6 Tips On Buying A Mid-Rise Condo In The Philippines
2021 Feb 22 | by Apple Barretto
What are tips on buying a mid-rise condo in the Philippines?
- Opt for a mid-rise condo for privacy and security
- Understand the pros of buying a mid-rise condo
- Know the law when it comes to owning condos
- Take a look at the nearest establishments
- Choose gated communities for health and safety
- Consider the available financing options
A mid-rise condominium is one of the most sought-after investments in the country. There are benefits offered to everyone — families, single individuals, expats, and even investors. Planning on buying a mid-rise condo in the Philippines? Listed below are some tips to help you out. Read on to learn more.
What Is A Mid-Rise Condo?
A mid-rise condominium is a housing type in the Philippines—in addition to single-family homes, townhouses, and apartments. You can own a single condo unit in a building as opposed to apartments where you can only rent. Mid-rise condominiums are more affordable than their high-rise counterparts—while also providing a variety of amenities such as parks, multipurpose halls, parking areas, and the like.
Mid-rise condos are usually built with 4 to 6 floors, having fewer units and residents in each building. These are often developed in urban cities, making them more accessible to essential services like schools, hospitals, and groceries.
Opt For A Mid-Rise Condo For Privacy and Security
Condominiums could be affordable and convenient, but if you’re living in a high-rise building with more than 10 floors, you will be sharing the elevators and common areas with a lot of people.
On the other hand, a mid-rise condo has fewer floors—offering increased privacy and security. The low-density floor plan also makes it less congested and spacious.
Generally, mid-rise condominiums are also the first choice for empty nesters or retirees. This is a recommended option, especially if you are looking for a low-key residence with a peaceful and quiet atmosphere.
Understand The Pros Of Buying A Mid-Rise Condo
In a house, you are responsible for every nook and cranny—from replacing outdoor lights to trimming the lawn. This can become stressful in the long run, especially when you are busy with your career and taking care of a family.
For hassle-free and convenient upkeep, living in a mid-rise condo is beneficial. The homeowner association will take care of everything for you—from garbage collection to amenity maintenance. This gives you more time for other upkeep and activities, such as decorating your unit.
Aside from this, a mid-rise condominium inside a gated community has a 24/7 security service. CCTV cameras are installed inside and outside a building, with guards available at every hour to patrol the area.
Know The Law When It Comes To Owning Condos
The law regarding owning a condominium unit is stated in the Republic Act No. 4726 — also known as the Condominium Act. This act allows foreigners to purchase their condominium unit. It also discusses other topics, such as selling your unit, using it for mortgage loans, and your rights as an owner.
Due to the TRAIN Law, you can also buy condominium units worth Php 2 million pesos and below without having to pay for Value-Added Tax. This information can save you a lot of money which could be used to buy furniture, household equipment, and other fixtures for your new unit.
Take A Look At The Nearest Establishments
The best thing about living in a condominium is its accessibility to essential goods and services. Before you purchase your unit, take a look at the surrounding area for schools, hospitals, groceries, offices, and other places that are only a few minutes away.
For example, the Pueblo de Oro Familia Apartments in Cagayan de Oro is situated in a prime location. A few minutes away are establishments such as SM City Cagayan de Oro, Xavier University, Corpus Christi School, Northern Mindanao Medical Center, Pueblo de Oro Golf & Country Club, and The Pueblo I.T. Ecozone. This makes it a practical address to settle in for young professionals and families alike.
Choose Gated Communities For Health and Safety
The new normal lifestyle requires you to have a home in a safe environment. This should be an important factor when you are choosing your condominium developer. While most condos are easy to access and located in a convenient location, not all are built-in gated communities.
The advantage of living in gated communities is the increased opportunity for social distancing. Guards will restrict any unauthorized guests and more green space is provided to lessen the contact between tenants—while also providing fresher air. The homeowner association also ensures that common areas are always disinfected, making them clean and sanitized for your safety and peace of mind.
Consider The Available Financing Options
If you’re looking for financial assistance, consider applying for Pag-IBIG housing loans and bank financing. Active members of Pag-IBIG—with at least 24 monthly savings—can avail of their housing loan which can be paid within 30 years.
On the other hand, bank financing allows payment of up to 20 years. It usually requires you to have a good credit score to be approved for this loan. Interest rates will usually vary from bank to bank, so it is useful to inquire first.
If you’re planning on buying a condo in the Philippines, take note of the tips above for a hassle-free and convenient experience. The best choice when it comes to privacy, safety, and security are mid-rise condos situated in gated communities.
If you’re looking for a high-quality, private, and secured condominium in the Philippines, you may send a message here. Pueblo de Oro is a trusted and reputable developer in the country — with different types of properties located in Batangas, Pampanga, Cebu, and Cagayan de Oro.