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First time buying condo in Manila. Any advice?

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Just some general guidance would be good for a first time buyer. Becoming more and more familiar with the prices of condos in makati, but any expert advice would be great.

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Yes! Here are a few basic tips:

1) Manila is often so busy and everything you do can take place in different parts of the city – from shopping, to eating, to where you work, and finally where you sleep. So, as they say in real estate and business – location, location, location. When deciding on a new condo in BGC or an old home in Laguna, keep in mind that you will probably have a long mortgage on it. The perks of the building and the interior/exterior of the house or condo should not outweigh the location and how it will affect your life for possibly 20 or more years.

2) Interview several brokers.  Some are better suited to your needs than others. Trillion can help you find someone if you do not already have a good agent to take care of your specific needs. Remember that some brokers are more knowledgeable and resourceful than others and this should not be a decision based solely on “friendship”.

3) Always be familiar with what you are buying. No matter what anyone says, get an independent home inspection if buying a home with land. Understand the paperwork thoroughly. Understand about the neighborhood you are buying into. When buying a condo, it helps to know simple things that may have an impact on you later on – such as whether or not the management company is reliable; whether the building has good maintenance; whether there is a PNR train running loudly down the street; whether the streets are clean and safe enough; and even if the tower you are buying into was built to the most current earthquake standards.

4) When buying property as an investment, learn the ins-and-outs of the finances and responsibilities of owning property if you don’t already know them.

5) Enjoy the house hunting game. Appreciate the process. Be patient. Don’t stress out and feel like you need to buy quickly. There are plenty of opportunities if you keep looking.

We will be improving our clients’ buying experience by providing detailed blog posts on these and other topics.

Thank you!

 

Trillion

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