Buying a new home for the first time is as exciting, but it can also be intimidating for those new to the world of real estate. There are things one needs to consider, like location, space, neighborhood, foreseeable territorial detriments (like if the area is prone to infestation or flood), and so on.
That being said, choosing the right condo can bring immense and almost immediate joy to the family because they spend their time researching and considering all available options. Don’t be the property buyer who gets easily pressured into the woes of “missing out” on a great deal.
Avoid these common mistakes when buying a condo because you’ll regret spending plenty on something that might not be the right condo for you.
Settling for the cheapest home
Not everyone can afford an expensive home in a good neighborhood. But if you’re not struggling financially, you shouldn’t restrain yourself from getting a better home. The few thousand pesos you get to save may end up costing you long-term contentment.
This doesn’t mean that affordable condos are objectively bad. Rather, we’re promoting the idea of widening your horizon. Don’t just buy a property based on the lowest price— buy one where you can see yourself as a happy homeowner because of it. Even a place with a view can do wonders for your mental health compared to one that feels like a windowless prison.
This rule also applies to condo buyers looking to turn it into passive income. You may struggle to get your return on investment within the next decade or two if you decide to buy a property with a terrible reputation.
Thinking that condo living is for everyone
If you’ve lived in a condo before, chances are you’re already familiar with the highs and lows of condo living. But if you’ve only lived in a house your entire life, then let this guide be the first to tell you that the experience is entirely different.
The lifestyle isn’t for everyone, but it’s safe to say that many people can at least adapt to the uniqueness of this setup. If you’re not sure if the condo life is for you, make an effort to do your research. Better yet, quote a friend, relative, or acquaintance who is already living in a condo, ask them their perspective, and then apply them to your lifestyle. Will you enjoy living in a condo, or are you better off renting a small house?
Amenities make a huge difference
Most of the best high-rise residences in the Philippines often have amenities that serve their tenants and guests. Such facilities allow people to get out of their condos and enjoy the benefits of living in a building such as theirs.
Swimming pools and gymnasiums are usually a given, but great local developers, like DMCI Homes, make an effort to include variety and visual landscaping in their amenities. You can visit local parks or facilities outside of your building, but it’s still more convenient to have them within the premises rather than needing to commute far away for them.
In other words, don’t underestimate what amenities can do for you. If you’re going to buy your first condo unit, buy one from a developer that cares for your health and wellbeing.
Pre-approve your loans first
The last thing you need to consider before buying a condo is your finances. Get a loan pre-approved before you decide to get one. This will put you in a spot where you’ll have a much clearer view of your future expenses.
Unless you’re earning nearly a hundred thousand pesos a month with little or no dependents, it’s best to get your financial loan options straightened out before you shake hands with the unit seller.
Additionally, any agreements you have with either the seller or your real estate agent should be put on paper as a legal formality. Don’t be over-excited about signing contracts, as they can put you in a world of hurt if you’re doing deals with a less-than-ideal person.Buying a first condo is a remarkable achievement for first-time home buyers, more so if they manage to pay for all of it. But planning for this purchase can go a long way in avoiding a huge financial mistake. So, think it over patiently. Decide your next move after examining all your options and situation.