Date Posted: 2012-06-01 10:25:13
Site Posted: Myproperty.ph
Condominium developers work tirelessly to make people see the benefits or living in or investing in a condo. They use colorful flyers, hire popular celebrities and invade malls just to get their message across, and a lot of people do get swept by their claims.
However, it’s not until buyers have purchased a condo for sale that they experience the shortcomings that come with the benefits. Here are some of the most common complaints that Filipinos have about buying a condo unit.
1. Buyers sometimes lose their deposit. Local real estate experts agree that this happens often, especially when buyers deal with a bad agent. The key to avoiding this is to hiring trustworthy agents, and to learn to keep track of their purchase. Buyers should also remember that while they are allowed to reserve a condo unit, they have to keep with a strict deadline. If you fail to hand over the required papers to make your purchase final, your reservation fee will be forfeited.
2. OFWs are often manipulated. Because OFWs are out of the country, they are often unaware that they are already being taken advantage of by a dishonest agent. Some OFWs claim that they have been duped into paying for a unit that other buyers are also paying for. If you want to ensure that your investment is sound, be sure to only work with an agent who is from a reputable company, and can prove that he is in fact a representative of the company.
3. Parking space is not sold with the unit. Experts note that in most instances, parking slots are sold separately to give condo buyers the option to own one or not. There are some people who buy condos but have no use for a parking slot, so it would be a waste to bundle parking with the condo unit. If you are looking to earn some money, though, you can buy a parking space to lease out to other residents with vehicles, which is perfectly acceptable.
4. Some builders don’t believe in full disclosure. There are instances when developers don’t offer certain information up front, like the risk of the area undergoing extreme flooding, strong earthquakes and landslides. To avoid buying a condo in these areas, check with the local government: the Housing and Land Use Regulatory Board and the LGU can prevent the construction of condo projects in areas considered to be geological hazards because they are in charge of issuing development and building permits.
Advertisements only display the benefits of living in a condo, so you have to be cautious about making a purchase. Be sure to research on the property you want to buy and hire a great agent to help you out before going for it.
Jillian Cariola, Writer
(cover image by Steve Knight)
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