So far as the Philippines is concerned, the city is considered as its financial, industrial and commercial center. The country's biggest corporations that provide employment opportunity to many Filipinos are hosted by this large city.
The aim of this write-up is to explore matters regarding the condominiums in Manila, including all the important details about it. Hence, it will be very useful to potential home buyers, and professionals working within the area. This topic is of course very relevant to young professionals since residing in condominium units is a very practical choice of living.
There is a wide variety of architectural designs that condos have. While others look like hotels units, others may look like townhouses or apartments. For people who need a home that is very proximal to their work area, condos are the ideal choice.
The interior of condos are never difficulty to arrange and manage. All it needs is a little creativity, imagination, and organized planning and your unit can become very functional and cozy at the same time.
Renovations can be done to suit the tenant's preferences. One can do renovation of kitchen, bathroom, repainting, etc.
One of the exciting features of condos is that it allows for personification of the arrangement and interior design according to the taste of the tenant. The presence of maintenance personnel makes the management and keeping the cleanliness of the area very easy.
Selling matters of condos are similar to that of selling houses. Condos can be acquired through mortgage, a housing loan, or by paying cash. Another angle that adds to the value of having a condo is that it is an automatic investment and potential source of income in the future.
This so because the owners can have their condos rented by others. Needless to say, this can be the source of payment for the monthly amortization of the unit.
The following are some of the most obvious benefit of owning a condominium unit: 1. cheaper than a house, 2. can be a source of income, 3. very ideal for people who travel a lot, 4. proximity to work area, 5. homeowner's association takes care of the maintenance, 6. presence of amenities and recreational facilities, 7. proximity to schools and commercial areas.
Due primarily to the high demand of practical residential units in Metro Manila, condominium units have been proliferating like mushrooms around the metropolis. They come in different architectural designs, sizes, prices, and locations.
Due to the fact that Manila is the commercial and industrial center of the Philippines, a growing labor force is currently within the metropolis. Naturally, the demand for practical residences will rise. Condos, as have been mentioned above, are the best dwelling for such people, mostly are young urban professionals.
Developers have been noticing all the positive signs for building a condominium such as the large labor force in the area and the additional benefit that owners can have their units rented. Because of this, developers made additional strategies to attract even more buyers, one is that most developers would ask only 20% to 30% down payment, which can be staggered for two or even up to four years. These kinds of payment schemes are unheard off before. During the 90s, for instance, living in condos are just for the rich, since down payments had to be paid within a month.
Another reason for the rise in demand for Manila condo is the fact that condos are less expensive than owning a house. One reason is that the maintenance cost for condos is low since it is equally divided among the owners. This is typically included in the monthly fee, which also include fees for other facilities like gym, swimming pool, tennis court, basketball court, children's play area, function hall, etc.
Such living conditions provide the owners a modern luxurious city-living at a much more lower cost. This is another reason for the rise in development of Manila condos over recent years. Presently, developers are making their condominium buildings more eco-friendly. This will definitely add to the attractiveness of new condominium units.
Furthermore, condominium units are very much recommended for young professionals. Also, in the case of a whole family, condos provide security, functional space, in comfort at an affordable price. The 24-hour security service includes security in the parking area. This features, one can argue, are priceless.
Since the buildings are equipped with elevators, there is no problem even though most of them are high rise. Staff and maintenance crew make it easy for the owners to maintain condo units in Manila.
Responsibility is a value that people residing in condos within the Manila area eventually learn. This is so because the owner shares with the responsibility in the maintenance and other operating expenses.
Such expenses are allocated as follows: maintenance of shared spaces like elevators, corridors, passageways, etc. Consequently, owners take part and have the right to participate in the decision making process in the community.
The design of the units can be customized according to what suits the taste of the owner. They can choose from among the many designs depending on their taste and lifestyle.
Some units are designed with refreshing green landscapes. Such units are typically rendered with windows that let natural lighting to enter the unit along with a smooth flow of fresh air. Meanwhile, there are also units that are designed for those who live a more modern and active lifestyle.
Several factors determine the price of the units: type, size and number of bedrooms, furnishings, and location. The rental fees typically range from 8,000 pesos to 65,000 pesos monthly. The typical price of a studio unit that is fully furnished at Two Serendra, which is located at Fort Bonifacio Global City, Taguig is about 39,000 pesos or 900 USD. Such a unit is situated near to schools, malls, and hospitals. Meanwhile, a 1 bedroom unit in Soho Central in Mandaluyong City that is fully furnished as well with the size of 28 square meters is 25,000 pesos or 581 USD monthly. It usually for a minimum of 6 months to 1 year of rental.
In spite of all the advantages of owning a condo unit in Manila, one should still study carefully all the factors that play in buying one. One should avoid buying a unit impulsively. Of course, only the best unit that fits the life of the buyer should be considered so that he will get all his money's worth.
Location is one of the major considerations when choosing a Manila condo. One must ask what is his priority so far as location is concerned. Should the unit be near the workplace, malls, hospitals,or schools? Is being close to the airport an important thing for you? Or is being located inside a business district your top priority? The traffic route and travel time to and fro should also be considered, Manila being a big metropolis.
The other important factor to be considered is the price of the unit. And as mentioned above, the price of a condo unit varies depending on several factors, which were also mentioned.
Patience plays an important role for prospective buyers in finding the condo unit that has the best value for its price. Condos with similar features but located at different places may have very different prices, as the location is also a factor for its price. Prices can range between 1.3 million to even more than 5 million pesos. This is a wide range, if you notice.
A good example is the condo units located near De La Salle University in Taft Ave., Manila, which have prices ranging from 1.3 to 2.8 million pesos. Condo units in Pasig City have prices ranging from 1.3 to 2.9 million pesos, almost the same prices as those at Taft. Furthermore, there are also condo units in Malate City that amounts to 1.4 to 2.4 million pesos.
Besides the down payment and monthly amortization, one should always bear in mind other financial factors such as costs for renovations, transfer, maintenance, etc. Amenities is another major consideration. It is a huge part of what one pays for when buying a condo unit. The usual amenities that most condo units have are gym, sports facilities, and swimming pools. Condos with play area for children are ideal if you have children. Remember, however, that such facilities are maintained and so there are always payments for that in the monthly dues. The preferred mode of payment by the developers is typically cash, and so paying in cash may afford you of some discounts. Loans, nevertheless, are made available by developers. Bank financing and in-house financing are normally made available for the buyers.
There is also the Home Development Mutual Fund (HDMF) or loans through Pag-Ibig. These are made available for members who have already paid at least 24 months. For more details and information you can contact us.
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