If there is one crazy expensive real estate product that doesn’t seem to go away, that would be condominiums in big cities. Usually located in luxury locations, owning a condominium can be the very first sign of freedom and adult life. Some people prefer getting a Condo for rent Manila, just in case they found a better option later on. Still, making a real estate purchase can be a very challenging experience for a lot of people, especially for first-time owners. Here are some of the tips for buying a condo in Metro Manila easily.
1. There’re A Lot of Taxes
When you think that the purchase price of a condo is already very high, then you haven’t seen the other fees yet. Taxation is one of the reasons why a lot of people and investors hold back in buying properties in the country. There is the transfer tax of 6%, an additional 1% for the annual property tax, and a 32% income tax if you decide to make it a rental property.
2. Location Matters
Here’s a universal truth in real estate: location matters a lot. And getting a new condo in Manila is not an exception. For example, buying a condo in Makati will be very expensive since it’s the country’s financial hub. It can cost you $5,000 per square meter. Meanwhile, an average condo unit in Manila is only $2,600 per square meter. Quezon City will not likely have a lot of luxury condo units, but this location offers more space for a lower price.
3. Look Out For the Developer
Buying condo units in the preselling state might give you a discount. This decision will be up to you if you want to get savings, but if you decided to buy in this stage, you need to track the reputation of the project developer. As of now, the best real estate infrastructures in the Philippines are Ayala Land, SM Prime Holdings, and Filinvest Land.
4. Parking and Transportation
Manila is known for its heavy traffic and transportation problems. If you have your vehicle, you might have to make sure that your condo location has a great parking system. It’s a factor that gets overlooked a lot by people who are buying their first own properties.
5. Amenities and Facilities
Amenities such as free Wi-Fi, air conditioning, a public pool, and a public fitness center or a gym are good things to consider. Do you have children with you? Are you okay with getting a lot of neighbors? The more the population is in your condo, the more you’d have to wait to use these shared amenities. It might be better if you get a cheaper unit without amenities and pick the services you like to have on other providers. This way, you’ll also be able to save on association dues, which are additional expenses for the running of different amenities and facilities inside the condo.