If your budget is at least 5 Million pesos, think again because this could already get you a quaint 3-bedroom townhouse with 1 car garage in Metro Manila's prime locations. It is definitely not as big as the house of your parents in the province but it is almost if not double the space of that condo unit you visited in the showroom not to mention that it comes with a car garage in the ground floor. Our partner developers have projects in Quezon City, Mandaluyong, San Juan, Pasay, Pasig and Manila.
A moderately sized 2-bedroom condo in a prime location in Metro Manila would cost at least 5M up to 8M. By this, it means the unit is not too small like a dorm room but not as big as the units in high-end condos. Let's say we are talking about a 55 sqm 2-bedroom condo. Add in cost for 1 parking slot which is another million peso. However, with premium condos, this budget can only get you a 1-bedroom or just a spacious studio unit and again, parking for your car is another purchase.
Price range of affordable brand new townhouses in Metro Manila are from Php 5M to 10M. In condos, you also have to consider the monthly condo dues which is usually Php 60 to 100 per sqm depending on which city you are in and the number and size of amenities the project has, afterall, it is you the condo unit owners who will have to pay for the upkeep and maintenance of the entire project after it is fully turned over from developer to buyers. With townhouses, your HOA (Homeowners Association) dues will usually only cover the security guards' salaries and electricity bill for the common alley lights but most of the projects nowadays do not need guards since the townhouses have their own gates. In terms of privacy, you can be guaranteed that rubbing elbows and engaging in small talk with your neighbor is very unlikely to happen.
The only setback one of my clients experienced when I was helping them buy their own townhouse in Manila is the budget for down payment. While you can move-in to a ready-for-occupancy condo for just 5-10% down, cash out for townhouses is at 20-30% but always be ready for 30% because 20% is only allowed in special cases like if you have established a great relationship with your bank, you may be able to obtain a loan which will allow you to only provide 20% equity instead of 30%. In that case, the developer/builder is more than happy to hear the good news from you and your bank.
Here is a list of some of the projects with basic details to give you an idea of what your hard-earned money can get as an alternative to condo living.
Ready-For-Occupancy
Sta. Ana, Manila 3-Bedroom
Unit 2- P5,165,000 Lot Area: 26sqm Floor Area: 95sqm
Spot Cash: 3% discount on Total Selling Price
San Roque, Pasay City 3-Bedroom
Unit 5- P5,950,000 Lot Area: 41sqm Floor Area: 142sqm
Unit 10- P4,740,000 Lot Area: 37sqm Floor Area: 113sqm
Spot Cash: 3% discount on Total Selling Price
Mandaluyong City 3-Bedroom
Unit 1- P6,350,000 Lot Area: 36sqm Floor Area: 116sqm
Unit 6- P5,790,000 Lot Area: 42sqm Floor Area: 121sqm
Unit 8- P6,200,000 Lot Area: 48sqm Floor Area: 129sqm
Spot Cash: 3% discount on Total Selling Price
Bank Loan (Option 1): 3% discount on DP (15 to 30 days from date of Reservation)
Bank Loan (Option 2): Stretched Down payment (3 to 4 months)
Free Php 150,000 worth of SB Furniture
Under Construction
Cubao, Quezon City 3-Bedroom
Unit 3- P7,290,000 Lot Area: 43sqm Floor Area: 129sqm
Unit 7- P5,720,000 Lot Area: 35sqm Floor Area: 112sqm
Spot Cash: 3% discount on Total Selling Price
Bank Loan (Option 1): 3% discount on DP (15 to 30 days from date of Reservation)
Bank Loan (Option 2): Stretched Down payment (3 to 4 months)
Free 150,000 worth of SB Furniture
Sample Computation
Brand new 3-storey townhouse
3 bedrooms, 3 toilet & bath, 1 carport
Floor area: 100.90 sqm.
Lot area: 36.87 sqm.
Selling Price: Php 6,475,000.00
Spot Cash Price: 6,151,250,00
Bank Financing:
1,884,225.00 (30% Down Payment)
4,532,500.00 (70% Bank financing)
45,959.55 (Monthly amortization)
Reservation Fee: 100,000
There you have it. My goal for this post is not to say that condos are not a good buy, they are, depending on your purpose for buying and financial capacity but if you can afford to shell out at least 30% of Php 5,000,000 and it will be for your own family's primary residence in the city, then you have to really consider owning a townhouse in Metro Manila.
To know more, comment below or keep in touch via:
Viber +63916-444-1314
email: primehomesph1@gmail.com
Zumi Santiago
PRC Lic # 0028657
"Don't buy the house; buy the neighborhood."
No comments:
Post a Comment