More and more Filipino citizens choose to reside in Rizal Province. Most of them also consider owning a condominium instead of buying a house and lots where they can leisurely spend their time with their beloved family member. During the pandemic, the condominium is more appealing than living in a subdivision or village. The residents can have access to different facilities inside the residential building. A few of these are in-house gyms and swimming pools.
Condominium Residences in Rizal: Cost of Acquisition
Acquiring a condominium takes a lot of financial preparation. The usual down payment you need to put down ranges between 10 and 20 percent of the contract’s total price. To illustrate, if the condominium total contract price is Php 5,000,000.00, you must ready a minimum of Php 500,000.00 and a maximum of Php 1,000,000.00.
Nevertheless, do not worry. Some developers offer special promos and discounts for you to afford and enjoy the life you have been dreaming of. You can find realtors or developers who do not require down payment. They promote different flexible payment terms for their clients.
Pre-Selling Residential Condominium
Those residential condos with flexible or stretched down payments are usually pre-selling units. Moreover, pre-selling units have a lower price and can increase in value over time. Although these buildings are not yet entirely constructed, the developers can assure that the property’s value will double or even triple because of its proximity and accessibility to the central business districts.
Most residential tower developers offer a low and affordable condominium in Rizal. It is located near Metro Manila and can provide both city and province feeling to the owners. What is good here is you can avail of various discounts depending on your chosen payment terms. Some developers also promote their condo by giving out discounts.
You can choose a studio type unit where you can pay Php 9,000.00 – Php 15,000.00 per month for several months! If you want to avail a one-bedroom, you have to pay around Php 15,000.00 up to Php 20,000 for the monthly amortization. Php 21,000.00 and up for monthly payment if you want you to consider owning a 2-bedroom condominium. These are the usual requirements you need to accomplish:
- Reservation fee (ranges between Php 20,000.00 to 50,000.00)
- 2 Valid IDs
- Proof of Billing or Income
- Post-Dated Checks for Monthly Amortization
Some developers also allow bank transfer or over-the-counter payments for the monthly amortization.
Ready For Occupancy or RFO Residential Condominium
A ready-to-move-in condominium has a much higher price. It ranges between Php 2,000,000.00 to 7,000,000.00. Some developers offer a condominium with one bedroom and one bath with a floor area of 24.5 m2. The total contract price would be around Php 2,000,000.00 – Php4,000,000.00. The price usually depends on the view, amenities, and location.
Your net downpayment can be stretched for fewer months because it is already turned over. You might want to consider getting a bank loan or in-house financing for the 80% remaining balance.
There are various options in paying for condos. The first option is a cash payment term, where you will pay the downpayment and balance in full cash. It can be a bank transfer or post-dated checks. The second is getting bank loan approval for a ten-year or 15-year loan. For clients who cannot be approved to take out a loan from a bank for some reasons, some developers offer in-house financing.
To illustrate the idea, we created a breakdown of estimated payment for a condominium in Rizal. This representation may vary depending on the developer and project. Check our website to view the latest project and price details within Rizal province.
|24 equal monthly payment for DP||16,520.83|
|20% Down Payment||Php||416,500.00|
|80% Remaining Balance||1,666,000.00|
|Option 1: 10 years; Monthly payment||20,208.58|
|Option 2: 15 years; Monthly payment||15,926.96|
|Total Contract Price||Php||2,082,500.00|
You will also want to know if there are hidden charges. Most developers ask for additional fees associated with the registration fee, real property tax, transfer tax, documentary stamp tax from BIR, legal fees, and water and electricity installation. This way, you can avoid paying more than you expected.
Condominium Residences in Rizal: Cost of Owning
Aside from acquiring the actual property, there are other expenses you need to consider. Some of these are membership fees and association dues. The parking fee is also included, as well as the realty tax.
Listed below is the breakdown of other expenses:
- Membership Fees: It pertains to your right to access the amenities inside the residential building. Some membership fee is already included when you buy a condominium. Amenities mentioned are included but not limited to; swimming pool, clubhouse, mini theater & mini karaoke bar, mini library, fitness gym, shuttle bus, and church.
- Association Dues: This payment is mainly for maintenance and repair. Association dues are what you shared with other tenants. It refers to the operational expenses of the whole condominium building. It includes maintaining the amenities and security in the common areas. It is a mandatory payment for every homeowner and is payable monthly. It also varies, usually depending on the size of your unit.
- Real Estate Tax: The government imposes real property taxes. They are bound to assess the value of your property by computing the fair value of the asset and multiply it with the tax rate stated in your city.
- Parking Fees: If your condo unit does not come with a parking space, you can rent or pay a parking fee. These payments are usually not included in the association and membership fee. It varies depending on the location, and it ranges between fifty to hundreds of pesos. Some buyers purchase their slot, while some rent from other unit owners.
When you think about all these expenses, you might want to take back your decision on buying a condominium. Rest assured that each residential area has so much to offer. You have to find an eco-friendly and sustainable residence that fits your way of living. And if you are starting and building a family, you must ensure that it can be indeed called home.
Why Choose Rizal Province for Residential Condo?
The current year is an excellent year for you to invest in a condominium. However, let us look first at the things we need to consider when buying one of them. Also, why does Rizal province is a great choice to reside in.
Over the years, the advancement of Rizal town rises significantly. The Rizal Province accomplished so much growth from the increase of commercial building and enhanced the transportation nodes. Due to its location and proximity near Metro Manila, the town was developed to be urbanized and offer city life and provincial convenience.
You might think that living in a residential condo can be expensive, but it can also significantly cut your transportation costs and travel time. On top of that, the appreciation value of the developments within Rizal is continuously growing. It means that this type of investment grows over time without doing anything. If you want to learn more about properties in Rizal province, check out this website.
Is It the Right Decision for You?
Deciding whether to invest in real estate is daunting. Although the return on investment is high, it also requires you to risk your money. So before owning a condo, familiarizing yourself with the real estate terms and knowing the sample computation details can help you. It also allows you to see where the money will be used, such as the association dues and other charges.
Do your research and compare the prices in different residential condos. Also, know what are the amenity inclusions and the security because these factors affect the price. Study the pros and cons of living in a specific condo and what they can offer. In this time of the pandemic, you can also check if they are giving out discounts. More importantly, we encourage you to make wise decisions. Hopefully, this article can resolve your doubts and inquiries.