Don’t fret; it’s only normal to feel that way. After all, folks of any age are used to the standard home layout.
Here are some tips for first-time condo owners to make life easier, both for yourself and for others who may be considering making a similar practical investment.
Top 5 Tips for First-Time Condo Buyer
Buying a condo for the first time around is a significant decision, so we’ve compiled this checklist of essentials to help you make the most informed decision possible on your first condo ownership.
Tip #1: Figure out what type of unit you need.
This is an important first step when buying a condo. Take into careful consideration factors such as how many family members you have, your lifestyle preferences, and future goals and plans. Would you be needing a more spacious condominium unit with multiple bedrooms to accommodate your growing family?
Or maybe just a smaller unit with compact spaces and modern amenities would suffice? The latter is especially good if you’re single, a young professional who wants to enjoy practical living with proximity to your workplace, or in a relationship but doesn’t have any immediate plans of having kids (or having multiple children in the future).
You must also consider your top priorities and preferences. It could be facilities such as convenient access to outdoor facilities, storage options, etc. that will give the best value for money. Doing this will help narrow down your search and be able to find a condo that perfectly aligns with your preferences and priorities in life.
Tip #2: Plan how you’ll pay for it.
Not needless to say, a condo purchase is a major financial investment. This makes it equally essential to plan out how you’ll be able to pay for it. After all, buying a condo goes far beyond just the purchase price and down payment.
There are closing costs, property taxes, monthly payments on condo association fees, and more. Therefore, you must budget accordingly by allotting sufficient savings for the purchase while still making sure your other financial obligations wouldn’t be compromised, especially if you have outstanding debt.
If that’s the case, becoming debt-free to build a good credit report and financial standing before any further major purchase must be your number one priority. Also, take advantage of mortgage lenders available to aid you financially.
In the United States, they have Federal Housing Administration (FHA) loans, which US citizens avail for closing cost assistance and more in lieu of conventional loans. As opposed to an FHA loan, a conventional loan is not government-backed, which means it has the tendency to have a stricter creditworthiness requirement and a more complex mortgage process. Pag-IBIG is the Philippine version of the FHA when considering a home loan.
All in all, having a financial plan in place makes a huge difference in making sure you’re economically prepared to cover all costs and associated fees without being surprised.
Tip #3: Know the common condo rules (and fees).
Knowledge is power, and this holds true even in buying a condominium unit in Calamba, Laguna. It’s particularly essential to get yourself familiarized with all the rules and fees attributed to condo living in your personal sanctuary.
Most if not all condo associations have rules and regulations governing pet ownership (or whether pets are allowed in the first place), noise levels, and usage of communal facilities such as the gym, swimming pool, and community lounge. In addition, condo dwellers are typically required to pay monthly homeowners association fees covering maintenance and other aspects of condo ownership.
You should also take note of policies regarding penalties for late payments and other financial documents to help you fully understand your obligations as a condo owner based on the bylaws.
Tip #4: Visit the unit yourself.
In the present contemporary world, it makes it possible to embark on a virtual site visit of physical properties. Asterra itself offers a 360-degree virtual tour of its available properties, including the specific interior design and style of its thoughtfully designed spaces.
But with that being said, there’s no beating the peace of mind and assurance of being able to visit your desired property in the flesh. With it, you can get a feel of the surroundings, including the open greens and the growing cityscape. So we highly suggest you take the time to tour the unit for as long as you need to.
Importantly, you should pay attention to details involving layout, natural lighting, and potential maintenance issues. Consider factors like noise levels, sense of privacy, and views from your future starter home unit. You might want to also explore the entire building, notably its exclusive amenities to see if they satisfy your standards and expectations.
Visiting the unit yourself is a practical solution that enables you to carefully assess whether it’s the right fit for you. At the same time, it can give you the opportunity to inquire and gather more information from the present owner or real estate agent whom you can transact or do business with.
Tip #5: Factor in the unit’s location.
Ever heard about the proverbial three aspects that are considered the most important in real estate? Location, location, and location.
Location is inarguably the most critical factor when buying a condo or any property for that matter. You’d never buy a property located far from stores and hospitals and schools, would you? This emphasizes the essence of having to factor location into your decision-making process.
Consider aspects like proximity to your workplace as a young, on-the-go millennial professional, pre-K to collegiate schools for your kiddo if you have one, grocery stores for your weekly (or bi-monthly) grocery necessities, healthcare facilities for your annual medical and dental checkups and emergencies, as well as local tourist spots for your occasional family weekend getaway.
Additionally, think about transportation options and convenient access to major roads, thoroughfares, or public transit routes. Traffic must be a rare problem that will inconvenience you as a commuter. Other location essentials include the neighborhood’s safety, security measures in place to deter crimes, walkability, and overall vibe. Consider real estate properties in emerging locations in Greater Manila Area (GMA) and regional areas nationwide.
Take this as an integral part of your condo unit site visit. As such, take as much time as your availability allows to ensure that the community is something you’d love coming home to every time as you go to and from work.
Asterra built condo developments in areas posed for growth. It features beloved amenities such as a gym facility, clubhouse, sports court, jogging areas, tranquil landscapes, and pool area among others, all of which promote a healthy and active lifestyle.
Whether you’re part of the country’s white-collar young professionals who prefer compact living, or overseas Filipinos intending to invest in real estate properties for passive income, there sure is an Asterra condo unit that will help fulfill your property ownership dreams. Watch out for the fresh locations of this newest condominium in town!
