A Simple Condo Buying Guide for Philippine First-Time Buyers

Condo Living.

Although an exciting decision, buying a home can be pretty daunting, especially when it’s your first time. There are simply too many considerations, from legal paperwork to financial matters down to unit inspections, not to mention the anxiety of making a costly mistake along the way.

By being deeply familiar with the process though, you can overcome the jitters and come out of it confident and without regrets. The condo buying guides Philippines-based real estate companies provide are highly useful whether you’re a young or seasoned professional exploring the property market.

If you’re planning to buy DMCI Homes condo, follow these steps for a worry-free, smooth-sailing purchase experience:

1. Determine your condo buying budget

Since homebuying is primarily a financial transaction, the first step you need to take is to find out how much of a home you can afford. This tip is especially important for new couples and young professionals who are still trying to establish financial stability.

The basic rule in homebuying is your monthly loan payments must not exceed 25% of your post-tax income. Otherwise, you’ll be short on paying for other important expenses, such as food, transportation, medical emergencies, and more. Once you determine your condominium buying budget, you can then check out sample computations of monthly loan payments of different developments to see which properties suit your financial capacity.

Determine your condo buying budgetPhoto courtesy of Mikhail Nilov via Pexels

The next big expense you should prepare for when buying a condo in DMCI Homes is the downpayment. Usually, this is 10 to 15% of the total contract price. This means if you’re eyeing a P3M condo, you must save at least P300K for the down payment. The good thing about DMCI Homes projects though is that you can stretch out the payments for a number of months, making it less overwhelming. The payment period can last from 24 to 56 months.

2. Decide on the location

After sorting out your finances and knowing the price range of condos you can afford, you can now move to finding the home that matches your budget. Start with the location since this factor influences the prices of real estate Philippines-based developers offer.

Generally speaking, condos located within central business districts (CBDs) are more expensive than those in the fringes. In provincial areas, those in tourist destinations are costlier than in less busy areas. But more than the price, consider your lifestyle as you choose a location.

Decide on the locationPhoto courtesy of Dmitry Berdnyk via Unsplash

If your daily routine involves reporting to the office, then it’s best to have a condo near your workplace, perhaps within the CBDs. Meanwhile, a home in a tourist destination may work if you have a remote work set up. Fortunately, you can find plenty of condo choices in DMCI Homes developments. Know your options by using our online search tool and keying in your desired location.

3. Discover different condo types

You’ll be able to maximize your budget and find the best-suited home when you explore different types of condos. Choose among these popular types:

  • By property availability. You can choose between ready-for-occupancy and pre-selling condo. The former, as the name suggests, is already a built home. It’s often more expensive than the latter, as the price has already increased from the time it was built. Meanwhile, pre-selling condos aren’t built yet, and therefore, carry low introductory prices.
  • By development design. You can choose between mid-rise and high-rise. The former has a much warmer community feel than the latter. If you prefer this, you can opt for DMCI Homes’ Calathea Place in Parañaque, Rhapsody Residences in Muntinlupa, or Levina Place in Pasig, among other options. But if you want the luxurious vertical lifestyle, the high-rise DMCI Homes condo The Crestmont in Quezon City may be the better choice.
  • By interior layout. You can choose among studio, one-bedroom, two-bedroom, and loft. Decide based on your need for space. For single professionals, the studio and one-bedroom units are enough. If you’re moving in with your family (or planning to start one), choose the two-bedroom or one-bedroom condo DMCI Homes sells.

Discover different condo typesPhoto courtesy of Life Of Pix via Pexels

Start your property search online. Save in your internet browser the DMCI Homes projects that interest you, and then narrow down options. With this process, you won’t be overwhelmed with having to visit too many properties.

4. Deal with a real estate professional

The process of choosing among condo types can be less overwhelming when you partner with a real estate broker. They’re experts at the local market and therefore could recommend the best locations for your next home. That said, before you go to unit viewings and see the actual affordable condos for sale in Manila, talk to a professional first.

Do make sure that they are licensed. Beware of real estate scammers who claim they are affiliated with a certain developer, when in truth, they are not. Do a background check on the individuals you’re planning to work with. Look them up online. Talk to previous clients, if possible. You may also confirm with DMCI Homes management about partner-brokers.

Deal with a real estate professionalPhoto courtesy of Pixabay via Pexels

5. Dedicate a schedule for a property tour

Since you already have a property list and a professional broker with you, it’s time to go to an open house or a property tour. Your search shouldn’t be limited to online. You should make sure that the unit you’re eyeing is real and purchase-worthy.

As you inspect different DMCI Homes condos, take note of two things:

  • Imagine yourself living there. Can the size of the unit accommodate your lifestyle? Will you enjoy work-from-home in this space? Are you excited to move in and host gatherings for friends here? If you decide to move into this condo, would you love the cityscape views you wake up to? If you can imagine yourself living comfortably and happily in a DMCI Homes condo, that‘s a strong indication that it can be “the one.”

    Dedicate a schedule for a property tourPhoto courtesy of Burst via Pexels

  • Jot down improvements you would want to make. Do you need to get the walls repainted? Knock down some walls? Remodel the kitchen? See if you have the budget and the time to make these improvements. If not, it may be worth skipping to the next DMCI Homes project that has the features you’re looking for.

6. Drop by the amenities

Step outside the actual DMCI Homes condo unit and go on a tour around your future neighborhood. Visit the leisure spaces and see if they can accommodate your lifestyle. For instance, if you’re a fitness enthusiast, a gym within the community is an essential, non-negotiable amenity.

If you’re the type who likes to unwind and de-stress outdoors after work, make sure that the community you’re planning to live in has green spaces or swimming pools. If you’re moving in with kids, a basic amenity to look for is the playground.

Drop by the amenities Photo courtesy of Taylor Simpson via Unsplash

In DMCI Homes projects, you can expect lots of recreational amenities that elevate the modern lifestyle. Most of them, in fact, are resort-inspired facilities, which would allow you to experience a vacation atmosphere all throughout your residence.

Some of these amenities are the swimming pools, fitness gym, entertainment room, lounge area, play area, landscaped gardens, sky lounge, sky deck pool, sky promenade, and more.

7. Discuss the reservation process with your agent

After the property viewing, you’ll be able to decide which condo is best for your budget and lifestyle. Once you’ve chosen a particular home, talk to your agent about how you can start the reservation process. Here in DMCI Homes, we deliberately made it easy to follow. Here are the steps:

  1. Fill out the client registration form and the reservation agreement form.
  2. Pay the condo reservation fee, which typically amounts to P20K. An additional fee of P10K will be required for parking.
  3. Submit the following requirements within 7 days from reservation:
    • Valid IDs with signature
    • Signed computation sheet
    • Proof of billing
    • Photocopy of Tax Identification Number (TIN) or BIR Form 1904
    • Notarized Special Power of Attorney (SPA), for local accounts and Consularized SPA for international accounts
    • Deed of Undertaking for international accounts (if applicable)
    • Birth Certificate for Minors / Marriage Contract for Newlyweds without Updated IDs

Discuss the reservation process with your agentPhoto courtesy of Sam Jean via Pexels

The real estate agent may ask you for more documents, which should be submitted within 30 days. Otherwise, your reservation fee on the DMCI condo you chose will be forfeited.

8. Do due diligence

Your real estate broker will forward the documents to the Documents and Inventory Control Department of DMCI Homes. Once they verify all the information you provided, they will issue the Notice of Approval. After one to two working days, they will then prepare the Contract to Sell (CTS).

Do due diligencePhoto courtesy of Romain Dancre via Pexels

Read the fine print before signing anything. Then, once everything’s in order, sign the CTS and submit it to your broker. You should be able to prepare the post-dated checks as well, which should cover the entire downpayment period. The notarized CTS will be arranged 30 days from the date of closing with complete documents. Refer to this buyer’s guide to know more about the financing payment terms.

Key Takeaways:

To have your own DMCI Homes condo is one of the best decisions you’ll make as you build your career or start a family. But all the same, we recognize that the process can be a little overwhelming for first-time buyers like you. To wrap up all the steps mentioned above, here are some takeaways to remember:

  • Start your search online. With a few taps and clicks on your digital device, you’ll have a pretty good idea of what the ideal location, condo type, and neighborhood feel is for you. You’ll be able to narrow down options and dedicate your energy and time to open houses on units that really interest you.
  • Sort out the finances and paperwork. Buying a home is a financial-legal matter. From the very start, you should be able to set a budget. Otherwise, you may end up stretching your finances that your home becomes a burden in the long run. Along the homebuying journey, whenever there are documents to sign, make sure that you understand everything clearly. Talk to your broker if you have questions.
  • Share the journey with a professional. You don’t have to do this alone. Let professionals help you in searching for the right DMCI Homes condo and sorting out finances and paperwork.

Have you decided to dive into the homebuying journey yet? If you’re ready, go explore the different DMCI Homes projects available here and get in touch with us for a tour.

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