The real estate scene of the Philippines has continued to flourish in recent years. With the sustained growth of the Philippine real estate market, you might be interested in investing in a residential property, particularly a condominium. Before you delve into the condominium market, there are factors you have to consider. You’d want your condo investment to be worth every buck you’ll shell out.

Location, Location, Location

When looking for a condominium, it is vital to consider where you want your condo unit. Most condominiums are found in or close to significant investment hubs such as the Makati Central Business District, Bonifacio Global City in Taguig, Araneta City in Cubao, and Eastwood City in Libis. If you find Metro Manila too congested for your liking, you’ll still see many condominium developments outside of the metro.

NUVALI in Santa Rosa, Cebu Business Park, Dasmariñas City, Metro Iloilo, and the cities of Angeles and San Fernando in Pampanga are some of the ideal alternatives to Metro Manila.

Because COVID-19 is still present and lurking, townships are growing more popular in the market as they offer access to a wide array of retail hubs, dining places, offices, schools, and transport hubs outside. Townships also provide the convenience of not having to wander too far to get necessities and go to work or school. Townships also have many open spaces where you can still enjoy the outdoors with minimal risk and exposure.

If you plan to invest in a vacation home, you can find condominiums in beach resorts and in municipalities close to prime tourist destinations. Condo units are more affordable alternatives to buying a beach house, cottage, or vacation villa. You’ll save money on maintenance and managing your second home.

In other words, assess where you want your condo unit to be. The bottom line is your new unit caters to your needs, preferences, safety, and comfort.

High-Rise, Low-Rise, Or Mid-Rise?

Now that you’ve chosen a location, it is time to narrow your choices to what kind of condominium unit you’d like to buy. You can choose from high-rise, mid-rise, or low-rise units. It may seem that their heights and number of units are their only differences, but each come with their advantages and disadvantages that may help you determine which is suitable for your budget, lifestyle, and needs.

High-rise condominiums are usually found in prime business districts. Most developers construct their high-rises in these central locations due to their proximity to prime establishments and their number of units ideal for a denser population. An ideal example of a high-rise would be Tivoli Garden Residences in Mandaluyong City, a few minutes away from Ortigas Center. High-rises also tend to be the heftiest among all units. The high price may anchor on the unit’s location, posh design features, luxurious amenities, and retail areas on its lower floors.

If you seek more tranquility but still want to be close to business districts, then a mid-rise condo unit might be perfect for you. Mid-rise condo units may be located in less busy streets, soar up to 15 stories tall, and have fewer units than high-rise developments. Some mid-rise condos don’t have lavish amenities like high-rises, although you’ll find mid-rise condos with amenities such as swimming pools, gym, rooftop deck, parking, and a recreation area.

Low-rise condos offer utmost privacy as they are built in the city’s less-bustling parts, but they are close to transportation hubs and highways. Their fewer units also mean you get more space and unique design features that set them apart from their taller siblings. Low-rise condos are budget-friendly and ideal for starting families. The low density of these condos also means less exposure to viruses that can be caught by skin-to-skin contact.

Pricing

The location of the condo determines the price of the unit you want to buy. Condominiums found in high-market areas such as Metro Manila, Metro Cebu, Davao, and Iloilo tend to be pricier than those located in less busy areas or outside the downtown area. As much as you want to be near the urban action, you might want to evaluate if you have the finances to purchase or if the unit is worth your money.

If you are still unsure whether you are making the right decisions, partner with a licensed real estate agent or broker. These professionals will introduce their various listings viable for your budget and lifestyle. They also help you better understand the different payment terms, how to negotiate with your seller, and other legalities you need to take note of.

Contract

Speaking of legalities, partnering with a credible and PRC-licensed broker helps you handle all legalities in every transaction you make. Discuss with your broker any part of your contract that you don’t understand. Be crystal clear about the fees, the duration of the contract, full disclosures, and your agent’s loyalty to you. Discussing the deal ensures a healthy business relationship between you and your agent.

Understand your contract’s terms and intent to avoid inconveniences that will attract litigation. You don’t want to sign the fine print without knowing what your contract entails and facing the consequences of your negligence. Like what they say, it is better to be safe than sorry.

The Philippines’ real estate scene is fertile ground for you to invest in a condo unit. Consider these factors before investing, and you’ll be steps closer to purchasing your condo in the most-prized areas and with the most excellent prices and amenities.