Month: March 2018

Advantages and Benefits of Living in a Condominium

There are many popular types of housing in the Philippines today. And one of the most popular according to many Filipinos and real estate experts are condominiums. So what are the things that made condominiums a very popular type of housing in the Philippines?

Advantages and Benefits of a Modern House According to many real estate experts, the main reason why condominiums became a very popular type of Philippine real estate is because of its many benefits that conform in today’s modern and fast-paced lifestyles. One of those benefits is its location.

Accessibility Condominiums are mostly found in business and commercial districts in the Philippines, might it be in Makati City or in Ortigas Center, Pasig City. Because of its location, as well as the growing demand for types of housing which can offer easy access to business and commercial districts such as those mentioned above, condominiums rapidly gained a lot of popularity in the market.

Because of its location, residents were given the luxury of live within walking distance or mass transit distance from their workplaces, which is a benefit rarely found in other types of residential Philippine real estate, particularly with houses found in residential districts.

In addition to its location, condominiums are also known for its luxurious living space. Although found in one of the busiest districts of the Philippines, these condominiums can still offer their residents the peace and privacy that they are looking for. Many Filipinos living in one of these high-rising condominiums have even said that the view of the whole city from their window is breath-taking, particularly at night.

Maintainability and Security Another major advantage in which condominiums are known for is its maintainability as well as security. All types of condominiums are known to hire their own maintenance personnel who are tasked to maintain all facilities found in the condominium, from its hallways and parking lot, to its cooling systems as well as elevators.

Another luxury is its security personnel that assure the safety of their residents. This is because most of its residents are of high stature such as wealthy families and individuals, as well as company executives.

Modern Housing for Filipinos One disadvantage of condominiums is that these types are not as popular for many Filipino families, particularly for a growing Filipino family with their children. This is because these types of housing normally lack the necessary facilities to accommodate the needs of a growing child, such as wide open spaces as well as parks and playgrounds.

However, a new modern type of Philippine real estate was introduced to offer Filipino families the same modern luxuries that condominiums are known for, with the addition of family-oriented environment. These new types of condominiums are known as condominium complexes.

Family-Oriented Condominiums Condominium complexes are mostly found in the outskirts or in the provinces. These types of condominiums are also known for its wide open spaces, though mostly built for parking lots, its space is enough for children to run and play safely. Because of this, condominium complexes rapidly gained a lot of popularity for many Filipino families.

However, its main advantage is with its amenities, including swimming pools, gyms, recreational parks, and playgrounds in which residents can enjoy freely and exclusively.

Condominium Property Development- is it right for you

Condominium properties are selling these days and because of this, many people who are interested in property development are looking at whether buying condos is a good choice for them. While many condominiums are a good choice for you to buy and develop, others may not be. Here are a few things to look into when deciding whether a specific property is right for you.

Are new or existing condos selling better?
There are some areas where existing condominiums are selling better and more quickly than new builds are. In many areas, this trend is reversed. People are more interested in getting into a brand new property than they are one that has been around for some time. It is important to know which situation you are dealing with. You do not want to purchase an existing property and then find that you are unable to resell it when you are ready to move on.

As well, new builds can be difficult to develop unless you are willing and able to purchase several properties at once. Buildings that are being constructed are often customized to a purchasers specifications and preferences and this makes it difficult for you to move in and put your own stamp on a place.

Look at the fees and the financial documentation
It is important to know what you are getting into when purchasing a condominium for development. You need to find out what the HOA fees are. If they are too high you may have a hard time moving a property. Price can be negotiated but HOA fees cannot be. If the fees are very low, however, a homeowners association or condo board may not have enough money to pay for repairs to the building. This can mean that if large repairs (such as broken elevators or other structural issues) need to be performed the condo owners will need to pay the extra money to cover the cost. This is not a good situation and many real estate lawyers will warn buyers away from these properties due to the risk involved.

Rules and regulations
If you have found that existing properties are selling well and a condo board has a sufficient reserve fund in place it still may not be a good idea to purchase a property in some condominium complexes. You need to take a look at the rules and regulations that exist in the building. If there are too many or they are overly restrictive you may find that it will deter potential buyers from purchasing the property you are offering.

You also need to find out what rules and guidelines you will need to adhere to during a renovation. Is there a restriction on colors that you can use on the exterior of a unit? Are there time restrictions that may impact when and how you can work on a project? All of these things can influence the success of your property and so it is important to take them into consideration when deciding which condo you will ultimately purchase.

Real Estate Buying Through Mortgage Loans Just Got Easier

When considering buying a real estate property, the foremost issue is of the capital required. Due to lack of sufficient capital, the real estate investor opts for mortgage loan i.e. loan acquired against an already existing real estate property and it is mainly given through banks or other regular institutions but it also has its fair share of drawbacks. Instead of a traditional mortgage loan, Private Lending Services for borrowers can be considered.

Real estate property costs a lot of money. If you are considering a traditional mortgage loan, then be prepared for a great risk. In a traditional mortgage loan, if you are unable to pay the loan back due to some reasons or if you pass away, the bank or the financial institution has the option to take away your home to pay the loan amount. Thus there is an inherent danger of losing your home in this type of loan. In the case of Private Lending Services for borrowers, this usually does not happen as the loan is given by Private Lenders Miami, FL to the borrowers taking into account the borrowers ability to pay the loan amount. Also in the case of such eventuality of failure of repayment of the loan in a traditional mortgage loan, entire property can be taken away by the traditional lender if the property amount is not more than the loan amount and therefore the heirs of the borrower cant expect any type of financial compensation from the lender. A traditional mortgage loan lender may require the borrower to maintain their property in proper condition as the borrowers property title is in the name of the lender. Borrowers in aged condition might not be able to take proper care of the property and thus will have to hire some person for the same, an additional cost burden on the borrower just to fulfill the loan requirement. Traditional mortgage loans give loans based on the borrowers credit scores and ones with bad isolated credit incidents and bankruptcy conditions are disqualified. Here is when Hard Money Private Lenders Miami, FL are quite beneficial. Borrowers with bad credit scores or even those who have undergone bankruptcy can qualify for the private mortgage loans given by Hard Money Private Lenders Miami, FL.

Last of all, there are a lot of bureaucratic rules for the fulfillment of a traditional mortgage loan, spread over a much longer time period. Thus the total amount paid for the loan increases because the interest is also to be paid along with the loan. A private mortgage loan given by Private Lenders Miami, FL take a relatively shorter period for processing as there is less documentation required and the transaction may even be completed in a day; also there are a variety of low interest options to choose from.

Condominium As A Good Investment For You

For sure they wanted to invest their money to something that is highly profitable and something that is of worth. Most people have the idea that buying a Real Estate Properties is one of the best things to make an investment.

Most of the people these days are starting their investment in purchasing homes. One of the best selling in the market industry is the buying of a Real Estate Properties. If you are eager to invest then Los Angeles would be suitable for you to invest your money. In Los Angeles County is one of the most famous places and second largest city in the United States and to where there are various types of business openings. Aside from that it is also one of the places where other foreign countries visit for its very beautiful scenery and very admirable place. It is also highly more developed district. If you are looking for a condo and you wanted it to be somewhere in Los Angeles County then possibly Pasadena Condos is the best place for you. Having a Pasadena Condos is one of the best real estate properties for investments. It is also a very relaxing and very ideal location for those people who likes green environment.

You have to look over for your budget or your finances if you are choosing to purchase a condominium. If you prefer Pasadena Condos for investment then you dont have to get worried about your finances since it is less expensive. If you are ready and you have enough money to afford try to see the Pasadena Condos in Los Angeles County and look for any vacant condominium for sale. When you are ready to talk to a Pasadena condos agent ask for his guidance first to have a tour on its areas and check on the condominium before you decide of buying. Ask him also if there are any available services and any benefits and also for the pros and cons in the condominium.

But there are some people who dont have anytime to go to see the condo in person for the reason that they are somewhat busy at their work. Will of course to make them see the condos he or she can also rely in the internet about the available condos. As we all know that most of the information is found mostly in the internet and it is very reliable to use. There you can see the phone number and the name of the agent if you like to make a call and ask anything you want about the condos. Or perhaps you can ask anybody or someone in your family to go check on the condominium and take a picture of it. It is just as easy as that. But it is the best thing if you are the ones who will look for the condo property personally. Try to make your investment in condo units for sure that this can be useful to you especially for your future.

Buying Off Plan Real Estate In Thailand Condominium Acquisition And Escrow

Off plan condominium purchase in Thailand means buying a condo in a planning stage or a condominium not yet fully constructed. The standard payment schedule found in an off-the-plan sale and purchase agreement of a condominium in Thailand is:

1. a reservation agreement with a reservation fee of 100,000 baht (approx 3300 USD)
2. a deposit of 10 to 20% of the purchase price on the execution of the condominium sale and purchase agreement
3. periodical installments during the construction of the condominium with a final installment of 1/12th to 1/20th of the purchase price upon transfer of ownership of the condominium.

Who to pay to?

Paying in escrow for a condo in Thailand means that payments are made to an Escrow Act licensed third party financial institution or bank that will hold the deposited monies till the conditions of the condominium sale and purchase agreement have been met, depending on the contract. The use of escrow services in Thailand for property purchases is not common!!

Generally developers in Thailand DO NOT offer escrow payment arrangements. Property developers in Thailand are under the Escrow Act or new Condominium Act and Condo Act regulations NOT required to offer escrow agreements to consumers. Property developers in Thailand are free to require deposits and installments in agreements without offering any protection for the purchaser payments. There is no legal protection structure in place for realty buyers. This part simply depends on the agreed and accepted contract terms and conditions between the seller and purchaser. If the buyer pays directly into the developer’s account this is an accepted risk he as the purchaser takes.

In 99% of the property development projects in Thailand the purchaser makes the payments directly to the developers bank account. Obviously payment made directly to the developer, as opposed to payments made in escrow, carries some serious financial risks for buyers in case of default by the developer. They risk loosing all. In addition, pre-paying the development, the buyer looses all leverage in case of delay or poor workmanship. At the time of completion the buyer has paid up to 95% of the purchase price and the developer is in a much stronger position and can simply refuse transfer of ownership to the buyer.

The developers company

The standard payment schedule by which the purchase price is paid directly to the developers bank account during the construction or even before the start of a condominium project carries risks of losing your payments in case of default or bankruptcy of the developer.

An important part of this arrangement is the developers company. Is it a large SET listed (Thailand stock exchange) real estate developer or a limited liability company with a low share capital and a poor track record? Limited liability for the developer means limited liability and in case of default there is for the buyers little chance of getting any of the payments back.

The Condominium Act supposed to protect the interests of the buyers of condos in Thailand but does not require the establishment of escrow arrangements in an off-plan condominium development.

Paying directly to the developer in Thailand is taking a risk.