Location, Location, Location....and Price... and Size
We have been looking around for a condo to invest in quite recently. We have visited several projects and to date, have yet to buy something. Maybe we're secretly hoping that having FPJ for President will send property prices downward still. Kidding aside, it is quite difficult to make that choice between maintaining liquidity and investing, particularly when you have two small kids and circumstances are quite fluid.
We have seen a few projects that we like. Amortizations though are quite high - and in-house financing rates can be quite unbelievable. Even bank rates which have already come down are still pretty significant (compared to other countries as I have learned from friends living abroad). And of course, you never know the way interest rates will go in this country.
Buying properties on a pre-selling basis can come out cheaper - though unless you go with a name like Ayala - you still entertain some doubt as to whether the project will be finished on time or if the quality of development will be acceptable. Buying a unit in a finished project, on the other hand, assures you of what it is you are really buying - but the downpayment required by banks can be quite steep. Looking around at some model units, we think that it would really be nice to have developers prepare a bare unit - how it will look like upon turn-over - without all the adjustments done to make a model unit look so attractive.
We are partial to the Ortigas, Mandaluyong, and Quezon City areas. A 2BR unit is acceptable, a 3BR, ideal. Throw in a maid's room and we'll be happy. Of course, having a budget in mind, makes the decision-making process longer.
Below are some contact information for people who have helped us with our inquiries in the past. If you are looking around for property to buy, you may want to get in touch with them:
Roselle Liceralde (for Robinsons Land - One Gateway Place at Pioneer) - 0917-818-88-88
So go see the projects. Ask all your questions. I think it's still a buyers' market out there.
[By Angelica Viloria | Thursday, July 31, 2003]
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