Investing in a condo in Manila is one of the most popular financial decisions a person can make. With Metro Manila’s unending traffic woes, many of the Philippines’ top real estate developers compete based on accessibility: a location with nearby grocery stores and schools or, at the very least, obtainable modes of transport.
But for someone who is working abroad, owning a condo in Manila offers a different perspective. It can be a way to invest their hard-earned savings, whether it’s to create a home for their family or have a place to stay when in the country, or rent it out to generate extra income.
But first, know the kind of ownership that condos offer. There’s lease ownership, wherein you buy the right to live in the property for a fixed amount of time, which can be 25 to 50 years. When this expires, the lease can be extended or the property returned to the landowner. Then there’s freehold ownership, wherein you own the condo in perpetuity and you can pass it on to your heirs when you die.
Before you start Googling for viable properties, it’s important to decide first whether an apartment is the investment option you’re looking for. Here are five signs that a condo in Manila is perfect for your lifestyle.
1. Do you prefer to be independent?
Condos make solo living incredibly easy. Apart from the usual conveniences of accessibility and amenities, a condo ensures round-the-clock security (24-hour surveillance and security staff) and a dedicated reception desk to vet visitors and receive your packages.
A maintenance team also keeps the entire complex in tip-top shape. You don’t have to worry about finding a plumber to fix a leaky toilet or an electrician for faulty wiring. If you’re leasing your unit out, you can feel secure knowing that your tenants won’t need to message you for repair concerns.
2. Do you prioritize convenience and comfort?
Many condo developers create communities within their complexes so people don’t need to go out. A condo in Manila typically comes with amenities like a gym, running path and swimming pools for its residents. Some even have playgrounds and daycare centers. All of these features are an elevator ride away.
Amenities became a primary concern for condo dwellers especially during the pandemic lockdowns—and still today in the new normal we live in. Whether you intend to stay in your unit or are looking to rent it out, a development with an attractive set of amenities is a bonus. Another major issue to note: condos rarely get flooded, an important feature that homebuyers are considering these days.
3. Do you want to keep commuting to a minimum?
A car is always good to have in an emergency, but choosing to live a high-rise life also works if you don’t own one (parking slots are priced separately) and are perfectly content to ride your bike or take public transportation. Many popular developments are situated near train stations or bus terminals to make it more convenient for the city dweller. Moreover, most of these condos stand near malls, grocery stores, banks, and schools. Who needs to worry about parking and traffic?
4. Do you want to make it your second home?
Most condos are primed either for starter families, people who live alone, or young professionals looking for housing alternatives that will help them skip the commute. In recent years, people have gotten accustomed to renting out small units during the workweek to have more time for productivity. Another way to make a condo in Manila a second home is to use it as a retirement nest. If you’re an OFW, you can look at it as a reward for coming home.
5. Are down payment and amortization terms are attractive?
While still requiring a sizable amount of money, condo units make for a good investment. If you do not have the budget for a house and lot, and don’t want to take out a huge bank loan, then inhouse financing with the developer may be the right option for you.
Investing in a condo in Manila is a huge decision. Take further steps to ensure that your family is protected in the long run even when you’re working abroad and living away from them with FWD Family Hero, a plan specifically created for OFWs. Family Hero gives lifetime protection subject to your fund performance and while growing your wealth based on your financial goals with either Set for Life or Manifest. Set an appointment with an FWD financial advisor to know more by clicking here.