CONDOMINIUMS 101
by Thrace Alcalde

These is no stopping the rocket of cutting edge technology, global access in communication, intense competition in all fields, fast-phase living….the world evolving before us. To some, this is a sign of progress, a relief of our slow and feudal economy & society, but to others, this is scary….

Should this be a source of fright?

Fast-Phase living is an evolution, and like the evolution of man, we did pretty well….we adapted.

One of the great progresses of adapting to this evolution is High- Rise Living. More and more people in larger numbers everyday consider the need & convenience to stay where the progress is and purchase condominium units in the city and suburbs for practical reasons. True enough they all want to adapt, but the question is” how to purchase the right condo unit.”

In order for one not to “get lost “in this investment especially for the first-time condo buyers, there is a phrase that can guide us. “ LoaD DaT GRaM”


L- OCATION And DENSITY

Investing on a condo unit is an important decision so it is paramount that one must choose the location that best suits his needs and/or lifestyle. “One can ask himself” Is it near my work/office, is it near major thoroughfares? (An example is The Gallery in Makati and The Currency in Ortigas)

If you are a businessman who travels a lot, choosing a property near the fastest access to the airport is a must. (An example is Trevi Towers which is located at Makati)

“Is the location of the condo quiet enough for privacy but near enough to commercial areas such as supermarkets, drugstores, laundry shops or your church?”

“Is the property near your school or the hospital?”

One very good example of an ideal location to buy a condo unit is in Fort Bonifacio (An example is Avant). It’s bounded by Makati, Mandaluyong, Parañaque, Taguig & Quezon City making it the hotspot of practically everything you are looking for in a community-Privacy, Access, Commercial, hospitals, Airport etc…

Density. This factor is commonly set aside by the investor but it is important to ask the following questions:

“How many units are there per Floor?”
“How many floors?”
“How many functional elevators and stairwells does the building have?”

Remember, you should not purchase a unit out of excitement fresh from seeing the model unit or just for aesthetics, every detail should be clear as crystal…after all the unit you will buy will be your home, picture yourself doing well going about your daily activities in your new property. If you have doubts, don’t sign that check yet….ask more questions.

D-ATE OF TURNOVER

Let us face the simple fact that the major reason people buy condominium units is because they want to make it up to use. When you do an ocular inspection to a model unit that you fell in love with only to find out that the turnover date is practically “forever”, it’s a very frustrating experience. (Properties turning over soon are Symphony Towers and Pine Crest)

It doesn’t matter if the unit is for family living or an investment to be leased for rental living; it all boils down to “you want to use it ASAP. (Madison Place is now ready for occupancy)

G-RAND PLAN

All fine condominium units are drawn from a grand plan. This is an important detail that one needs to have an active interest in (Wil Tower Mall is an example of a property that has garnered high public interest). The grand plan should include accurate zoning, following of the building laws, Security, parking spaces traffic planning, open space plans, parks and green areas.

After all again, you would want to know how the building is projected to look like after a decade.

R-EPUTATION

The “R” can also mean responsibility. Responsibility to do some research about the Developer (Here’s more information on Vista Residences).You must know that not all big companies has good track record of their projects. Here are some tips to kick off your data – gathering…

-Ask about previous projects from the developer and inquire if they were able to finish on time & handover the units to the owners.

-Ask the sales manager/broker if he/she can give you a comprehensive background of different condo-projects, developments of their company and ask for the strength AND weaknesses of the projects.

-Go an extra mile. Ask friends, associates, friends of associates who might have bought condominium units from these companies and listen to their feedback.

-Read. Read reputable magazines, Books or articles from people who are respected and known in the real estate industry about the standing of the company even business dailies that may contain news about their stocks…know their solid properties, know their people.

M-ANAGEMENT

Property developers who put appreciation of property values paramount are usually the better companies.

It is important to know how much the dues are… By knowing this you can determine if you will get what you will be paying for.

You can see this buy doing an ocular inspection of their standing projects. Look how they maintain amenities that attract the investor during selling. The swimming pool, the grand lobby, the hallways, elevators other amenities etc… are they consistent?

Observe the discipline and equipment of the security personnel. Do they employ security personnel from reputable agencies too?

Normally a reflection of good condominium management should impress you in an ocular inspection.

So there it is or now. Adapting to the evolution of high rise living starts with knowing where to start, what to look for and making two steps forward, one step backward. It’s generally science.

Ignorance more frequently begets confidence than does knowledge: it is those who know little, not those who know much, who so positively assert that this or that problem will never be solved by science.
-Charles Darwin