Two decades back, condominiums were visible only in the Makati and Manila Bay areas. Over the last decade, we experienced the rapid development of Fort Bonifacio, Rockwell, Ortigas and North Edsa. More recently, we have seen condominiums rising all over the metropolis; from Valenzuela City to the North, Las Piñas to the South, and E. Rodriguez to the East.
Condominiums are now designed as total communities with access to malls, churches, schools, and offices. They even designed resort amenities complete with wellness spa and all the facilities that you need in your daily life. And what do we expect to have in the next three to five years? The rise of condominium cities - the city within the city. After Fort Bonifacio, we will experience the new developments in the Quezon City area, particularly the C-5 area up to the Quezon City Circle and North Edsa. Manila may soon say goodbye to the postwar buildings along Avenida Rizal and Recto Avenue.
Even the former fishing town of Malabon will soon have its condominium city, with the vast land along Potrero and Acacia area. Soon urban planners will be busy with the development of these properties. Within the next decade, condo living will be the new lifestyle. Urban dwellers will soon say goodbye to these postwar apartments and dormitories.
So when is the best time to buy? Now is the best time to buy when you could still get the best location possible.
But before you hand over your hard earned money for your condo investment, let me share with you a checklist to consider:
• Make sure you get a professional broker who will help you decide to get a unit that is best suited for you. Remember that real estate investment transcend your lifetime, extending up to three generations.
• Get the best possible location that will suit your budget. Don’t expect to get a condo unit at The Fort Bonifacio if your budget is below P2M.
• Make sure you invest in a project from a reputable developer. Do not be taken away by the lavish properties and audio visuals presented to you. Take time out and research the capacity of the developer or even the marketing arm.
• Make sure you can afford and sustain the unit you will get. There are so many properties that are in the secondary markets at bargain prices because buyers were not able to sustain monthly amortization of their investment.
• Explore what are the feng-shui complications or just follow your gut feel. If you feel it’s a good investment, then go for it. If you have doubts, check other options.
• Know who will manage the condominium. Well-managed condominiums have higher resale value. Mismanaged condominiums end up with unlighted areas with poor security.
• Check the stage of development and completion date of the project. I remember a friend who invested in a condo so when his son goes to college, he will have a place to stay near the school and the location is also near the central business district. Well, his son has finished his degree and now rents a condo unit here in Makati while the condo he got has been idle for the past decade.
By: Renne Isidro
Condocentral issue march 2008 Voll No. 5 P82