April 04, 2022

Essential Things to Remember for First-Time Condo Owners

Buying a Midori Terraces condominium is a big responsibility. There are numerous things to consider before you sign your name on the dotted line—from obtaining financing to paying monthly association dues. 

It can all be quite overwhelming, especially if it’s your first time purchasing a unit. If you need help figuring things out, this handy guide has everything you need to know so that the buying process goes over smoothly. 

Know Your Financing Options

Don’t let the price tag scare you off from getting that Midori Terraces condo you’ve always wanted. There’s always bound to be a financing option or payment scheme that can help you pay for the full cost of a residential property, depending on your financial situation. Make sure to ask around and shop for the perfect method for you and your needs, whether that’s a housing loan or a deferred payment plan. 

Take Note of Association Dues

Association dues are monthly fees collected from residents to cover the costs of condo maintenance, upkeep of amenities, and insurance. Some condo association fees are more expensive than others, so while you might be able to afford the unit itself, these regular payments might put a strain on your finances. For this reason, it’s important to ask the condo’s management how much their monthly fees are and what exclusions apply.

Prioritize Location

Besides being near your workplace or school, it’s also important to find a condo that’s in a high-growth location. However, you don’t necessarily have to go for condos in expensive areas like Makati City or Bonifacio Global City. Condos near mass transportation hubs or commercial areas are also highly valuable properties. Living near these facilities also makes it easy to get where you need to go, as well. 

Make a Budget

It’s unwise to go straight into purchasing a Midori Terraces condo without first preparing a budget. You’ll need to take into account how much you can spare for the unit itself and any miscellaneous expenses. These expenses include taxes, maintenance, labor (in case you’re planning to renovate the unit and if you need help moving your belongings from your current residence to your new one), and furniture. Don’t forget to plan for monthly expenses, such as your mortgage, utilities, and association dues.

Assess the Amenities

Part of the fun of living in a condominium is getting access to all the property’s excellent amenities. There are plenty of new condominiums these days that offer themed amenities that you won’t find anywhere else, such as rooftop bars and meditation facilities. Otherwise, most condos offer basic amenities such as a swimming pool, gym, and clubhouse. When visiting the condos you plan to live in, it’s helpful to assess the amenities and figure out which ones are right for your lifestyle and preferences. 

Ask About Condo Rules and Regulations

A condominium is essentially a community. As such, you’re expected to properly behave and respect the peace and privacy of your neighbors. Knowing the rules and regulations of the condo will help you out in this area immensely. You can ask the property management office for a copy of these rules and regulations and any concerns you may have. Some crucial concerns that you need to address include whether the property allows pets, how many tenants are allowed per unit, and if there are any curfews, among many other things.


With these essential things in mind, you’re ready to commit to condo ownership!

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