The process concerned when buying a condo unit in the Philippines has been no different from purchasing a townhouse or a house and lot. One of the most essential considerations when looking for a unit is the location. Provided the heavy traffic in the Philippines each work day, it has been ideal to take into account the proximity of the condo to your work place, school or business. Also, it’s good to take into consideration buying a condominium near commercial districts that has easy access to malls, schools, offices, hospitals, restaurants and churches. A condominium unit is also a good investment when you’re into investing in real estate properties. Here are some useful tips to consider when acquiring a condo unit in our country.
Price and location consideration
Bear out your price range for condo unit as well as your location preferences. There are lots of condos available on major cities nearby suburban areas, mostly in Metro Manila. Uptown areas have much cheaper charges. Top commercial districts in Metro Manila, such as Makati and Ortigas areas typically offer the much more lavish condos. On the other hand, they cost much higher than any other places as well.
For example, the smallest condominium unit in Makati could cost for no less than PHP 3.5 million, while the more pricey ones can go as high as PHP 10 million. For a condo unit in an uptown area or district, a condo typically costs somewhere between PHP 800,000 to PHP 4 million.
Condo financing
Compare your alternatives for the mode of imbursement. You might buy in cash; apply for bank loan, Home Development Mutual Fund and Pag-IBIG Fund or even a private loan provided by real estate developer for their lands.
Get in touch with the agent and then provide your basic necessities such as your budget, preferred locations and terms of payments. Schedule personal site checks to begin scouting for your primary condo preferences.
Utilities and amenities
Take videos and photos of every prospective condominium unit for your orientation. Confirm other details for each one such as: utilities and condominium amenities; condo unit rules and regulations, monthly association fees and other charges for safekeeping, as well as the parking space allotment. Purchasing a parking space usually costs additional PHP 100,000 to PHP 600,000. Developers might provide parking space fees payable for each month as well.
Review your videos, photos and significant detail about your prospective condo units. Cut down your choices while taking into account every important features of the purchase: payment terms, budget, reputation of the developer, condo facilities, parking space, location, and miscellaneous fees.
Other things to be considered
Take into consideration your needs when looking for the kind of condominium unit you like to buy: one bedroom (or with additional bedrooms), studio type, loft (bi level) or a penthouse. The bigger the floor area, the more costly the condo unit turns out. Lots of condos in the Philippines provide options for fully furnished condo units, meaning every basic furniture, fixtures and appliances have already been there as piece of the package.
Complete the purchase by clearing up all legalities as well as financial contracts with the developer and your agent. Prepare all necessities for condominium title, the deed of sale, and payment of taxes on the Bureau of Internal Revenue (BIR).
Writing for almost a decade, Kristel Cuenta is one of the contributors of BusinessTips.Ph. She took up Bachelor of Arts/Bachelor of Secondary Education Major in Literature in college. She has practiced teaching English subject in a secondary school until she decided to use her writing skills and passion for generating an income. Follow Kristel on Twitter @kristelcuenta
Hi! I just want to add something to your condo buying tips. Maybe a condo buyer would like to know first about his/her purpose of buying a condo unit. Condominiums nowadays can be found in different concepts. Sports oriented, business orineted and family oriented condominium concepts are some examples. Though some may be best for rental purposes. The other points mentioned above are also very helpful.
Kristel, I think you will add also the track record of the developer. Is the developer has a good credibility, integrity and honest when it comes to its commitment base on the quality and date of handover? I heard in Philippines, there is developer is employing big celebrity or international famous people name for the sake of advertisement.
Awaiting more nice topics and more power
Let me also add the hidden charges. This includes the reservation fee, move-in fee, contractor bonds (if you plan to have your unit remodelled), etc. The amount for these charges are no joke so aside from the budget for the unit per se, you should also allot money for the hidden charges. Better yet, talk to your real estate broker about this.
Gather all the information you need before signing a contract. You may need the help of a broker or agent if you need a guide.
Philippines has been seen as a prospective place for business as well as shelter though foreigners have issues regarding ownership of a lot perhaps owning a condo could be the preferable choice.
Envisaged to be an exciting, energized and sustainable central and lifestyle district, Vertis North is a convergence point for living, working and entertainment.