Buying A Condo? 5 Inside Information You Definitely Must Know

The advantages of owning a condominium is that it can be maintained with minimal utility and maintenance costs, plus, the perks of having first-class facilities and amenities near your home. So, if you’re looking for a new home and the idea of living in a condominium is appealing to you – here are factors every person should know first before deciding on buying and settling in our condominiums for sale in Quezon City.

Condo Fees

The condominium fees – maintenance and association should be at a reasonable amount. If you’re seriously considering a condo, you should know what the condo fees cover and whether or not they increase yearly. Usually, these fees should cover most of the facilities and amenities as well as maintenance and security. Don’t hesitate to ask any and all question you need to know regarding fees and expenses.

Reserve Fund

This saving is taken from a portion of the condominium fees and is designated for major repairs which include electrical, heating, plumbing and roofing, if needed be; and knowing the amount of savings for this can help buyers determine if there is enough funding. This also says a lot about the association’s financial development.

Condo Budget

The important factors condo buyers should be concerned about are – how much it increases annually and is there a decline in amount or an increase? This is necessary since the budget mostly affects your condo fees. Knowing the budget, home buyers can deduce the association’s financial stability.

Unit Upgrades

For every condo buyer, it is also important to know about the unit upgrades. Units can come in a variety based on the floor plan layout and the bedroom + bathroom combination. Since these upgrades can increase the price of a unit, it can help buyers decide on what unit to choose when familiar with them.

Buyer’s Rights

Lastly, every buyer should know that they have the right to cancel purchase within 10 calendar days.  The date starts on the time the buyer receives a copy of the fully-signed purchase and sales agreement. The buyer also has the right to cancel the sales agreement on a 10-day period after any material or “significant” change to the disclosure statement. When cancellation happens, then developer must refund any deposit, plus interest within 10-days after receiving the notice for cancellation. That said, a buyer’s purchase can’t be terminated by the developer without the buyer’s consent or a court order.

buying condo

To those who are relatively new at this and who have taken an interest in condo buying, take note of these five aspects mentioned to help you decide in choosing the home that perfectly suits you. And when you’ve finally decided, you can start building the home you’ve always dreamed of.

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