Considerations in Buying a Condo

PHOTO: Real estate developers sometimes go the extra mile with their condominium projects offering more than the usual amenities, examples of these are business and private lounges, and kids’ playroom, which are all offered in MidPark Towers.

Whether you are thinking of purchasing a new home or looking for an investment to grow your money, buying a residential condominium is a great option. For families and individual dwellers, condos offer security, amenities and convenient living. While for investors, condos offer investment with potential for high-value appreciation and provide self-sustaining investment through short-term and long-term unit rental.

However, choosing a condominium is not easy given the number of options out there and the factors that need to be considered before owning one. Here’s a handy checklist that sums up the key considerations to help you choose the right condominium development for you.

Location. Location. Location.

First thing to consider is its location. If you plan to purchase a condominium unit for end-use, its accessibility to important developments such as schools, hospitals, commercial establishments, and transportation hubs is the key to ensuring that your daily needs are easily provided.

Purchasing a condominium that’s well-situated in a prime location, especially in CBDs or township developments, will not only provide you convenience but also has a high-value property appreciation. It also makes your condominium highly attractive for potential renters if you’re purchasing it for investment. For instance, MidPark Towers is a luxury residential development located inside Aseana City in Parañaque, which is considered as one of the fastest-growing CBDs and the next-generation cities in the metro. The development is connected to public infrastructures such as NAIA Expressway (NAIAx), LRT Line 1 Extension, and the Paranaque Integrated Terminal Exchange (PITx) making it a transit-oriented development. It is also within walking distance to large-scale mixed-use developments such as Ayala Malls Manila Bay, City of Dreams Manila, Solaire Resort and Casino, and the Mall of Asia Complex. 

Safety and Security

Safety is another key consideration in purchasing a condominium. Residential developments inside a master-planned community usually provide ample security features for their residents and guests. Aseana City, where MidPark is strategically located, has 24/7 on-ground security personnel and is equipped with an Integrated Operations Center (IOC) designed to help manage complex city environments, incidents, and emergencies with a city solution that delivers operational insights. It offers integrated data visualization, near real-time collaboration, and deep analytics to help the estate management enhance the ongoing efficiency of its district operations; plan for growth; and coordinate and manage response efforts.

Spacious Residential Units

A spacious and livable space is an important factor to consider when purchasing a condo. With hybrid work set-up becoming the new normal, having ample space inside your condo would allow you to create your own work-from-home station where you can do your tasks separately, without sacrificing space for your family to enjoy and spend time with.

MidPark Towers offers spacious residential units ranging from Studio units at 40 sqm., to one-bedroom units at 52 sqm., which are perfect choices for investors and even for starting nesters or individual dwellers. Next are two bedrooms at 80 sqm, and three-bedroom units at 120 sqm., which are ideal for growing families.

Exceptional Amenities & Property Management Services

Purchasing a condo unit is only the first step, but the end goal is to enjoy living in it and m ake the most of what you paid for. One of the main advantages of owning a condo over a house is the availability of its amenities that you can conveniently use and enjoy. An outdoor swimming pool, fitness gym, function rooms, and functional open spaces are some of the amenities usually offered in condominium developments. Real estate developers sometimes go the extra mile with their condominium projects offering more than the usual amenities, examples of these are business and private lounges, and kid’s playroom, all offered in MidPark Towers. These amenities are perfect if you need a change of scenery and a quiet place to do your work-from-home tasks or finish some readings while allowing your kids to play and do fun activities in a safe space.

Another underrated factor to consider in purchasing a condominium unit is its property management services. The condominium product you’re buying does not end after you purchased it, having an exceptional property management team in the project is an important consideration that should not be missed. Maintaining the upkeep of the condominium by dedicated and highly professional property management can guarantee the order and quality of your home.

High Value Appreciation

For those looking to purchase a condo as an investment, it’s important to select a property that has the potential to appreciate in value. The main factors that increase the value appreciation of condominiums are its location, developer, and product quality.

When it comes to location, being situated in a master-planned community has a potential for high-value appreciation. Make sure to check for existing and upcoming public infrastructure and transportation projects near the area as well, as this will help boost the value of your property in the future upon completion. 

The reputation of the developer is another factor to consider. Knowing the track record would help you identify its capability to provide quality products to its clientele. Luckily, MidPark Towers is owned and developed by Aseana Residential Holding Corp., the same people behind Pixel Residences – a mid-rise condominium also located inside Aseana City that was recently awarded as the Best Completed Condo Development in the 2022 Philippine Property Awards.

In addition to these considerations in purchasing a condominium, the real estate industry in the Philippines is already seeing an uptrend performance, even amidst current market volatilities. Based on the studies of Colliers Philippines, a real estate and investment management company, our economy grew by 7.8% in the first three (3) quarters of 2022, ahead of government targets of 6.5% – 7.5%. While demand for pre-selling condominiums is gradually recovering; in their view, mid-income and luxury residential projects are likely to remain resilient. Employees returning to traditional office spaces fuels the demand for condos for lease in key business hubs.

On the other hand, Property prices also continue to rise. According to Bangko Sentral ng Pilipinas’ latest Residential Real Estate Price Index (RREPI), nationwide residential property prices rose by 2.6% compared to the same period a year ago; in the capital region, condominium prices have grown by 8.4%. Historically, property values appreciate over time – from 2017 to 2021, condominium prices in NCR have grown to an average of 31.96% year on year.

Sounds like a good time to purchase and invest in condominiums now? All signs point to yes. For your real estate considerations, Aseana Residential Holdings Corporation’s (ARHC) MidPark Towers is in its pre-selling stage and is set to provide your luxurious needs by 2025. 

For inquiries, you may contact (+632) 8805-2501 or inquiries@midparktowers.com. You may also visit their website at www.midparktowers.com and www.dmwai.com for more information.