Investing in a condo sure can make a dent in your savings. It doesn’t end with purchasing one, there are numerous things you need to do once you put the property under your name such as furnishing it or availing condo insurance. Despite this, there’s a demand rising for condominiums in the real estate market.
Sure, the best and most expensive condominiums are usually located in the central business district (CBD). The nearer it is to malls, hospitals, and more, the more expensive it is. Its convenience is not cheap. Developers, however, saw the potential gain they can get from first-time buyers and even young families. As land properties are getting more expensive by the day, lower-range condominiums are built. So to answer the question if there are cheap condos?”, the answer is yes but there’s a catch.
More than it really is
What’s the most common deciding factor of buyers? Pricing. More often than not, some real estate sellers put up an attractive price to get inquiries. Don’t settle on this information. Be careful and precise in your inquiry. Make sure to ask and know about every single peso you have to shell out. Lower-range condos may seem cheap, but there’s a possibility of needing to pay more once turned over.
A supposedly great location
As mentioned before, one of the factors considered for a condo’s market price is its location. Before you get your hopes up from a condo advertisement stamped with “great location at a bargain price”, check it out for yourself first. Lower-range condos are not situated in prime locations. More often than not, it is not inside a CBD. It may be a few minutes away or along a major thoroughfare like EDSA.
A crowded floor
When a condo is crowded, it means there are more units per floor. Some developers of lower-range condos would do this to maximize their profits. Once you think of getting one, just imagine how many neighbors you’ll be having.
Getting a cheaper condominium may cost you less, but there are definitely perks you’ll have to do without. Before you sign off into an agreement with a developer, always weigh in the pros and cons. List out everything you think would be beneficial for you when you invest in it, including those in the long run. This way, you’ll be sure to not regret your decision. After all, a cheap condo is still an investment with your own hard earned money.