Some things to consider that you may not realize when get a pre-sold condo/property by Jomar Hilario
1. Preselling mean the condo has not been built yet. That's why the price is cheaper.
2. This also means you're not sure if they'll ever make the building according to plan.
3. That why you should select a large developer and not one you've never heard of or a tiny one in the provinces. My family lost 100,000 because we invested in a tiny developer.
4. The easiest way to see if the developer is "big" is to checkout their financial statements ONLINE - if they're a public company. Click here for an example.
5. Public means they're listed in the Philippine Stock Market
6. So open a newspaper and go to the Finance News and look under "Property"
7. Those are the biggest developers (who are public or "listed") in the country.
8. If the developer is not there, they're "private" so you may have to ask them directly - by going to their offices (really!) what their OTHER projects are. Yes, this article was created by Jomar Hilario and if ever you intend to copy this my name is included please.
9. If they have very small projects and you're buying a small project (Meaning: condo building) also -- that's probably okay.
10. If they have school buildings and you're buying a condo --think TWICE and do it again. Answer this: if the real estate industry goes "down" (again), will this company have the money to still create your building?
11. Never ever deal with a person who says he's an "agent" . Only deal with Licensed Brokers.
12. Licensed Brokers typically know more information than you need than a "agent" - who's probably only after the commission and may ignore your requests.
13. I've dealt with 2 agents (one who simply resigned w/o letting me know) and their boss (who probably isn't a broker) and they all behaved the same: They never call back. They ignore your requests. They answer in the strangest way possible to avoid your questions. Yes, I've already reported them to their own bosses - and to the public via Twitter.
14. Document every dealing with the licensed broker by taking pictures using your cellphone or digicam of each meeting and document (a 2 megapixel phonecam is good). Keep everyone honest.
15. Never think that you'll stay in this one place forever - since its a condo and it's difficult to "add more space/floors" when your family grows. So always consider it's location, location, location.
16. If it's located in place or near a place with lots of offices (large commercial areas) then the location is good for starters.
17. So when you move out to your permanent place (a larger condo, a single detached house in a nice subdivision) it's easier to rent out your "old" condo.
When in Cebu city, please visit gregmelep.com for your real estate and retirement needs.
Photo by http://www.flickr.com/photos/adforce1/
No comments:
Post a Comment