// posted May 11th, 2012

Townhouse Manila, Philippines


Intro

For many Filipinos, owning a house and home can be one of the biggest and most important investments in their lives.  Because of this, Filipinos aspire and work hard to make a living and even double their income, especially those who already have families to support.  Having a place to call their own is undoubtedly on every Filipino's top of the list.

Buying a house and lot is never a light matter.  If you want to buy a complete house, or build one, there are many factors to consider, and the biggest of these is your financial capacity in owning one.  Aside from financial means, there are a whole lot of other factors too in landing that dream home of yours.

The article below serves as an information or guide to help readers find very pertinent housing information.  The article talks about Manila housing in particular.

The information below is especially of help to those who are studying and working within the Metro Manila area, whether or not they already living in a rented place, or are looking for a more permanent place to live in.  Whatever the reader's situation is, he or she will find essential information here about townhouse Manila.

The City of Manila is the capital of the Philippines.  It sits at the center of more than 12 cities which make up the Greater Metro Manila Area, or the National Capital Region.  It is made up of 897 barangays, and encompasses an area of 38.55 square kilometers.  A barangay, which is the smallest political unit in the country, has its own chairperson or barangay captain and barangay councilors that act as administrators.  Barangays are subdivided into 100 zones, which are in turn divided into 16 or more districts, to make it easier for baranggay officials to manage their domain.

Manila is 1,300km from the Asian mainland, and is situated at the eastern shores of the Manila Bay.  Being the country's capital, it is home to most of the country's industrial, commercial, educational, and government institutions, and hence is very urbanized.  Because of its population, it is highly crowded and very busy; you can find all types of individuals here in Manila making a living or doing business or whatever it is they've set to do here.

Condo Makati

The economy in Manila, being the melting pot of all societal institutions, is very dynamic, versatile, and diverse.  This diversity and the mass of economic institutions creates many, many employment opportunities for Filipinos as well as other foreigners who are looking to create business here.  Many manufacturing companies can be found in the metropolis, such as the textile industries, clothing, and electronic sectors.  Manila also has a very busy seaport, in fact one of the busiest in the world.  There are also a huge number of churches, schools, restaurants, stores, and malls, and all of these are employment opportunities for travelers and residents in the city.

There are also flea markets within the city.  One of the most famous of these is the Divisoria flea market, where many small-scale businesses and entrepreneurs are found.  It is this kind of diversity that makes people, especially those coming from provinces, to go find jobs in Manila.  Of course, the next thing that people want after finding a suitable job is landing a suitable home.  Aside from workers, tourists abound in the City of Manila.  Every year, many tourists flock to tourist destinations and must-see sites in Manila, such as the walled city of Intramuros, the National Museum of the Philippines, Rizal Park, China Town, Manila Zoo, and various other sites of great historical and natural importance.  Aside from these places, the tourists go to several of the many malls in the city, like Ayala Greenbelt, Robinson's malls, and the SM malls, especially the biggest one in Southeast Asia, the SM Mall of Asia.  They also love to go to flea markets such as the aforementioned Divisoria, and the well-known Baclaran.

Tourists, like employees in the city, also need to find a place to stay.  Some of them even want to go on an extended vacation or an extended stay in the country because of the nature of their work or occupation, and so they try to find semi-permanent places to live in.  This is where townhouse Manila comes in, since they fit the bill and are very convenient and economical places to stay in.

Manila Townhouses

One of the main reasons why it is generally recommended for employees, travelers, and businessmen in getting a semi-permanent or permanent place to stay in Manila, is that it provides the person with convenience of being close to the places of interest.  It takes away the often stressful and aggravating commute through the busy traffic in Manila.

It is recommended for travelers to stay in Manila because the country's premier international and domestic airports are found here.  Not only that, foreign businessmen and expats are encouraged to live here because the cost of living in Manila, compared to other global cities, are very low.  Of course, the cost of living for each person may vary depending on their living preferences and lifestyle.

As we said, living in a Manila townhouse, whether rented or owned, can be a very convenient experience for those who are studying here, working, or traveling.  They are also very cheap and economical compared to staying in hotels, which can cost thousands of pesos when staying for just a few days.

Most of the townhouses or townhomes in Manila are strategically located near the heart of major business and institutional districts, which is a great benefit to those who are working.  It is very convenient when it comes to eating, since there are fast foods, supermarkets, and restaurants nearby, so when you are too busy to cook at home, or just don't have time to do that, all you need to do is go to nearby restaurant and have your fill.  You can actually save time by doing that.

Manila townhouses are situated very near to malls.  One of the biggest malls in the metropolis is the SM Mall of Asia (MOA).  Here, you can find everything, from food to furniture, and from gadgets to groceries.  You can even go to Manila Bay and enjoy the view of the bay from numerous seawall sites, one of which is located behind MOA.

There are a lot of townhouses in Manila, and many of these are created to suit a variety of customer preferences and lifestyles.  Many of them are either for rent or to own types.

There are also Manila townhouses that are built specifically for students in the metropolis.  In Metro Manila, there is a stretch of area that includes the country's top universities and colleges, which is commonly known as the University Belt.  Townhouses abound around this area.  An example of this would be the common three-storey townhouses that are situated near CEU, FEU, La Salle Taft, and San Beda.  These kind of townhouses regularly sport 4 bedrooms, 3 toilets and bathrooms, a small laundry area, maid's quarters, a family hall, a lanai and car garage, and a study area.

Townhouses like these are perfect for students who are regularly visited by their families, since they are quite big enough to house a lot of family members.  As mentioned, the cost of each townhouse will differ depending on the location of the townhouse, the number and quality of amenities offered, its size, and other important factors.

For example, an unspecified townhouse near UST can cost P3.5 million.  This townhouse is made up of 2 bedrooms at the ground floor, 2 bedrooms on the second floor, one toilet and bathroom, a kitchen and an attic, and has an overall total area of 72.6 square meters.

Another example: a townhouse in Sampaloc, Manila might cost around P4.3 million, and are considered brand-new.  This kind of townhouse has two bedrooms, two toilets and bathrooms, a small storage area, a laundry section, and a garage.

This townhouse is very near UST, and just one ride away to the University Belt where all other education institution reside. It is also just a ride away from the Legarda Terminal of LRT2 where you can cross the width of Metro Manila and get to the other side quickly.  It is also a convenient location because it is near hospitals, grocery stores, malls, and banks.

Rent or Buy?

Interested buyers may pay this townhouse thru bank financing, cash, or other cash instruments.  There are also other ways to purchase a townhouse or townhome Manila, aside from the usual processes of bank financing and cash payments.  One of the most availed method is through the Pag-ibig housing loan from the Philippine government's Home Development Mutual Fund.  Of course, this type of loan is only available to Pag-ibig members only.

One of the basic prerequisites to availing the housing loan is the amount of contribution a member has already paid.  Pag-ibig members can get a housing loan if he/she has at least two years of contribution. Since a monthly contribution amounts to P200, that means the member should have at least P4,800 worth of contribution to Pag-ibig before availing the loan.  Employed individuals pay only one-half of the monthly contribution (P100), while the other half is shouldered by their respective employers.

For members who are classified as voluntary or self-employed, they are expected to shoulder the whole monthly contribution amount.  Overseas Foreign Workers are also included in Pag-ibig's Housing Loan program. 

However, if you do not want to get a townhouses Manila for a permanent place to stay, you can always opt to avail of a townhouse for rent.  There are many townhouse for rent options within the Metro Manila area, and rental fees may range from as low as P10,000 to P55,000, and even up to P85,000 or more. As usual, the cost will depend on the quality and number of amenities, the quality of the townhouse itself, the size and the location of the townhouse.  Even though you have a lot of financial resources to own a townhouse, buying one is still not an easy task, as you have to balance a lot of factors and considerations.  This is more difficult if you don't earn much to begin with.

Monthly mortgage payments are what challenges the buyer's pockets and budgets.  However practical it could be in getting a townhouse, mortgage payments are heavy on most townhouse buyers and so they slave away at their jobs or take more job engagements just to make more money.  The monthly rent is no heavier an obligation from that of a mortgage.

No matter what your situation is, mortgages and monthly rent payments are unavoidable when talking about townhouses and no one can just get away from them.  Fortunately, there are also some tips to make your townhouse buying process more advantageous for you and on how you can save and maximize your financial capacity in buying a townhouse;

  • You can sell your present homes and downsize to a smaller one.
  • Taking your savings and buying a very inexpensive townhouse, and renovating it little by little over the years.
  • Buying a lot and transferring an already-built house to that vacant lot.
All of these give the buyer a lot more financial elbow room when buying a townhouse in Manila.  These tips are good and practical for everyone, even though they may be counter-intuitive.


Need help? Contact me today and we'll get your property search started


Ask a Question  (I'll Email You Back)

6 Question & Answers
  1. AA:

    I have a question though this may sound simple but this is common to anybody in the mode of purchasing a property. I want to know on how to bear the cost especially if we talk about down payments? Like for example if the cost of the house is P200,000.00 or P300,000.00 and you have only P20,000.00-P60,000.00 minimum downpayment required to buy a house, how does it work after paying such kind of amount?

    • :

      Hi AA, (I’ve emailed you back)

      Before even paying the downpayment of a said property; the developer or owner will let you choose the most convenient financing scheme you would want to have. Say, you can borrow from Pagibig Fund by applying a loan for the remaining balance of the property, or you can go with bank financing, in-house financing or cash if you have enough money. Basically, this will depend on you since each buyer have their own needs. Also, please take not that not all developers offer Pagibig financing so you better check it out if you plan to loan in Pagibig.

  2. Jake:

    I am on a tight budget, for that matter. I am looking for unit that is charging only P8,000.00-10,000.00 a rent/month; with a single room; living room and a kitchen. If possible, it is near to where I am working because I’m tired of waking up early in the morning. I’m working specifically within the vicinity of Manila.

    • :

      Hi Jake,

      Most condominium unit in Manila costs higher than your monthly budget but let me see what I can do for you. I will email you as soon as possible.

  3. Bai:

    I have this concern, I have already made a downpayment recently. I have a hard time keeping up with the expenses due to some circumstances that could not be avoided. For that matter, I want to quit, what will happen to my house? Do I have to sell it on any market price or I have to let real estate agents do the marketing of my house?

    • :

      Hi Bai, (I just emailed you back)

      You will need to get in touch with your agent and developer first to let them know your situation. Review the terms and conditions you have signed and check if there is anything that they can refund to you if you are to cancel the sale. On the other hand, you have an option to sell your property but you can’t market it as high as you want since you are not fully paid yet and you don’t have its title by far. The buyer will need to take over your payments and you will need to transfer the title to his/her name as well.

Stefane Anub, Lead Broker
“Ask Me Anything”

Stef Anub Head Broker

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