Key to condo living

MANILA, Philippines - Are you buying your first condominium unit? Unlike groceries at the supermarket, you do not buy any property on impulse. Not only should you first consider the cost of the unit, but you must also factor in a number of details before signing a contract. Here are some tips when scouting around for your new home.

• Always bear in mind that good location is a key factor in choosing a condo unit. With the experience Metro Manila had recently with Typhoon Ondoy, it pays to know if your area is on high ground. Although you may be residing in a condominium, but if floodwaters will keep you trapped inside for a few days, then it would be unwise to invest your money here.

 Some homeowners prefer a popular neighborhood for their home because this guarantees that the unit will keep and even raise its value. However, some buyers also consider buying condos in new or developing locations. These new locations could turn out to be an in-demand place in a few years time. Consider issues such as security and the reputation of the neighborhood since these could greatly enhance the value of your property.

• Consider the basic amenities offered within the building. Does it have 24-hour doorman, adequate security to cover the whole building, a lobby, swimming pool, gym, playroom, or even enough elevators? Are there private businesses within or near the building, such as a grocery, laundry or water refilling station? These could greatly affect your convenience.

• Avoid typicalness. Choose a building that has some unique feature about it, since this can add value to your property. It could be a special amenity like a garden or outdoor space, or even a celebrity resident.

 • Consider the issue of exclusivity. The less number of homeowners in a condominium, particularly in a medium-rise one, means there is less traffic when it comes to using an elevator and the lobby is not as crowded as in other buildings. It is also peaceful and quieter at any time of the day.

 • Choose a reputable developer. Can your developer deliver on time? A developer’s reputation will tell you whether you will get a quality product or not. Your developer should also be able to answer questions regarding issues that may arise regarding your unit after it has been turned over to you.

Buyers are now considering Kapitolyo in Pasig City as an ideal location for condo units. It is centrally located from the Makati and Ortigas business districts and Quezon City. While the area is still a quiet residential place, there are now a number of commercial establishments that cater to the needs of residents.

The newest property in Kapitolyo is Two Seven Residences, which is being developed by PTR Properties, which specializes in medium-rise condominiums. Two Seven Residences is a 10-story building with 114 residential units that boasts an infinity wading pool at its rooftop garden, as well as a contemporary design that gives each unit alcove seating in all windows.

Compared to a high-rise condominium, some buyers prefer a mid-rise condominium because the developer can deliver the units in a shorter time. In many high-rises, turnover takes at least five years. However, PTR Properties delivers units to its buyer in just two years. If you are renting in the mean time, a fast turnover means savings on rental expenses. On the other hand if you are investing on a condominium unit, a fast turnover means an immediate returns from your investment.

Among PTR’s recent projects are Grand 21 Place Condominium, a five-story development with just 35 residential units, and the Fifth at Rafael Condominium, a seven-story building with 66 units, a multi-purpose hall and garden deck. An ongoing project is One Capitol Condominium, a 10-story building with 114 residential units, which is expected to be completed by April 2010.

Two Seven Residences is located at 27 San Rafael St., Kapitolyo, Pasig City. For inquiries, call 638-8008 and 638-0101. Visit www.ptrproperties.com for details.