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7 Useful Tips when Buying a Condo Unit

Here is a list of things you should consider when buying a condominium unit. For most condo buyers, price is definitely a major issue but trust us when we say it should NOT be the only issue!

We’ve lived in several condos before — in Makati, Ortigas, Quezon City, and at The Fort BGC — and based on our experience, here are several factors you must consider before purchasing a condo unit.

Feel free to add your inputs to the list!

Tips when buying condo in the Philippines

Seven (7) Things to Consider when Buying a Condo Unit

1. Location, location, location

When buying real estate, condos included, a major factor that should always be on top of the list is location, location, location. The location of the condo greatly affects the potential of price appreciation.

The Makati area, for instance, being the business center of the Philippines, has always proven to be a good investment area. At The Fort, however, prices of real estate are skyrocketing and, as of this writing, have not peaked yet.

A friend who owns a condo near McKinley Street inside The Fort BGC paid around P2.5 million when he bought the unit in 2007. Now, the going rate for the same unit is P3.5 million, a 40% increase just after a year.

The location also determines accessibility to needed comforts and conveniences. If you value convenience, get a condo unit that has easy access to restaurants, schools, banks, or hospitals.

Our previous condo in Buendia, Makati is strategically located with access to two restaurants, three fastfood chains, and four convenience stores. “Access” here means ability to go to those places by foot in under 10 minutes from the unit. Most of these establishments are open 24/7 which means I had no problem if I needed to grab a bite at 2 a.m. The downside, however, is the traffic and noise because, during the day, the area is busy with lots of people.

Our new place at Bonifacio Global City (BGC), however, is quiet but away from all the conveniences. The nearest McDonald’s outlet is six blocks away and if I need to buy groceries, I’ll have to run to Market! Market! which is a 5-10-minute drive. But the good thing is, we’re far away from the chaos of traffic and annoying sounds of passing vehicles.

2. Track Record and Reputation of the Developer

Tips when buying condominium in the PhilippinesFor condos that are still in pre-selling stage, the reputation of the developer matters a lot because it ultimately determines whether the condo building will actually be completed. There have been cases of condo projects in the past that halted construction because the developer ran out of money. In such a case, it might be difficult to get your money back.

For condos that are already ready for occupancy (RFO), the reputation of the developer can tell you if they are committed to work with the condominium homeowners’ association to help manage the condo. Condo management means adoption of effective security measures, strict implementation of condo rules, and proper maintenance of the building.

This is not an endorsement but Ayala Land, Robinsons Land, Megaworld, Federal Land, Century Properties and DMCI, among others, have proven themselves to be reliable real estate developers in the Philippines based on their ability to turn over condo projects to homeowners within predetermined dates.

3. Parking

If you think condo units are expensive, wait till you hear how much parking spaces cost.

In our Makati condo, a 9-square-meter of parking slot costs between P400,000 to P500,000. Yup, around half a million pesos. In BGC, some parking slots sell for P600,000 to P1.5 million. 

If you can afford it and if you really need to have one, get it. But if you think it’s too much, renting a parking slot may be the next best thing. Rental rates normally range between P3,000 and P10,000 per month.

Inquire with your condo’s property office how to rent one or ask other condo residents if they are renting out their unused parking slot.

4. Noise

In a condo, you share everything with other residents — elevators, swimming pool, playground, garden, etc. That includes the noise as well.

When our new neighbors upstairs moved in, I could hear their footsteps almost everyday during the first week. One time I opened the windows, I was greeted by the screaming blast of karaoke from the residents below us. One Sunday morning, I was woken by the sound of the drilling machine in the unit next door.

The good thing is you can call the guards on duty to complain about these concerns but, honestly, it gets tiring if you’ll have to do it every time. If they won’t stop even after you have complained, you’ll either have to live with the noise or file an official complaint against the unit owners, with the building administrator.

It only goes to show that living in a condo does not necessarily mean you can get away from the noise and bustle of the city.

5. Amenities and Population Density

A condo may be expensive because of the amenities it offers. Normal amenities include swimming pool, gym, children’s playground, function room, and the like. Assess whether the price you are paying corresponds to the value of the amenities available to you.

Tips when buying condominium in the Philippines

“Population density” refers to the number of people per unit area of space available. In a condo, this translates to the number of residents sharing amenities.

Of course, the more residents a condo has, the less space is available to you. For example, our swimming pool at our BGC condo can comfortably accommodate only eight people. Put some more and the pool will look like a can of sardines.

It also has four elevators and normally I wait 1-2 minutes before I can get on one. Two of the elevators broke down one day, and I had to wait more than 10 minutes because the working elevators stopped at every floor.

In short, the more people living in a condo, the more inconvenient it gets because you’ll have to share the amenities with more people.

6. Association Dues

Living in a condo means paying an additional expense every month: the association dues.

This represents your contribution to the shared costs incurred by all condo owners, such as electricity in common areas, water used in swimming pools and for watering the plants, wages of security guards, janitors, and maintenance workers, among others. This is usually a fixed amount multiplied by the total floor area of your unit AND parking slot, if you have one.

Our monthly dues at our Makati condo was P40.00 per floor area while at BGC, it is P55.00 per floor area. Make sure you pay these association dues on time because like credit cards, the penalty interest rate for late payment ranges from 1-4% per month. That surely is a hefty price to pay for living in a condo.

7. Rules and Regulations

As a resident, you are bound by rules and regulations applicable to all residents and tenants of the condo building.

Some condominiums, for example, totally disallow pets and animals of all kinds. There are condos that forbid tearing down a part of your unit or changing the color of your wall. Some condos allow residents to use the swimming pool or common area up to a certain time only. Parties inside residents’ units are allowed but normally have to end before 10 or 11 p.m. Know your condo rules prior to buying so you won’t be surprised by the regulations once you have moved in.

To wrap up, if you’re looking to buy a condo unit, don’t be concerned with price alone. Several things must be considered so you won’t feel shortchanged or disappointed with your purchase. The list above may not be exhaustive but we hope this gave you an idea on what to look for before buying a condo.

Happy condo living!

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About this post: buying a condo in the philippines, condo living, Buying condo in Philippines, buying a condo in philippines, buying a condo

85 thoughts on “7 Useful Tips when Buying a Condo Unit”

  1. Rachelle Gonsalez says:

    This is awesome!! These tips really helps.
    And also,in buying a condo unit,we must pay particular attention to the details of the contract and discuss some important points you want to clarify. You can also make some suggestions or propose changes to your contract. For example, you are not certain about paying for a gym membership since you don’t work out that much or you want to upgrade the pre-installed appliances in your unit. You can discuss these with your broker or the owner of the building. By voicing out your opinion, you will save yourself from regret and complications later on. :)

  2. Victoria Dela Cruz says:

    Very well said. I was also thinking of buying on a property for investment somewhere in BGC.

  3. Victoria Dela Cruz says:

    Very well said! One reason to consider when buying a real estate is the LOCATION. That’s why I choose Taguig because it has everything that I need. It has SM Aura and being a foodie, the restaurant choices are vast and just what I need for my midnight cravings! My dilemma now is where do I find a condo in Taguig? Can anyone point me in the right direction? TIA.

  4. Derek Gonzales says:

    One more thing to consider in buying a condo is the durability during fortuitous event. For me security is my top priority.

  5. James Gomez says:

    For me in buying a condo you should consider the security,location and the affordability of the condo you are planning to buy.

  6. Jade Pacific says:

    Right, if you are decided to buy a condo, find the right location for you.

  7. ??????? ????? says:

    The monthly dues since the article was written increased twice, now around 80 pesos per sq m., in part 12% tax is charged.

    Developer still controls the building after units were sold out.

    Also try to visit older condominium projects, e.g. in Ortigas or Gilmore, just take a look at the exterior of the buildings. The current projects are not necessarily built better and the higher is the building the more stress on elements of construction, the more as time goes all kinds of problems will pop up and the unit owners will be those who will pay for poor quality of the construction.

    It appears there is no secondary market as well, but with new projects the prices are now flattened, I think downturn is coming.

  8. Anne says:

    if budget is not an issue, i would go for “community” and forget about the amenities. most Filipinos are attracted to amenities, but really, you wouldn’t use amenities all the time.

  9. Jessica Magnus says:

    Beware nthough most condos have hidden defects. I own one built by Federal Land and after just a few years I need to shell out cash to repair things that are not personnally used by me like the wirings of intercom and electrical which will have to be repaired for 4kThey’ll inisist that these broke due to wear and tear which is impossible considering that there are other units with the same issue. Further elevators usually broke after 3 yrs, ours already repaired by shelling out almost 1M using association dues to pay off. Same issue though with other developers. DMCI and SMDC have issues too with water leaking from ceilings.

  10. Banjo Suarez says:

    You should also consider the credibility of the Developer with regards to its willingness to turnover the control of the Board of Directors of the unit owners into the home owners. This is important because if the Developers will not turn over the control of the association of the condo, it will be suceptible to abuses particularly in the handling of the association dues, procurement, maintenance, implementation of the policies and security. Most of these abuses are being done by controling the Administration Office.

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