What You Need to Know About Buying a Condo in ParanaqueDecember 23, 2021
What do you need to know about buying a condo in Paranaque?
- Determine your lifestyle needs before condo hunting
- Consider the investment returns
- Know your financing options
- Review the legal documents needed for condo buying
Paranaque City is tucked in the southern part of Metro Manila, Philippines. As you would expect from the south, Paranaque is well-loved for its laid-back vibe and calming ambiance that is in sharp contrast from the noise and pollution of urban cities in the metro. The locale also offers the best life experiences and opportunities with plenty of entertainment spots, commercial and business hubs, airports, and reputable hospitals and schools. You can’t go wrong with moving into a Paranaque condo for sale. But where do you begin? We came up with a complete Paranaque condo buying guide to help you out.
Buying a condo is considered a major milestone in anyone’s life. And given the continuous growth of the Philippine real estate sector, condominium buying is also considered a smart investment move that garners high returns. It’s only appropriate to do proper planning when buying a condo in Paranaque. Read on to learn more about this!
Determine Your Lifestyle Needs Before Condo Hunting
Paranaque is a city with a myriad of condo choices. Each condo will offer something different in terms of bedroom number, furnishing, amenities, and more. All these will have a variety of effects on your daily living quality. What type of property will meet your lifestyle needs?
A condo for sale in Paranaque can be pre-selling or ready for occupancy (RFO). If you need to move in immediately, make sure to look for RFO units. On the flip side, if you are looking for an investment property, then a pre-selling unit will offer a wide array of benefits such as lower introductory prices and flexible payment schemes.
Also, you would need to consider how many will be occupying the unit. Let’s say you have a small-sized family, then a 2-bedroom unit may be spacious enough to fit all your things while ensuring comfort for everyone. But if you live alone and want to enjoy a luxurious lifestyle, then buying an executive studio with a balcony from the Gentry Manor condominium in Paranaque might be for you!
Consider The Investment Returns
Buying a condo is considered an excellent investment real estate option for many people because they garner an average appreciation rate of 5.7% per annum. If you buy the right condo in Paranaque, you can end up with a new income stream. For those who want to earn money from their condo, it’s as simple as renting out the unit or selling it for a higher price.
Keep in mind that there are several factors that increase the value of condos including location accessibility, amenities, property developer’s reputation, and unit upgrades. If you are looking for a condo for sale in Paranaque that offers great investment returns, check out Gentry Manor.
Located in the Westside City of Paranaque, this luxury condo developed by Megaworld Manila is set to define bayside living at its finest. With state-of-the-art amenities and convenient access to world-class leisure spots like 5-star hotels, malls, casinos, and theaters, unit owners are sure to reap the best investment benefits from Gentry Manor.
Know Your Financing Options
It’s important to keep in mind that condos in Paranaque can vary greatly in price points. To ensure you can own that unit you’ve always wanted, know the financing options available to you. Here are some of the financing options in the Philippines:
- In-house financing
- Bank loans
- Pag-IBIG housing loan
Many developers also offer flexible payment schemes during the pre-selling stage of a condominium. Take the Gentry Manor as an example. Given that it is a pre-selling condo; Megaworld Manila is offering special discounts for interested buyers right now. Their brokers can present the best downpayment and monthly payment plans to suit your financial capabilities.
Review The Legal Documents Needed for Condo Buying
Similar to any other major transaction, there are numerous documents to be secured when buying a condo in Paranaque. You will also need this paperwork for future references and legal purposes. Some of the documents you will need include:
- Intent to Purchase Real Estate or The Letter of Intent
- Reservation Application (Reservation Agreement)
- Contract to Sell
- Deed of Absolute Sale
- Certificate of Title
- Tax Declaration
However, for pre-selling condominiums like Gentry Manor, Megaworld Manila made it easy for one to own. Serious investors’ just have to pay their reservation fees, and fill and sign their Buyers Information Sheet (BIS); sign their Request for Reservation and Offer to Purchase (RROP) Form; sign their chosen unit layout together with the investment plan, and submit their Tax Identification Number along with any valid government ID with picture and specimen signature, they are on their way to ownership of this prestigious upscale condominium.
Take note of the tips we stated in this Paranaque condo buying guide to make the most out of your purchase! Looking for the best condo for sale in Paranaque? The Gentry Manor by Megaworld Manila is in its pre-selling phase. Experience bayside living at its finest for a low introductory price. Click here for more inquiries.