A Complete Guide to Buying a Condo in The PhilippinesSeptember 29, 2021
How can you buy a condo in the Philippines?
- Search for a condo according to your needs
- Determine your budget and work on your financing options
- Schedule a unit tour if possible
- Review every contract and legal document
Buying new condos for sale in Manila, Philippines is one of the smartest investments you can make. This is also a major milestone in your life. Perhaps, you have reached a financial breakthrough and you’re ready to make the big move, or you are ready to build your own family. Keep in mind that investing in a condo is a big decision that entails meticulous planning to ensure you gain the best value for your money. Below is the ultimate guide to buying a condo in the Philippines.
Despite the economic downturn brought by the global pandemic, the Philippine real estate market is expected to rebound for both demand and supply. According to the Colliers quarterly property report, economic recovery is expected following the rollout of vaccinations. The value of your new condo is bound to appreciate, more so if you purchase from the best condo developers in the Philippines that are dedicated to building projects in strategic locations.
Condo living provides a convenient urban lifestyle. Here is a step-by-step guide to buying a condo in the Philippines.
Search for A Condo According to Your Needs
Buying a condo for sale in the Philippines requires plenty of planning. First, you need to determine what exactly your condo needs are. There are two main types of condominiums: pre-selling and ready-for-occupancy (RFO) units. If you don’t need a place to reside in immediately and want to buy a condo as an investment, you might be better off with a pre-selling unit.
Think also if you need a studio, one-bedroom, two-bedroom, or three-bedroom condo unit for sale. For small families, two-bedroom condos are spacious. While for students, studio units might be the best choice.
Determine Your Budget and Work On Your Financing Options
One of the most important yet overlooked parts of the condo-buying process is determining the budget. You need to narrow down your condo choice according to your budget. The last thing you would want is to find a unit you love and end up feeling disappointed about not being able to afford it.
On average, condominiums in the Philippines located in central city districts like Taguig start at around Php 8 million. For this reason, you might want to work on your financing options. Aside from taking advantage of flexible payment schemes and pre-selling offers of developers, you can also finance your target new condos for sale in Manila, Philippines through in-house financing, bank loans, and government loans (Pag-IBIG fund).
Whichever financing option you choose, make sure to evaluate the loan amount covered, interest rates, and approval terms being offered.
Some of the best condo developers in the Philippines form strategic partnerships with financing providers, which can benefit you with less meticulous application processes. Take note that banks tend to be stricter and require extensive documentation proving that you are a dutiful borrower. Lastly, Pag-IBIG housing loan programs are often ideal because borrowers can take advantage of the low rates.
Schedule A Unit Tour If Possible
More and more developers are building new condos for sale in Manila, Philippines. This means you have endless unit choices. While you can always browse condo unit descriptions and pictures on the developer’s website, these are often already renovated for showcasing.
It would be best to schedule a unit tour and check the site itself. Doing so will help set your expectations and spare surprises after the purchasing process. While you’re in the condo location, you will also be able to assess the amenities, facilities, and security features. The more amenities available, the more activities you can enjoy without going far from your home. If you’re looking for a top condo in the Philippines offering the best amenities, check out the Kingsquare Residential Suites and Gentry Manor of Megaworld Manila. Equipped with opulent swimming pools, pool decks, fully functional gyms, study rooms with Wi-Fi, game rooms, function rooms, and daycares, you can expect to live a convenient lifestyle in the condos.
If you really can’t squeeze a unit tour into your busy schedule, consider asking for a virtual tour with clear 3D views of the unit you want.
Review Every Contract and Legal Document
Buying a condo is a major investment that costs a huge chunk of money. As a condo buyer, you need to make sure your purchase is well-documented. Review every contract and legal document meticulously. Some of the legal documents you need to secure when buying a condo in the Philippines include the following:
- Letter of Intent to Purchase – A document that signifies your interest in buying a unit from the developer. This also contains information about the unit’s total contract price, payment conditions for reservation, and other financial details.
- Contract to Sell – A legally binding document that details the sales provisions between the buyer and the seller. Upon settling the down payment requirements, the document will be used as the basis for the Deed of Absolute Sale.
- Deed of Absolute Sale – A notarized document submitted to the Registry of Deeds. The Registry of Deeds will issue a Condominium Certificate that signifies the legal transfer of ownership rights to the buyer.
- Tax Declaration – As the new condo owner, the buyer will need to request a tax declaration from the City Assessor’s office. This is a document that indicates you are responsible for the tax obligations moving forward.
Buying a condo in the Philippines is truly a worthy and rewarding investment. Planning to invest in a new place? Follow this complete guide to buying a condo in the Philippines. Find your newest dream unit from Megaworld Manila by clicking here. With condominium projects and townships in Taguig, Paranaque, Quezon City, Pasay, Manila, and more, an enviable lifestyle awaits you.