Alabang, known for being peaceful and “chill,” is a barangay situated at the heart of Muntinlupa city. This place is an excellent place for people to unwind, relax, and eat great food during the weekend. On top of that, it is a hot spot for residential developments. Various condo units are up for sale, which gives you the opportunity to experience the benefits of living in the South.
Purchasing a unit, however, requires careful planning. If you want to live in a condo unit in Alabang, take note of this essential guide.
Research on the Details of Your Preferred Unit
Before you make any purchase, do your homework by learning about the condo’s rules and regulations, the size of the unit, and other specifications. Doing your research will help you decide if the condominium you want to move in is right for you.
Scout the Location of the Condominium
Apart from checking the details of the unit, consider the location of your future home. Look at factors, such as:
- Traffic Situation
- Difficulty and Amount of Time Need to Commute from the Condo to Work
- How the Area Looks Like during the Rainy Season
You can learn more about the area by:
- Asking the locals
- Observing the traffic in the area from a coffee shop or other establishment
- Renting a room near the location of your dream condo for a couple of weeks during the rainy season to find out how the area looks like when it rains
Check Your Financial Capacity
Not everyone has the money to pay the unit they want entirely. Some have to apply for a government loan while others have to borrow cash from the bank. If you’re the latter, you need to prove to the financial institution that you have what it takes to pay for your condo on a staggered payment plan.
Save up for an Emergency Fund
On top of setting aside funds to pay for the down payment of your condo unit, you need to prepare an emergency fund, also known as a rainy day fund. You use the money in this fund to offset any unforeseen expenses, such as hospital bills.
The amount that you need to save in your emergency fund account would depend on your income and lifestyle. The rule of thumb, however, is to set aside three to six months’ worth your total income or salary.
Prepare the Documentary Requirements Even before You Buy
Cash is not the only requirement you need to satisfy when you buy a condo unit. You also need to secure the necessary paperwork, such as:
- Certificate of Employment with Compensation
- Income Tax Return
- Bank Statement
- Valid IDs Issued by the Government
- A Few Months’ Worth of Payslips
- Proof of Billing Address
- Birth Certificate
Ideally, you would want to have all of these documents ready as soon as you can to avoid delays in your condo purchase.
These suggestions will help you achieve your life goal of living in a condo. If you need further assistance in your unit planning and purchase, do not hesitate to get in touch with a reliable real estate agent.