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Stef Anub - Lead Broker, Philippine Realty Group
Metro Manila boasts of a total of 16 cities, all of which surround the heart which is the city of Manila. As of 2011 the area has approximately 27.8 million inhabitants, which makes Metro Manila the 11th most populous city in the world. It is considered to be the financial, industrial and commercial hub of the entire Philippines, and plays host to a larger number of the Philippines' largest companies, which present a growing source of employment opportunities for thousands of Filipinos.
The content below shows to the reader (and potential home buyer) information on how to find and acquire a condo for sale Manila. These includes residential units and even condominiums located in Manila, which are the best places to live in if one is to be a permanent or long-term resident of Metro Manila. Despite the vast area a metropolitan city may utilize, there is also the problem of a burgeoning population. As such, a regular worker or resident in Metro Manila might find the availability of living quarters in it more wanting.
Condominiums also come in a variety of architectural designs. There are those that look like a regular city apartment, while others look like posh townhouses. Most of the luxurious condominiums in Metro Manila are housed in high-rise buildings and have hotel-like comforts built into them.
Condominiums are very ideal for the single professional, families just starting out, or virtually everyone who has a career/job in the metropolis.
Condominiums are practically easy to manage, since they are quite compact and a unit's spaces have a functional use. Depending on the contract, you can redesign and renovate your condominium to your liking, limited to your creativity and imagination. For example, some condo units give you the opportunity to repaint the walls, install or replace new fixtures, attach other lighting units, install tiles, and so on.
You can even ask for an interior decorator to renovate all of the functional spaces of your condominium according to your preferences. Basically, many condominium contracts allow you to personalize your living space. Besides, a good condominium also comes with a maintenance crew from the contracting company. Condo contractors sells condominiums in much the same way as housing contractors sell residential houses. You can buy the condo unit through securing in-house financing or mortgage, availing of a housing loan from a bank, or if you have the money, pay the condominium with straight cash, which is of course always better. At any rate, owning a condominium can be a great investment especially if one stays a long time in the city or frequents the city.
There are condo arrangements wherein owners can actually put up the condo units they've bought for rent. This can be either a long-term or short-term arrangement. Renting your condos can be a very good idea especially if you are paying on a monthly basis, since the rent proceeds can help you with your monthly payments. There are tangible benefits when living in a condominium unit. Some of these are:
We mentioned earlier that Metro Manila serves as the hub of the country's commerce, finance, and industrial sectors. What this means is that people and skilled labor are constantly pouring into the city because of employment opportunities. Naturally, these people need to stay at condos that are near their place of work. Working professionals need quality condominiums that offer convenience and proximity to the place of work.
To answer this ever-increasing demand for urban shelter, real-estate and condominium developers continue to develop and offer condominiums all around the city, making it possible for masses of migrant workers to own these in the metropolis. The business potential for condominiums is high, since there are many who do avail and there are also a sizable number of those who turn it into a business.
The main attraction for condominiums is seen to be the flexible terms that come with it. Developers offer these flexible payment terms, usually with a 20-30% down payment, and the rest of the balance to be amortized and paid within 2 years' time. If this is still unimpressive, consider that during the early 1990's, condominium units in Manila were perceived to be a luxury, only affordable to the very rich and famous. Moreover, down payment for yesterday's condos were supposed to be handed over within 30 days from the contract signing.
Another factor contributing to the boom in demand for condominiums is the fact that condos are less expensive than the average single detached houses. They are less expensive to acquire and maintain, and are also very convenient, logistically speaking. Maintenance for a typical Manila condominium is lower than a single house, since the payment supposedly for the maintenance is equally divided by the condominium housing's current occupants. Plus, included in the monthly fees is the free use of facilities and amenities, such as gymnasium and sports courts, swimming pools, children's play areas, function halls, and the like.
In short, those who want to avail a condo for sale Manila are assured of lower prices and more luxury than what they would spend and experience with a regular house and lot within the city. This is one of the major reasons why the development of condominium housing units are booming rapidly within the city. Currently, some of these developers are experimenting on new types of condominiums that offer more luxury and space at lesser costs, more environment-friendly living, and generally adding new types of amenities so that more people will avail of them.
Because there is a lack of residential space available in Metro Manila, most of the condominiums are built as high-rise buildings. Because of that, the condo owner won't have to deal with a couple of stairs; elevators are there to do the job. Maintenance for these condo units are easy because there are already maintenance crews hired to clean up and make repairs to condo units as needed.
When you are a condo owner, you'll also learn to be responsible with the development of not just your condo unit, but other units as well. Operating expenses for the maintenance, repair, and renovation of units is shouldered by all condo owners. All of the occupants benefit from these expenses.
Some of these expenses include maintenance of elevators, passageways, the lobby, shared spaces, public restrooms and such. There are also opportunities to help others in the condo community in whatever way possible. When it comes to designs and preferences, condominium for sale Manila are more often built with a potential class of customers in mind. There are those that have more luxurious tastes than the others, while others want condo units that are inexpensive, functional, but still clean and not shabby. If you want to avail of one, you have a lot of choices as to the designs of the condos.
Another reason to own a condominium is the potential for business. People choose to avail of a condominium so that they can turn in a profit at the end of the day (or technically the end of the month). For those who want to invest in real property, Manila condominiums might be the solution, since the price of one is way lower than those of regular single housing units, giving the owner the potential to earn more.
This can only work if the one renting is also responsible in paying his/her monthly dues for the condominium unit. Only then can you use the money to help pay the rent and monthly amortization, and keep the extra, marked-up amount to yourself. Prices for condominium units vary greatly according to the number of amenities included, the quality of the units, and most especially the location. Prices also depend on how many bedrooms that would be the applicant would like to have, the type of the unit, the size in square feet, extra furnishing, and others. Rental fees can range from as low as PHP8,000 to PHP65,000 per month. An example of this would be a fully-furnished condo unit for rent at Two Serendra, located at Fort Bonifacio Global City, in Taguig City. This studio-type unit is valued at 39,000 PHP or 900 USD. The reason why it's so pricey is that the building itself sits near a shopping mall, a private school, and a hospital.
Another example of this is the Soho Central in Mandaluyong City. It's condo units are well and fully-furnished, with a floor area of 28 square meters and a single master bedroom. This is valued at around 25,000 PHP OR 581 USD per month, with a minimum of 6 months to 12 months of rental. Of course owning a condo for sale Manila is very practical, comfortable, and convenient, since most units are sold at lower prices than single detached houses and each condo unit offers the same comforts and functions as a single house. However, one should still be careful and not decide rashly in acquiring a condominium. After all, you're still dealing with thousands of pesos of monthly payments, and these amounts are no light matter.
There are many considerations to take in mind when choosing a condominium that's right for you. Dealing with these considerations and finding a condominium that meets your expectations will save you a lot of time, money, and keep you from the frustration of settling in a less-ideal one.
Ask yourself - what would benefit me in the long run? Do I want to acquire a location that is near my place of work, or near a school or a shopping mall? If you are a traveler, you might consider getting a condo near bus stations or the airports. Or if you want to get away from the concrete jungle, a condo in a quiet portion of the city might suit you. Consider also the traffic and travel time it will take when you go from your condo to wherever your destination is. Of course, everyone who wants to avail of a condominium should think deeply of the monetary amount involved. We've said before that the prices for condominiums for sale Manila will vary greatly depending on a number of factors.
One will have to exert a lot of patience and forbearance in finding the most suitable condo unit and in searching for the best deal in town. When one should find that particular condo unit to his/her liking, the buyer must also learn how to bargain for a lower and more client-friendly price. Do not expect a condo unit to have all the amenities and the luxuries that you want, you might have to compromise on some things that you value. Also, do not expect to that a condo unit in one development will have the same price as another condo unit in another area with the same features (unless they're of the same developer!). Most condominium price ranges from 1.3 million pesos up to 5 million pesos or more.
Condominium developers usually peg the rate of down payment for each condo unit at 20% to 30% of the total unit price, which is payable within one to two years. Of course, while there are other developers out there who offer lower down payments, these down payments are the typically the first challenge that is posed to buyers.
When you pay for a condo unit, you will also get to enjoy the amenities and other benefits that comes with the price. It's always good to check out the types of amenities beforehand, whether there are private amenities, and public amenities, like swimming pools, gyms, and leisure centers. If you have a family and children, you might find a kid's playroom a necessary amenity in the building. As with all amenities, you will have to pay a monthly amount for using them, but of course, you will have to share the expenses with all the condo owners.
As with all other transactions, cash payments are usually the best type of payment when settling for a condo unit. The developer will appreciate it too, and you can also avail of special discounts when pay with cash. However when you do not have enough money, you can always avail of in-house financing or special loans offered by the developers, or even bank financing.
The Home Development Mutual Fund (HDMF), from Pag-ibig, is another kind of loan that condo buyers can avail of. This is only available to buyers who have already paid at least one year of contribution. For more details and information on how to avail of the Pag-Ibig loan as well as the processes, you may contact us.
Acquiring a condominium is a wise decision, but you should also take care to get the best possible deal so you can save time and money, and above all, create great returns for you and your family in the long run.