getting the keys to your dmci homes condo

Buying a condo is an exciting milestone. Owning property is the Filipino dream, and whether you’re planning on moving into your new property or renting it out for passive income, it’s a huge accomplishment that you know you’ll be proud of… but only if you do it properly.

Condo ownership is a long-term financial commitment and responsibility, and it’s no secret that some first-time buyers tend to sell their condo as pasalo when they realize too late that they couldn’t commit to their purchase, and these buyers usually end up losing money as a result.

Buyer’s remorse is, unfortunately, common with newbie condo investors and turns out to be a very expensive lesson. In this article, we’ll explore the reasons for buying a condo, how to know if you’re ready, the common misconceptions about condo buying, why buyer’s remorse happens, and what you can do to avoid it.

Why buy a condo?

People buy condos due to their potential as investments. Condos like DMCI Homes properties show high-value appreciation and are ideal for passive income opportunities due to their strategic locations, amenities, and convenience. A condo can offer a substantial return on investment (ROI) if purchased in the right place at the right time.

But for the non-investors, the decision to purchase a condo has more to do with their lifestyle and the desire to own property without the full responsibility of owning a standalone house. Condos offer a low-maintenance lifestyle and allow you control of your living space while sharing maintenance costs with other condo owners through the condo’s association dues.

Are you ready for a condo?

Before you make the big decision to purchase a condo, you have to evaluate if you’re financially and personally ready to commit.

Let’s talk finances.

A stable income, a substantial down payment amount saved up, an emergency fund for unforeseen circumstances — these are the financial aspects you should get before you even think about talking to a sales agent or broker. You must also consider the ongoing costs once the condo is turned over to you, including condo fees, insurance, and property taxes.

Are you ready for the condo life?

What’s your lifestyle like? What are your long-term goals? Are you ready to commit to condo living? Do you plan to stay in the area for an extended period? Asking yourself these questions and taking your lifestyle considerations into account will help you determine if condo living aligns with what you want to get out of life.

Here’s why buyer’s remorse happens to condo buyers.

Buyer’s remorse stems from misconceptions and unrealistic expectations about condo ownership. There are many common misconceptions about buying a condo; some buyers were led astray by their agents, and others simply didn’t do their due diligence.

Many buyers underestimate the true costs of condo ownership, including the condo dues, taxes, and even recalculation of interests during the repricing period. At the same time, some buyers expect their condos to appreciate rapidly, only to find that market conditions are unpredictable. When their investment doesn’t meet their expectations, remorse sets in.

Meanwhile, there are condo owners who buy property for them to live in. However, condo living also involves abiding by rules set by your condo association. ‘No pets’ is a common rule in some condo developments, but buyers who don’t research the property will only find out later that they can’t bring their furbabies with them when they move in.

Simply put, impulsive decisions without proper research about the condo project, developer, and community can result in buyer’s remorse for the new owner.

What should you do to avoid buyer’s remorse?

Buying a condo isn’t something that you can just walk away from if you decide that it’s not for you. Investing in something with a million-peso price tag can be overwhelming, but through thorough research and planning, you can avoid experiencing regret and look forward to a secure future with your condo.

Knowing when you’re ready to invest and coming up with a clear plan can prevent buyer’s remorse and save you from losing big money on something you’re unsure about. When in doubt, DMCI Homes Property Advisors can guide you through the buying process, providing valuable insights to help you make informed decisions on your big purchase. 

Message our property experts here to explore your condo options and embark on your journey to condo ownership.

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