How much is a condo unit in the Philippines nowadays?
If you’ve ever found yourself asking that question, then don’t worry – you’re not alone. There are lots of interested investors out there who are searching for the right answers to this question, especially amidst the “new normal”..
Asking about a condo price index is daunting enough amidst the COVID-19 crisis. Not having the right guides to advise you on condo prices can make things even tougher for a potential homebuyer like you.
Want to own a condo in the Philippines? Then you need a concise guide to all the right fees so that you can score the best condo unit prices in your home-buying journey today.
If you need help calculating fees for your upcoming property purchase, then check out this guide to find all the right answers to your questions now.
How Much Is a Condo Unit in the Philippines Today?
Buying a home in the Philippines is a lot simpler than you may think. Financially, you just need to be familiar with the estimated fees and common payment schemes so that you can allot an appropriate budget for your upcoming property purchase.
Here are a few fee estimates that you should take into account when exploring your home options in the Philippines, especially in Metro Manila:
- Reservation and closing fees
- Down payment and full deposit fees
- Turnover fees
- Optional fees
Interested in buying a Metro Manila condo unit this year? Stick around until the end of this guide for a concise summary to all these important expenses today.
1. Reservation and closing fees
Condo unit prices shrank in the second half of 2020 due to the impacts of the COVID-19 pandemic. While this trend proved to be a bane for the real estate industry, it also became a boon for interested investors in condominiums all over the country.
Reservation and closing fees are now just around Php15,000 to Php30,000, especially for units within Metro Manila. This range can include your reservation fee and your condominium parking space fee, should the need arise for parking in your future home.
These reservation and closing expenses vary per real estate agency, so make sure to pick the one that fits all your financial needs this year.
2. Down payment and full deposit fees
Your down payment and full deposit fees make up the bulk of your home-buying payment, and will definitely vary depending on the size, type, and location of your unit.
The full deposit can range anywhere from Php2 million to Php 18 million depending on the property you choose. Your down payment is usually 20% of the full deposit price as well, to be completed within a set number of years. These usually exclude the cost of personalizing your unit, unless otherwise stated by your real estate agent.
Seems daunting? Don’t worry. Real estate agencies like DMCI Homes can offer flexible payment options that will accommodate your financial needs for the next few years.
Let’s say that you’re buying a one-bedroom unit in a prime Metro Manila location for Php3 million with a 20% down payment for two years. You can explore DMCI Homes’ rent-to-own (RTO) or lease-to-own (LTO) schemes to slowly earn your way towards home ownership over a two-year period.
With RTO, you can also stay protected from price fluctuations under DMCI Homes’ Price Protect™ clause. For example, if the price of your unit starts at Php3 million and values at Php3.5 million after two years, the basis for your purchase and all computations will stay the same at the initial Php3 million.
You can benefit from all these flexible payment schemes and more when you find reliable real estate agencies like DMCI Homes for your upcoming property purchase.
3. Turnover fees
Expect to spend anywhere between Php85,000 and Php100,000 when it comes to all your turnover expenses. These fees in the condo unit turnover process are relatively high because they entail several smaller payments, including but not limited to:
- Meralco service deposit
- Water deposit
- Electricity bill deposits (for high-rise condos)
- Association dues (payable with post-dated checks one year in advance)
- Amenity expenses
- Fixed joining fee
- Yearly property taxes
All these expenses pile up when you look at them together. But again, there are options available for you to slowly settle these payments through online bank deposits and other schemes. Just make sure to talk to a reliable agent for all these options right away.
4. Optional fees
Last on this list is your optional fees for the upcoming property purchase.
These may include expenses that don’t necessarily fall under the full deposit for the unit or the processing costs from your turnover period. However, you’ll still find these expenses to be crucial to the success of your real estate transaction. These can include:
- Bonds or security deposits for major condominium renovations
- Furnishing fees for furniture and appliances
- Maintenance expenses for cleaning and pest prevention
- An emergency fund for unexpected repairs
It’s safe to assume that the price for these optional expenses will range anywhere from Php50,000 to Php75,000, depending on your unit’s needs. So make sure to take these into account when you allot a budget for your property purchase this year.
Let’s go back to the assumption that you’re interested in buying a one-bedroom unit at a prime Metro Manila location for Php3 million. With all additional expenses in mind, you’ll need to anticipate spending at least Php3.17 million for your new home.
|Reservation (inc. parking space)||Php20,000|
|Optional (Renovation fees)||Php60,000|
*All of these are estimates — the price may vary depending on the location and type of unit, and other factors like renovations, homeowners fees, and such.
Realistically, you’ll need to invest a huge amount of time, space, and resources to buy a condo unit of your own in Metro Manila.
Not sure how to proceed with the next steps of your home-buying journey? Talk to the experts at DMCI Homes for details on their ready-for-occupancy properties today.