Monday, April 28, 2014

Beware condo buying pitfalls

Buying a condo is a popular residential option for many Filipinos today. Take note of these possible problems to ensure a smooth condo-buying process.

In condominium development projects, the turnover of real estate agents can be fast, leaving condo buyer concerns unattended. It’s best to take initiative with following up on your condo unit purchase, to avoid losing your initial deposit.

Condo developments have sprouted left and right around the metro. With a number of different location options, price ranges and terms of different condominium developments, many have set their sights on condo units as a viable place of residence or investment opportunity. 

While buying a condo offers many perks such as an accessible location and easy maintenance, there are also common pitfalls you should avoid. 

Lost deposits

In condominium development projects, the turnover of real estate agents can be fast, leaving condo buyer concerns unattended. It’s best to take initiative with following up on your condo unit purchase, to avoid losing your initial deposit. Unit reservations also adhere to strict deadlines when it comes to payments and document submissions. Be mindful of these deadlines to avoid losing your reserved unit, as other agents and buyers may also be vying for the same unit. 

No parking slots

Most home buyers also own cars that need parking slots. However, most condo units don’t come with parking slots. These usually need to be bought separately with their own acquisition expenses and title. 

Most condominium developments also don’t allocate one parking space per unit, since developers don’t expect every unit owner to acquire a parking space. Thus, it can be difficult to reserve a parking slot, particularly one that is within accessible distance to your unit. If you need a parking space for your car, it’s best to inquire about parking slots and condo units simultaneously. 

OFW woes

A growing market for condo units in the Philippines is the sector of Overseas Filipino Workers (OFWs). Since they are based abroad, it is more difficult to conduct transactions. Corrupt real estate agents can take advantage of OFWs’ situations. Problems range from lost deposits and payments, and even multiple ownership of the same property. It’s best to conduct transactions through a trusted friend or relative to avoid these problems.


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