July 06, 2011
Yes, it’s everyone’s dream to own a place they can call home. But not everyone gets that opportunity. Not because they can’t afford it, but because some had a mindset that real estate is such a complex industry. You might ask yourself, “What do I need to do?” Or, “Can I really afford it?”
Here are some pointers that can help you:
1. PRICE – there is no price too cheap for a dream home. You might end up getting a cheap “dream home” too. Make sense?
So how would you know if you are getting a good deal? The best way to find out is to compare prices of these condominiums in your preferred area. Get the Total Contract Price (TCP) and divide it to the size of the unit area. For example, your total contract price of 2M for a 28sqm area.
Illustration:
Php 2,000,000 / 28sqm = Php 71, 428.57 per sqm
By doing this, you can easily figure out who offers the lowest price in the area.
You also need to know the payment terms.
· Pre-selling condominiums:
- DMCI Homes lowest payment term is 15% to 20% down payment, usually split payment until turn over date. The remaining balance can be settled through in-house financing at 17% interest rate or you can choose bank financing also. Nowadays, banks are becoming competitive to offer lowest interest rate for as low as 5.75%. (Reference- HSBC Personal Home Loans). This gives the buyer the opportunity to choose which bank offers a good deal. Also, regular discount is available depending on what payment terms you choose. For cash buyer, a sure minimum 10% discount is being offered.
· Ready For Occupancy (RFO) condominiums:
- Most DMCI Homes offers 5% spot down payment move in promo and another 15% is payable in 24 months at 0% (zero percent) interest for high-rise condo and 14 months at 0% (zero percent) interest for mid-rise condo. The remaining 80% can be settled through in-house financing but can be converted to bank financing at buyer’s request.
2. LOCATION, LOCATION, LOCATION – is one of the big factors in considering when you buy a property. While we aim for the lowest price, one of the things buyers need to consider is the location. Most wise buyers consider the value of health, security, accessibility and time travel. It’s always worth the money when you can go home early and get some rest or spend time with your family and kids. And for young professionals, you may get to enjoy what you love to do the most than spending time on the road.
3. QUALITY and FEATURES – Of course you want to get what your money is worth. In most cases, what you see in the showroom or model units is not what you will get. Model units are enhanced and customized unit to only get an idea of how big is the size and the interior design it can be done to your unit. You can ask your trusted agent of the actual deliverable materials for the unit.
Nowadays, developers are very competitive when it comes to building features, amenities and facilities they offer in condominiums but still others stands out with its unique features they offer for healthy living and security. DMCI Homes, for example, introduces Lumiventte Design Technology, “Lumin” means Light and “Ventte” means Ventilation. It is a free flow of air from the hallway to your unit and you don’t have to open the lights because there’s a natural light that goes through your unit.
And lastly, don’t forget the Property Management. You will wonder what would be the condominium look like in 10 to 20 years from the time of purchase. As the famous saying goes, ”First impression lasts”… well, not in this case. The impressive design and beauty of the condo you bought 10 years ago might not be as impressive as it is today.
DMCI Homes is also known for its professional Property Management (after sales services). Every time I have a client for tripping, I encourage them to visit or accompany them to one of DMCI Homes existing properties to see how it is being managed by the Property Management to assure them that what they will get now will look even better in the long run.
4. DEVELOPER – While most developers (if not all) can deliver the project, not all can deliver on time. It’s frustrating for buyers to know that the turn over date is delayed for some reason. The developer’s credibility is important in delivering the project on time and what was promised. You can read articles, testimonials and reviews of Developers with good track records or visit their websites. Overall you want to get the most out of your investment
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