By Kristine A. Caguiat | EYP.PH – Thu, Jun 30, 2011
Let’s face it: most of us Filipinos live with our parents until it’s absolutely necessary to move out OR you win the lottery. In the event that your savings are expendable enough or the unlikely scenario of you actually winning the PCSO jackpot, then perhaps it is time to leave mom and dad and get a condo of your own. EYP.ph’s guide to getting that pad might just be able to help you live the dream.
(More home-related reads: Homes.EYP.ph)1. What you see is definitely NOT what you will get.
So you’re in the mall and a nice salesman lures you into viewing the showroom for his new condo on commission. Yeah, you probably won’t be convinced into buying one, but might as well see what he’s got, right? What do you find? Sexy floors, a masterpiece of a bathroom, recessed lighting and dark cabinetry selected to perfection by an interior designer paid to reel in fish like you: a fully furnished example of a quaint one bedroom all screaming “This could be YOUR bachelor’s pad.” It’s swanky, elegant, and cool at the same time. You imagine all the girls you can take home, your barkada having a few beers by your new HD TV, or you just bumming around in a lap of luxury that is of your own making.
Is this what you’re buying? Nope. Not even close.
Don’t be fooled, these showrooms are only meant to show buyers what one can actually do with a place, when in reality, most new condos, including many upscale residences come completely bare. You’ll be spending an extra million or more to hire a contractor and interior designer to have it fixed up, unless of course you opt to buy a condo that’s already been lived in. Mouldings, air conditioning, bathroom fixtures, paint and cabinets are all at extra cost, and more often than not, pre-lived in condos come equipped with all these necessary details.
2. Google map me, baby; I want to mark my territory.
Finally, you have some funds to finance your bachelor’s pad project and marking your territory is next on the agenda. Where to?
Makati, Taguig and Pasig are absolute condo favorites: not only is there a 7 Eleven and an ATM machine on every corner, but you’ve got a slew of bars, clubs, restaurants and your friendly neighborhoodMcDonalds franchise just minutes away. Oh, not to mention being near the practical things like hospitals, schools and your office building of choice. While on the subject, let us remind you that Makati is the most expensive place to live in, and if you don’t already know that by now, then maybe you should come visit more often. As the central business district, its accessibility is responsible for 3/4 of its price tag— so look wisely.
3. White Elephants and where did my money go?!
A condo developer is the mother hen of the building. Without one, your condo dreams are non-existent. Finding the perfect developer is very much like dating girls: you have to pick the right one or you will get screwed over. Horror stories of people investing millions into pre-selling projects and then finding out the developer ran away with all the cash, leaving a white-elephant in the middle of nowhere, are all true.
Companies such as Ayala Land, DMCI Homes, Rockwell Land,Century Properties and Megaworld all hold excellent reputations for building AND completing quality projects around the Metro. Investing in a pre-selling unit by one of them will guarantee you your dream pad once the building is completed.
4. Size ALWAYS matters, unless you know how to use what you’ve got.
Whether it be living in a shoebox or being able to run laps inside your condo unit, size affects everything. Price per square meter can easily range from PHP 50k up to a whooping PHP 150k. Depending on your choice of building location and developer, you might be spending way more for much less. A 1-bedroom unit that’s 70 sqm. in Rockwell’s Manansala is up for grabs for at least 9 million. This my friends, is a shoe box, and its only redeeming factor is that you live in Rockwell—a Rockwell shoe box. A 140 sqm., 2-bedroom unit in Ayala Land’s Two Salcedo Place is available for the bargain price of 10.5 million. Math was never a strong suit but that is around PHP 50k in price difference per square meter. If you own a car, then don’t forget to find it a home, too. Parking spaces range from PHP 300k to easily half a million. If that’s too much, then renting one for around PHP 4-8k a month might be an option to consider. (By the way, that Salcedo condo price tag came with 2 parking slots)
5. The time of the month we ALL hate.
Yeah, so you’ve been seduced by all these ads of Marian Rivera in a blue gown descending her sparkling elevator into a plush lobby as if she attends a ball every night, or some Brazilian models tanning by a pool too perfect to be real. If you think condo living is akin to a black-tie event 24/7 or a sexy summer vacation, think again- it’s just advertisers watching too much Gossip Girl selling you the Upper East Side lifestyle. Face it-- we live in the Philippines, okay?
The monthly dues for living in a condo are going to cover everything that your building has to offer: that air conditioned lobby and mirrored elevator, the perfect swimming pool, hot tubs, gym, saunas and maybe even a playground if you want. Condo amenities are paid for by the owner of the unit, and the price of these dues vary depending on the size of your place. Other important factors being covered by the monthly dues go to security systems, waste management, electricity in common areas, service elevators, guards, janitors and even plumbers and electricians.
The more services a building has to offer, the bigger the amount you will have to shell out at the end of the month. The One Roxas Triangle building in Makati even has its own ATM machine in the lobby—and the dues for the penthouse of this building are an easy 100k a month (and THAT’S on top of you water, electricity, gas and internet bills, too!)
