Securing My Dream City Home: An Enlightening Journey to Condominium Ownership
In 2010, I embarked on an unexpected yet rewarding journey towards owning a condominium in the heart of Manila, Philippines. This quest wasn’t just a spur-of-the-moment decision but a blend of impulse and informed choice that led me to my ideal urban abode.
The Genesis of My Condo Quest: I grew tired and longed for a place I could call my own.
My annual vacations in the Philippines often entailed the usual dilemma of accommodation—whether to book a hotel, stay with relatives, rent a transient place, or travel straight to my provincial home. These recurring inconveniences sparked my desire for a more permanent solution in Manila.
One day, fresh from a trip from South Korea and staying in a hotel near SM Manila, I resolved to buy a condominium in the city. My decision was driven by the convenience of having a personal space during my visits, coupled with the strategic location that city living offers.
A Serendipitous Encounter Leads to Purchase: The pursuit led me to a mall, a typical venue for real estate agents to distribute property brochures.
One day, while staying at a hotel near SM Manila, a thought struck me – why not buy a condominium in the city so that I wouldn’t have to worry about temporary accommodations in the future? Fueled by this desire, I decided to visit a mall since I knew real estate agents often distribute flyers there. With anticipation, I told myself that whoever gave me the first brochure would determine my future home.
Fortunately, as I entered the mall, a lady handed me a brochure of a condominium project. Without hesitation and before making this impulsive decision, I expressed my interest to the agent and specified my criteria for the ideal unit such as:
1. Good Amenities: I wanted a condominium with attractive features such as a swimming pool, gym, and other amenities for leisure and recreation.
2. Scenic View and Fresh Air: I needed a unit that offered a view of the surroundings and allowed me to breathe fresh air.
3. Sufficient Rooms: I required at least two to three bedrooms to comfortably accommodate my family or guests.
4. Security: I insisted on a condominium with reliable security personnel to ensure the safety of the residents.
5. Proximity to Malls: My ideal location was near shopping centers, particularly Robinsons and SM Manila.
Moreover, I considered it a bonus if the condominium was near universities and accessible to public transportation, such as trains, buses, cabs, and jeepneys. I also appreciated the convenience of having ground-floor establishments like convenience stores, fast food outlets, and salons.
Before the Purchase: Considerations and Deliberations
The journey to buying a condominium involved several critical considerations:
1. Decision-making: Considering my primary purpose and lifestyle preferences, I considered buying a condo against building a standalone house.
Before deciding on a condominium, think about your primary purpose. Consider whether you prefer the convenience of a condo or if building a free-standing home aligns better with your future vision.
2. Choosing the Right Agent: My agent, Ms. Janet, was instrumental in the process, offering expertise in condominium sales and guiding me through the complexities of unit selection and documentation.
It is crucial to work with an experienced agent specializing in selling condos. A knowledgeable agent can guide you through the selection process by explaining the differences between units and ensuring that all necessary documents are completed.
3. Financial Planning: A substantial down payment was required. I opted for bank financing over in-house financing to benefit from lower interest rates and avoid the cumbersome paperwork of other financing options.
Purchasing a condominium requires a substantial down payment. In my case, I paid 25% of the total cost upfront and financed the remaining amount through bank financing. I chose this option over in-house funding due to the significantly lower interest rates offered by banks (around 8% compared to 18% for in-house financing). Requesting a comprehensive assessment of the overall costs, including monthly amortization, insurance, government fees, and any other additional charges, is crucial.
4. Inclusions and Extras: Assessing the need for parking space and understanding the associated costs was crucial. Given the availability of nearby options, I opted for flexible parking arrangements.
Check if the condominium includes reserved parking spots or additional parking facilities for your guests. In my situation, parking spaces were available on the third to the sixth floor. Alternatively, guests could pay a nominal fee of around P250~P350 for overnight parking at nearby businesses.
5. Understanding Association Dues: It was essential to grasp what the association dues covered, including maintenance, administrative fees, and amenity access, and how these payments were structured.
Familiarize yourself with the association dues and what they cover. Association dues typically include maintenance fees, administrative and management costs, and access to amenities. Determine whether these dues are paid monthly, quarterly, semi-annually, or annually.
6. Compliance with Condominium Rules: Familiarizing myself with the community’s rules and regulations, especially regarding pet policies, was essential for a harmonious living environment.
Every condominium has rules and regulations to maintain order within the community. Unlike owning a single-detached home, you must abide by these regulations. Additionally, if you have pets or plan to get one, ensure the condominium allows pets and check for any restrictions regarding their size or breed.
Unforeseen Financial Considerations
Post-purchase, I encountered additional financial responsibilities like association/administrative dues, shared tax contributions, and real estate tax, emphasizing the need for thorough financial planning and research before making such a significant investment.
A Blend of Impulse and Insight
This journey underscores the importance of understanding the nuances of condominium ownership, from selecting the right property and managing finances to adhering to community regulations. With the right blend of impulse and informed decision-making, securing a dream city home can be a fulfilling and wise investment.
While my decision to buy a condominium was seemingly spontaneous, I had already conducted some research and knew what to expect and accept. Owning a condominium in Manila has provided me with a convenient city dwelling and taught me valuable lessons in real estate investment. As I’ve shared in this guide, understanding these crucial factors will help potential buyers make more informed decisions when purchasing their dream city home.
