I very nearly bought one in Manila (Marikina City)
Seemed a great place and a great location. Essentially it was a very nice location.
But....... here's what happened to me........ I went with an agent to look around, found it was nowhere near finished enough to realistically compare to 'specification'.
Points to note:-
1. A parking space would cost an additional P375,000 pesos and large enough for typical car. I could never get a specific size, as is was too early to tell
2. Could never get any specific idea on the cost of the maintenance costs. These cost are obligatory, and can change from time to time. Usually after the contract is signed.
Minimum maintenance fees were about P3000 pesos per month but could be P4000
-P6000 pesos because no one can say until that all important contract is signed.
3. Could never get any specific idea on the cost of insurance (which is obligatory). These costs can change from time to time. Usually after the contract is signed.
4. There was a nonrefundable and completely non-transferable deposit required. Means that if you placed a deposit for apartment A and you decide later to purchase apartment number B, you lose the original deposit forever, from day 1
5. There was a P120,000 "facility entrance fee", for a one time contingency fund.
Whatever that was.
6. Now, finally the condo I was being sold, was in fact a concrete room with a toilet with waste and with ONE set hot a cold water pipes. There were no rooms, means no internal partiton walls at all. Those are extra.
No electrical sockets, no other water or waste in or out. No finishes on the walls or the ceilings. ALL extras.
Of course no appliances, no fittings and no furnishings.... ALL EXTRA
7. No information on the pool or other facilities other than they are usually completed before the last condo is finished (ie sold)
Sorry if all this sounds negative, not meant to be just advice on what to be smart on.
So far I have not bought into a condo. I have friends who have done it and done it well.
This is what they tell me, buy a completed condo in a completed building with completed facilities and with a parking spot. Be sure the maintenance costs are fixed'ish' for a know time.
Then and only then you really know what are your costs, and how much you can charge for rent and how much profit you MIGHT make.
This is the Philippines. Not all that glisters is found to be gold
Don't forget the legal fees
