8 Tips for Buying a Condo in Mandaluyong City

 8 Tips for Buying a Condo in Mandaluyong City

Are you looking to buy a condo in Mandaluyong? If so, there are a few things you’ll want to keep in mind before making your final decision. Condos can be an affordable way to live in a big city like Manila, and they give you the same luxuries living in a house without all the maintenance that goes along with it. Here are some tips on how to choose the right condo to meet your needs and budget.

1) Know your budget

The price tag on condos can fluctuate dramatically depending on location and building amenities, but most units fall into one of these categories: high-end, mid-range, or affordable. Be sure to do your research and create a budget before shopping. Here are some questions you should ask yourself as you work out your budget: How much am I willing to spend? What kind of neighborhood do I want to live in? Do I need a parking space? Do I want a swimming pool? Are there any other specific amenities that would make my life easier (e.g., gym, concierge service)? If you’re not sure where to start with all of these considerations, consider hiring an agent who specializes in real estate. An agent will be able to help you figure out what’s important and how much you can afford—and will also have access to information about new developments coming onto the market.

2) Know what you want

First, you should know exactly what you’re looking for in your new home. This will help narrow down your options and make it easier to search through homes that fit your criteria. For example, do you want an attached or detached condo? Are you interested in high-rise or low-rise? An elevated position or close to ground level? Some of these choices are linked to lifestyle and comfort – others are dictated by budget. If you have children, how many bedrooms would you like? How about amenities such as swimming pools and gyms? Do you need parking space? Knowing what is important to you before viewing properties will save time and effort during house hunting.

3) Know when to buy

Although home prices have finally dipped, they may continue to rise over the next year or two. The important thing is to not lose sight of your long-term goals as you pursue your goal of homeownership. Condos can be quite affordable, but that doesn’t mean you should buy one unless you plan on living in it for at least five years. If you think you might move in less than that time frame, consider renting instead. It will help keep your housing costs more predictable and allow you to save up enough money so that when an ideal condo comes along, you won’t have to settle for something less than perfect because of financial constraints.

4) Know where to buy

The best place to buy a condo is right where you already live. If you don’t already own or rent an apartment or house, consider living somewhere that allows you to walk to and from your place of employment. You’ll save money on transportation and get more exercise—both of which will help you keep those extra pounds off, too! Keep in mind, though, that buying a condo can be expensive. Before you start looking at condos, figure out how much you can afford to spend by consulting with a lender who can give you mortgage options based on your financial situation. Also ask about down payment assistance programs if applicable; many cities offer financial incentives for first-time homebuyers who meet certain criteria (like income level).

5) Don't depend too much on the developer's marketing

The saying goes that if you build it, they will come. The problem with condo developments is, however, that developers can make all sorts of claims about how wonderful their condo projects are and how much demand there is for them. But just because a developer says something doesn't mean it's true. Before buying into any condo project, do your research to ensure that not only is there sufficient demand for condos at that location, but also verify whether or not the development has been well-received by buyers and investors alike.

6) Get a financial adviser

Buying a condo can be one of your most financially complicated ventures. It’s important to bring an expert on board to ensure you get what you pay for. Luckily, there are many financial advisers and mortgage brokers who specialize in helping people buy condos, so it should be easy to find one that matches your level of experience and investment risk tolerance.

7) Inspections are crucial

Having your place inspected by a professional should be one of your top priorities, especially if you’re a first-time condo buyer. Although not all condos are built to code, don’t assume that what you see is what you get. A professional inspection is your best bet to find out if there are defects in your unit or common areas.

8) Have an exit strategy

Any time you buy real estate, you should have an exit strategy. That way, if things don’t work out as planned, you can always sell your condo or townhouse. There are two main ways to exit: either by selling it or by renting it out. When considering whether to rent or sell your condo in Mandaluyong City, consider these factors: how long you plan to live there, and what it will cost (in terms of money and time) to do each option. If you think you might move within five years, then selling is probably your best bet. If you think you might stay longer than that, then renting might be more sensible—but remember that condos in Mandaluyong City tend to appreciate over time, so even if you decide to stay put, there may be good reasons to sell later on anyway.