Thursday, November 21, 2013
The real estate market in the Philippines has been growing steadily over the past years. Particularly, there has been a growing demand for condominium units, and several key players in the industry have heeded this call with new developments sprouting left and right.
If you’re looking to buy a condominium unit, whether for your own use or purely investment purposes, there remains the question to be asked: how do you choose the right property developer? A lot of considerations come into play with this question in mind.
First, assess your needs for this investment, and then, match it with the values and principles of select property developers.
Location and accessibility are two of the top reasons for getting a condo unit. Most developers, especially the bigger ones, have condo properties scattered around prime locations and commute-friendly areas. Where you spend your daily activities and whether you get there by commute or by driving are things to consider. If you’re buying a condo as an investment though, think of your target market and what would suit its needs.
Some trade-ins for location and accessibility are privacy and security. Being more accessible to public areas would inevitably make your residence less private. Developers that also do mall development, such as Ayala Land and SMDC, often have location options that are more public, usually near malls and business districts. The privacy and security of a residential building would also have to do with the number of units in the property. One of the values of DMCI Homes, for example, is its commitment to creating medium-density developments; so this would give you a more private neighborhood. Also, ask the sales agent about surveillance cameras and general security procedures.
For a long-term residence or investment, one thing you should also consider is the quality and maintenance of the property. If you have friends who have already invested in these properties, ask them for feedback. Also, while you’re on your model unit tour, ask the sales agent about maintenance fees and association dues.
The price of the property would probably make or break your decision to purchase. Look for a developer that offers a payment term that matches your budget. If you’ve already chosen a developer at this point, but the price doesn’t suit your budget, don’t walk away just yet. Developers often have different price ranges for different properties, so check their other projects. Developers such as Ayala Land even have different brands for different target markets. There’s Ayala Land Premier for premium properties, and Amaia Land and Avida Land for more budget-friendly options.
Finally, look at company profiles of the property developers you have in mind. Check if they’ve been in the business for a while, built a good client following and whether they’re on time with turnover of developments. Some companies may also have affiliated banks, such as BDO for SMDC, which may help you process loans easier and faster. - Aislinn Kee