Looking at Makati properties? A condo perhaps? Investing in real estate is a huge step that is both risky and rewarding. It doesn’t hurt though, to make sure that you are getting the best deals. Remember that getting a condo is not like getting a house. When you buy a Makati condo, you are buying into a group of individuals living in one building. It’s like joining an organization. Ask yourself these questions before jumping in.
- How much will it cost? This is the first and most important question you need to ask yourself when you are looking for a Makati condo to buy. There is no ballpark figure for condos because they vary dramatically. Factors that contribute to the price of a condo include location, amenities, developer and insurance coverage.
- What are the rules and regulations of the building? A Makati apartment or condo may not allow pets or certain kinds of appliances inside the units. They may also prohibit you from renovating the unit. Make sure that you check all these terms and conditions before buying. Read all the rules and do not move in unless you are sure that you can live by those rules.
- How much money is in the condo’s capital reserve account and how much funds do they get annually? When Makati properties have a small reserve fund, it means that your condo building may not have a good maintenance structure. The reserve fund is used to carry out repairs that every building requires on a regular basis. Ask the condo building management for a copy of the budget for the last couple of years or so and see if they have enough money to maintain the building. If not, the value of your Makati condo will depreciate because the quality of the structure has diminished.
- How many personal units are occupied? A large number of tenants within your Makati condo can mean that there will be a lot of unwanted noise within the condo. You are also more likely to have neighbor issues if you are going to live in a condo that has many occupants. You can also have problems when you resale or finance the condo. No one really wants to live in a place that has too many people.
- What does the insurance policy cover? Your Makati apartment should have insurance coverage for certain situations such as theft. There should be a separate insurance policy for the items inside each unit due to leaky pipes or a roof leak. The place must also have a policy that will cover problems from any of the common areas.
Getting a Makati condo or apartment may be one of the best choices you can make when looking for quality residential options. You should make sure you really get the best. By considering some vital questions, you can do just that.
