It all boils down to your financial situation. Buying a condo is still the better option for cash buyers. Here’s why based on the concerns. #1 cost of interest is not a concern if you buy cash. You can actually negotiate for a better price when you buy cash. #2 cost of obtaining the loan is also not a concern if you buy cash 😊 There is no loan. #3 Turn over costs. Some of those costs can actually be eliminated when you buy cash as part of your negotiation. #4 Association dues. This is the cost that no one can get away with even when you’re renting. Ipapatong din kasi sa rent mo itong cost na ito kaya walang ligtas dito whether you rent or buy. #5 Basic furnishing. This is really up to you on how you want to budget your furnishing expense, so again it would not matter whether you rent or buy. So bottomline is. Kung kaya mong bumuli ng condo in cash, buying is still the better option. Pero kung di mo afford, it’s more practical to rent.
Thanks for this info. Regarding #3 (transfer costs), any idea specifically which costs can be eliminated? Based on what I've only heard, you can negotiate the notarization fee depending on your relationship with the attorney, whether you're loaning or paying it off in cash.
Thanks sis.. meron kasi akong kaibigan na ini encourage ako to bring condo, 10k downpayment ang 6400 monthly. Sobrang baba for 5 yrs daw payment tapos mag loan na sa bank after.. tumataas daw ang value sabi. Pero ako humindi kasi wala ako work. Tapos sinabihan niya ako na hindi business minded kasi hindi ako kukuha. Ang sama niya sis.. pagkatapos niya ako utangan ng 60k pesos.
ideally para sakin mas ok to get a condo unit vs renting a unit coz it almost the same price..pero hindi pla..dame hidden charges and it cost times 2..from 9 to 20k..!!hmmm..smack that around the floor..☺️😭sad thanks for this info..informative.
It depends po kung kasama sa budget at the start of the year. If improvement during the year, dapat na hiwalay. Pero kung old na, dpt pasok na nung nagcompute ng assoc dies ang building. Additional assessment po is common but should be approved by the board.
*Kamusta kayo po.* _I speak some Tagalog and can translate from text using online tool, bakit hindi speak only English or give a text translation at the end. I will pay all cash and thus will avoid some fees like Mortgage Insurance._
Hi, the target market of this videos are Filipinos who most speaks taglish, who also buys condo in instalment basis. If everyone can afford to pay in cash, that would be better. Unfortunately, it's not the reality.
Two factors to consider for the parking: 1 If you have a car 2 Availability of parking for rent Sometime it's better to rent if there are plenty of parking available for rental. There are condos that daily parking for a fee. But if none, best to get it with the condo unit.
Tip lang sa REMI, kung may life insurance ka.. pwede na yun ang gamitin mo as REMI.. so you don't have to pay for it. Ang required lang is swak yung insurance mo sa loan mo.
No longer true. 50 years is the life of corporation in the Philippines which is beong followed by the Condo Building. But this has been amended and most condo ownership today are perpetual.
Yes, Pag-ibig also requires mortgage insurance and fire insurance. For the cost of obtaining loan, it has lower processing fee but it can be added as part of monthly amortization. If you want to take the housing via Pag-ibig, best to apply now until Dec 2020 as they have a promo interest rate of 4.9% p.a.
Drop your questions regarding hidden cost of condo living. Let's utilize the comment box!
It all boils down to your financial situation. Buying a condo is still the better option for cash buyers. Here’s why based on the concerns. #1 cost of interest is not a concern if you buy cash. You can actually negotiate for a better price when you buy cash. #2 cost of obtaining the loan is also not a concern if you buy cash 😊 There is no loan. #3 Turn over costs. Some of those costs can actually be eliminated when you buy cash as part of your negotiation. #4 Association dues. This is the cost that no one can get away with even when you’re renting. Ipapatong din kasi sa rent mo itong cost na ito kaya walang ligtas dito whether you rent or buy. #5 Basic furnishing. This is really up to you on how you want to budget your furnishing expense, so again it would not matter whether you rent or buy. So bottomline is. Kung kaya mong bumuli ng condo in cash, buying is still the better option. Pero kung di mo afford, it’s more practical to rent.
Thanks for this info. Regarding #3 (transfer costs), any idea specifically which costs can be eliminated? Based on what I've only heard, you can negotiate the notarization fee depending on your relationship with the attorney, whether you're loaning or paying it off in cash.
Thank you. Very informative
ang hirap mag ka bahay sa Pilipinas :( kaya pala mas maraming nabili ng kotse kesa bahay.
Thanks sis.. meron kasi akong kaibigan na ini encourage ako to bring condo, 10k downpayment ang 6400 monthly. Sobrang baba for 5 yrs daw payment tapos mag loan na sa bank after.. tumataas daw ang value sabi. Pero ako humindi kasi wala ako work. Tapos sinabihan niya ako na hindi business minded kasi hindi ako kukuha. Ang sama niya sis.. pagkatapos niya ako utangan ng 60k pesos.
Thank you for sharing po. Tama ka, most of the agents eh hindi dinidiscuss ito during the negotiations.
ideally para sakin mas ok to get a condo unit vs renting a unit coz it almost the same price..pero hindi pla..dame hidden charges and it cost times 2..from 9 to 20k..!!hmmm..smack that around the floor..☺️😭sad
thanks for this info..informative.
Very informative! Also that dancing at the end is a must-see. :D
Glad you liked it!
Thus if I buy I condo unit for full payment I don't have anything to buy for..
Sa madaling salita, wag ka mag condo kung wala ka sapat na pera. Wag magpaka cool lang basta.
Correct..dpt stable income..di un aftr 3 yrs dahil knulang sa pera..may emrgncy..u nid to give it up
..di nmn mbabalik un pera mong hinulog na buo..
Thanks po.
My friend also pays for monthly CCTV and Shared Common Area fees. WTH! These should already be included in monthly assoc. dues.
It depends po kung kasama sa budget at the start of the year. If improvement during the year, dapat na hiwalay. Pero kung old na, dpt pasok na nung nagcompute ng assoc dies ang building.
Additional assessment po is common but should be approved by the board.
very helpful
Glad it helped
*Kamusta kayo po.*
_I speak some Tagalog and can translate from text using online tool, bakit hindi speak only English or give a text translation at the end. I will pay all cash and thus will avoid some fees like Mortgage Insurance._
Hi, the target market of this videos are Filipinos who most speaks taglish, who also buys condo in instalment basis.
If everyone can afford to pay in cash, that would be better. Unfortunately, it's not the reality.
Nice vid Syrem! 😊
Hello po, question lng I just bought a condo studio unit. Pag turn over na yun condo and fully paid na sya kailangan ba ng home insurance? Thank you 😊
Now I'm discouraged to buy a condo na
Totoo ba yung mga offer ngayon sa condo na 3k lang per month?
what about parking space? is it a must to have it?
Two factors to consider for the parking:
1 If you have a car
2 Availability of parking for rent
Sometime it's better to rent if there are plenty of parking available for rental. There are condos that daily parking for a fee. But if none, best to get it with the condo unit.
Hi I’m interested in buying a condo in Philippines. I’m a foreigner, want to move in right away but on installments or payments
Hi, I am not sure if banks allow installment on non-citizen. Most of the expats I know buys in cash.
@@moderngirl1015 hmmm. What is the cheapest we can get?
That would depend on the location and developer. Most ready for occupancy starts in Metro Manila starts at 3M.
Hi feel free to message me. :) I have some for sale for foreigners. @rizwan
Hi. The MRI in our condo loan only amounts to 2,964 php per year. Kanino pong lender yang 10K per year?
Fire insurance is 2,938 php per year. Siguro the delta can be traced sa unit size. 30 SQM sa amin.
UCPB for the bank and Cocogen for insurance. How much pa ang outstanding balance ng loan? It could also affect the computation.
Im on my second year, insurance is now at Php 4,600+++.
May I also who is your insurer? Thanks,
Hi. BPI Family ang loan. 1.3M ang loan amount back in 2017. Consistent ang MRI year on year.
For the fire insurance, BPI MS ang insurer.
Maam, normal ba yung 400k na closing fee for a studio type condo in Manila?
Hi, depends kung magkano ang studio apartment na nabili mo. Kung lagpas 4M and above, it could reach that high.
Tip lang sa REMI, kung may life insurance ka.. pwede na yun ang gamitin mo as REMI.. so you don't have to pay for it. Ang required lang is swak yung insurance mo sa loan mo.
Grabe nmn gastos hahahaha, sa inyo nlng yang condo nio sa bukid nlng ako
Hi po, yung mga sinabi niyo po ba na costs ay after mo bayaran yung 20% na dp? Or habang binabayaran niyo po?
Yes, normally requirement yun before turn-over or bago ka bigyan ng bank ng letter of guarantee :)
Is it true na you will own the condo only for 50 years?
No longer true. 50 years is the life of corporation in the Philippines which is beong followed by the Condo Building. But this has been amended and most condo ownership today are perpetual.
Applicable ba to un cost of obtaining a loan at real estate mortgagr insurance pag nagfinancing ako sa PAGIBIG?
Yes, Pag-ibig also requires mortgage insurance and fire insurance. For the cost of obtaining loan, it has lower processing fee but it can be added as part of monthly amortization.
If you want to take the housing via Pag-ibig, best to apply now until Dec 2020 as they have a promo interest rate of 4.9% p.a.
I also made a video about pre-selling condo. You might also find it useful :)
@@moderngirl1015 Thank youuu. Part na ba sa amortization ng PAGIBIG un Mortgage Insurance and Fire Insurance?
Need to pay separately but can be requested to be added sa monthly.
Bakit di po tayo magcondo tour?lol
Hi, I will plan to. Lilinisin ko lang ang condo :)
ung computation na asa 30+wala pa ung mga sinabi o included na?
Recurring cost approx is Php 20,000 excluding the one time fee in cost of loan and basic furnishing.
Scammaz yang mga agent