Condo Purchase Negotiating and Who Does the Broker Work For

[Kingpin]

23 minutes ago, conwat said:

Any tips/advice most welcome!

Did they give you the monthly associated dues in writing?

[conwat]

36 minutes ago, Kingpin said:

Did they give you the monthly associated dues in writing?

No she told me andbit was reasonable  but I'd make sure to get it in writing. 

[RBM]

On 10/10/2022 at 7:25 AM, BrettGC said:

The flip side is they're paying higher than expected on term deposits. Still not enough to cover inflation but much higher than most countries.

Interesting, could you please give some examples, I (using google) have been unable to find a rate even close to banks in NZ. 

[BrettGC]

19 minutes ago, RBM said:

Interesting, could you please give some examples, I (using google) have been unable to find a rate even close to banks in NZ. 

I haven't looked since the start of the year around about the time of the current inflationary issues started so things may have changed?

[BrettGC]

22 minutes ago, RBM said:

Interesting, could you please give some examples, I (using google) have been unable to find a rate even close to banks in NZ. 

A quick search gave me this:  https://grit.ph/time-deposit/

[RBM]

On 10/17/2022 at 7:37 AM, BrettGC said:

A quick search gave me this:  https://grit.ph/time-deposit/

Yes also spotted that, quick check showed the Tonik bank accepted just P100k plus their the way they structured the rates seemed strange, did not go into it. Security Bank may be interesting how ever think read somewhere a 20% deduction of interest applies. Guess like the world over rates will be increasing, be it less than inflation.

[Freebie]

On 10/17/2022 at 2:02 AM, conwat said:

Following this thread with interest. I was in the Philippines last month and viewed a condo. Very reasonably priced.  I'm not looking for a penthouse! Just a place for me to stay during the winter months and my partner can live there full time.  Met the broker and she brought us to the development office.  Some of the condos are completed. Guys working on site finishing the rest. Showed us a few different units and as I'd be a cash buyer there's a nice discount for spot cash. Done a bit of research on the broker and she does seem to have made a nice few sales. I'll look into it more when I'm back in a few months.  Any tips/advice most welcome!

Negotiate with the broker over brokers fees and what you get for whatever fees you agree to pay.

Do NOT accept when  she says "but everyone pays 5% commission, its non negotiable ".

[conwat]

On 10/18/2022 at 4:11 AM, Freebie said:

Negotiate with the broker over brokers fees and what you get for whatever fees you agree to pay.

Do NOT accept when  she says "but everyone pays 5% commission, its non negotiable ".

Cheers appreciate that mate 👌

[Snowy79]

On 10/17/2022 at 2:02 AM, conwat said:

Following this thread with interest. I was in the Philippines last month and viewed a condo. Very reasonably priced.  I'm not looking for a penthouse! Just a place for me to stay during the winter months and my partner can live there full time.  Met the broker and she brought us to the development office.  Some of the condos are completed. Guys working on site finishing the rest. Showed us a few different units and as I'd be a cash buyer there's a nice discount for spot cash. Done a bit of research on the broker and she does seem to have made a nice few sales. I'll look into it more when I'm back in a few months.  Any tips/advice most welcome!

As said in other posts it's all about location and also the developer. 

Things I'd be looking for is the reputation of the builder, some seam to build and forget so maintenance can be an issue, monthly dues and house rules, no guests, pets etc.

Scope the local area out at night time, I've seen areas with condos as far as the eye could see and at night time out of a few thousand apartments there's lucky if 10% have lights on. Many are vacant owners, maybe OFW or just not sold. 

Have a quick look on some resale sites to see how many are for sale and how long they've been for sale. I have a friend in Manila who can't sell his condo and he's dropped the price way below what he paid for it. The Government are clamping down on POGOS so prices may plummet in areas they are located. 

I own a condo on Boracay and they resell pretty quick but again one developer I know just builds and leaves maintenance until the last minute. They just patch painted the outside of the condos I can see from my resort due to them building a new block next to them, people were highlighting not to buy there as they don't maintain the ones they previously built and they're not cheap.