Melo Villareal
What To Know About Buying A Condo
Whether you are 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 the potential for high-value appreciation and provide self-sustaining investment through short-term and long-term unit rental.
However, choosing a condominium is difficult, given the number of options and the factors that need to be considered before owning one. Here’s a handy checklist that summarizes the key considerations to help you choose the proper condominium development.
Location. Location. Location.
The first thing to consider is its location. Suppose you plan to purchase a condominium unit for end-use. In that case, 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 provide you convenience and 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, considered 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 of large-scale mixed-use developments such as Ayala Malls Manila Bay, the City of Dreams Manila, Solaire Resort and Casino, and the Mall of Asia Complex.
Safety and Security
Safety is another crucial consideration in purchasing a condominium. Residential developments inside a master-planned community usually provide excellent security features for 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
MidPark Towers offers spacious and well-thought residential units with three-bedroom at 120 sqm, ideal for growing families.
A spacious and livable space is an essential 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 make 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. Some of the amenities usually offered in condominium developments include an outdoor swimming pool, fitness gym, function rooms, and functional open spaces.
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 playrooms, 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.
Real estate developers sometimes go the extra mile with their condominium projects offering more than the usual amenities. Examples are business and private lounges and kids’ playrooms, which are all offered in MidPark Towers.
Another underrated factor in purchasing a condominium unit is its property management services. The condominium product you’re buying does not end after you purchase 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 buying a condo as an investment, it’s crucial 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 the 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 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 volatility. 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 will likely 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.
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.
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