Before buying your first home in the Philippines, it’s ideal to make a list of the things that are important to you, both now and in the long run. This can be things like the neighborhood, your lifestyle habits, and the amenities.
A quick Google search will show that popular areas to live in are Metro Manila, Pasay City, and Makati Central Business District, meaning that the National Capital Region or NCR is one of the most popular places to buy a condo unit.
Owning a condominium, especially affordable condos, can be one of the best means to owning property. Many use vertical homes and their thoughtfully designed spaces as a stepping stone towards having a detached house, while others use condos as an investment to rent out for passive income.
As such, people are motivated by different reasons when choosing to buy a condominium development over a traditional house. Here, let’s take a look at what the key components in finding a budget-friendly condominium for sale in the Philippines.
Condo Hunting 101: Deciding on a Prime Location
Consider emerging locations in Greater Manila Area (GMA) and regional areas nationwide. But in truth, a prime location can be subjective and differs based on who you ask:
- Those with kids or planning to start their families may focus on safe neighborhoods and nearby schools
- Outdoorsy people would prefer areas with hiking trails, beaches or swimming pools, and other leisure spots
- Entrepreneurs would want a condo unit that they can maximize for business purposes, either by renting part of the condominium out, turning it into a small business office, or something else
We’d recommend spending a bit more time contemplating by yourself or with your partner to come up with your compromises and non-negotiables for your prime location. It’s important to keep these concepts flexible and be open-minded to changes that may happen.
When it comes to major cities like Makati City, Quezon City, Bonifacio Global City, Taguig City, and Pasig City – generally any city in the Metro Manila area near central business districts – you can own a condo unit that is within walking distance to popular destinations such as shopping malls, grocery stores, banks, and hospitals.
But not needless to say, areas posed for growth down south in Visayas and Mindanao, such as Cagayan de Oro City and Cebu, also offer these same benefits. Take note: prices may be higher or lower depending on the location of your prospective condo unit.
If you happen to be situated in a major city, be reminded that the average price of condominiums and similar properties will be higher than those located in first, second, or third-class cities. The same can be said for condo units for sale on popular streets like Roxas Boulevard, right along the coastline of Manila Bay.
Cost-effective condo options still exist along prime locations and their surrounding areas, so keep an eye out for when these properties are listed and what their prices are.
How Can You Find Value-Priced Condominiums?
The biggest factor in determining the prices of condominium developments is the size, usually calculated by the square meter. Essentially, the larger the space, the higher the price.
If you want to narrow down your options into the most economically friendly condo properties that still provide the best value for money, here are practical tips to find the best starter home in your chosen location.
Ask recommendations from friends or family
One of the best resources to start with is your friends and family. They may know of a condo for sale that meets your standards or they know will appeal to your taste. Notably, ask insights from those whom you know have firsthand experience buying a property that’s not necessarily a condo.
They may teach you a thing or two about compact spaces in an accessible location, top-tier condo amenities that they may have previously encountered, and other informed opinions they can share to help ease your condo buying journey.
Browse through social media for available properties
Quite surprisingly, social media, especially Facebook, has been increasingly popular in the real estate market for buying and selling properties. For one, it’s easily accessible and almost everyone uses it for all sorts of browsing activities. Secondly, you get to speak directly to the seller. These sellers may even offer cheaper or discounted rates.
However, it’s always great to take caution and therefore be careful doing transactions using these platforms. Don’t forget to vet the property seller to ensure that your transaction is legitimate.
You might want to also consider joining Facebook groups comprising both individuals looking for value-priced properties and verifiable sellers offering exactly what you’re hunting for. What’s more, these groups are also used to expose scammers that your fellow property seekers must avoid at all costs. It’s therefore a safe community for aspiring homebuyers like you.
Speak to representatives from property developers
When on the lookout for a condo for compact living in the Philippines, engaging directly with property developers’ representatives is a practical solution when on a condo hunting mode. These knowledgeable professionals can answer your curious questions, address your specific concerns, and expertly guide you through the purchasing process.
Reaching out to them helps you gain access to insider information about upcoming projects, pre-selling properties, condos for rent, exclusive deals, and ready-for-occupancy units. Don’t hesitate to schedule a meeting with a condo representative from a reputable company like Asterra or have a physical site visit.
Use Asterra’s Property Finder for Available Condo Units
When shopping for condos on a budget, we recommend using our property finder to search for properties for sale located in prime areas, such as:
- Butuan, Agusan del Norte
- Cagayan de Oro
- Calamba, Laguna
- General Trias, Cavite
- Iloilo
- San Fernando, Pampanga
- Tanza, Cavite
Our website will filter out results given your desired city. Once you click on a potential condo, you will be taken to a page with more details regarding your practical investment, such as a description, how to commute to get there, landmarks, and amenities, including condo gym, community lounge, tranquil landscapes, and pool area. You can also look at a 360º virtual tour to get a sense and feel of the space.
What’s Next After Finding Condos for Sale?
So after having a successful hunt of economical condominiums, what’s your next best steps? If you haven’t done so yet and have only completed the initial stage of the condo buying process, here are what you should be doing next:
Evaluate Property Features and Amenities
Before finalizing your decision on a condominium unit purchase, it’s very important to first scrutinize the property you’re eyeing, particularly its facilities and amenities. Factor in the size and layout of the unit, interior design, the quality of construction materials, and the availability of amenities like parking spaces, swimming pools, and a condo gym. This allows you to determine whether your future personal sanctuary satisfies both your specific needs and preferences for comfortable and practical living.
Assess Financial Considerations and Payment Options
Buying a condo in Calamba, Laguna or San Fernando City, Pampanga involves financial planning and careful consideration of various expenses. It entails creating a budget that shall go beyond covering the purchase price and must be inclusive of additional costs, from property taxes and HOA fees. You must likewise explore different financing options, like if you would avail of mortgage loans. This will enable you to make a smart decision based on your present financial situation and long-term investment goals.
Schedule a Site Visit and Inspections
There’s no denying that online listings, photographs, and even Facebook and Instagram Reels provide convenient and helpful previews of condominium units. But you’d definitely not disagree that nothing beats a firsthand experience or seeing the condo property in the flesh.
It allows you to explore the property in person to see its actual condition, layout, if there are open greens in the surroundings, or if the growing cityscape provides stunning urban views as seen from a higher floor unit. Also, conducting inspections is necessary during such visits to help you identify any potential problems or defects that may negatively impact your decision. Setting for less is a no-no.
Asterra is among the newest condo brands in the country that is set to expand and cater to the growing property and real estate investment needs of young professionals, married couples, small families, and even overseas Filipinos. Reach out to us and submit an online inquiry to get started on your condo ownership dreams!
