Post-Covid19 Guide to Buying a Condo in the Philippines

Published August 3, 2020

By Ramon King III

Ramon "RK" King III is the youngest sales director in Alveo, for being promoted at the age of 24 in 2012.

While the Philippines and every country across the globe have ground to a halt due to the ensuing coronavirus disease 2019 (Covid-19) crisis, the world seems to be struggling to adapt to significant changes brought by the pandemic. In the real estate industry, property buyers are optimistic that this is the right time to buy one.

Published August 3, 2020

By Ramon King III

While the Philippines and every country across the globe have ground to a halt due to the ensuing coronavirus disease 2019 (Covid-19) crisis, the world seems to be struggling to adapt to significant changes brought by the pandemic. In the real estate industry, property buyers are optimistic that this is the right time to buy one.

With the rising cases of Covid-19 in the Philippines, property developers are coming up with new ways to cushion investors due to the impacts of the crisis. New payment schemes, no down payment, and even rent to own--these are just a few reasons to purchase a new home, especially today where many people are still staying in their family's homes, perhaps cramped with siblings and other relatives, due to the ongoing community quarantine in Metro Manila and other areas badly hit by the virus outbreak.

Given this situation, some may be considering moving out and finding their own place as they avoid mass gathering or subscribe to the practice of physical distancing so as not to contract the lethal virus.

Considering the current situation, it is highly recommended to take advantage of real estate to increase your net worth. In this article, we will provide all the necessary knowledge for you to be able to buy the best place for you and your family.

What you need to know

There are a lot of queries about the country's residential market and how property developers, as well as investors, have been responding to the disruptions and inconsistencies in the domestic market. First off, different condominiums in Metro Manila reacted differently to the Covid-19 outbreak - some were able to provide the necessary safety requirements fast, while others lagged behind.

Many building owners are expected to adjust their operations and systems in place, especially during the first few months of the implementation of the Enhanced Community Quarantine. As a precautionary measure against the spread of the virus outbreak, the majority of the companies have imposed a work from home strategy to continue operations, while some suspended work for a whole month of lockdown.

Similar to any business, times like these were seen as opportunities for condominium administrations to pinpoint areas of improvement and innovation.

Re-evaluated emergency protocols and contract clauses

In line with the recent events, condominiums in Metro Manila were able to re-evaluate the contracts they prepare for future tenants and occupiers. Included were special measures that present alternatives for tenants who could be struggling to pay rent during times of unprecedented crisis. This can be done through rental abatement/discounts, staggered payments, payment extensions, etc.

Good relationship with tenants

Reputable condominium property managers were able to establish their reliability by opening channels of communication during the pandemic. They were able to easily communicate and answer questions, as well as assure their tenants that they are on top of the situation by prioritizing their safety and well-being.

Access to necessary amenities

Precautionary measures have also been implemented, including the placing of hand sanitizers and alcohol at strategic locations within the complex and covering elevator buttons with clear plastic for easy disinfection, among others. While some facilities such as pool and fitness centers are temporarily closed, others added features such as access to high-speed internet with fiber connectivity options that supported work from home arrangements.

Prime condos are usually within walking distance from basic necessities like groceries, pharmacies, and hospitals.

Food and health access due to quarantine

There are no restrictions when it comes to food access and other essentials. Residents can go out and about in doing their usual routines such as buying groceries, medicines, food, and beverages. In fact, prime condos are usually within walking distance from basic necessities like groceries, pharmacies, and hospitals. They can also opt to have all essentials delivered so long as the courier practices basic health protocols such as wearing masks and physical distancing.

Giving back to the community

Moreover, condominium developers have utilized the opportunity to conduct Corporate Social Responsibility initiatives, not only to create a better brand reputation but also to contribute to their community as well.

Points to consider

Condos exist as a great real-estate investment option — especially to the rich and famous. But over time, the luxury may also fade due to wear and tear, components need repairs and replacements. Knowing how old the complex is and when specific parts were last repaired or replaced will give you an idea when they likely need maintenance again.

All maintenance and repairs in the condominium units are the direct responsibility of the unit owner.

Bear in mind that all maintenance and repairs in the condominium units are the direct responsibility of the unit owner. Monthly maintenance fees don't cover anything inside the condo unit. Appliances, air-conditioning, and electrical fixtures inside the unit have to be maintained and eventually replaced entirely at the cost of the unit owner only if by natural wear and tear. But if the tenant breaks it, he/she may be charged for the damages.

This is why you need to be very much aware of all the nitty-gritty details before purchasing a condominium. Here are a few points to consider:

Maintenance costs

Old condos may incur much higher electricity charge because of outdated air conditioners that cannot be replaced. The idea is to buy into newer complexes, where their near future expenses and therefore maintenance fees are projected more accurately.

Internet setup

Regardless if you're in Metro Manila or not, if your locality (or municipality) has low population density, the viability to get access to a fiber connection is slim. The preferred last-mile solution for 3rd to 6th class municipalities would be either the outdated cables or fixed wireless.

Most old condominiums already have the infrastructure, which is mostly composed of decades-old technology. And these don't get replaced easily with new fiber lines because of the cost implications to the condominium corporation.

Some condominiums also have exclusive contracts or agreements with certain ISP providers. This prohibits newer players from coming in to do the groundwork for new fiber lines.

Post-Covid19 Guide to Buying a Condo in the Philippines in propertyking.ph

Common amenities

As more and more prospective buyers search for new properties and condominiums to call home, standard amenities and features should be available. Hot condo amenities are trending toward green living, tech-readiness, pet-friendliness, and of course, easy-living. Here's a list of amenities you should look for in eyeing your next 'home'.

Condo pool areas

There is nothing better than a warm sunny afternoon, to enjoy some quality time by the pool area. Swimming pools have always been a key feature of any condo. They promote health and wellness, aside from the fact that it is also a great place to lounge. Kiddie pools that are only 4 ft. deep are also available and highly recommended for families.

Fitness centres

Unless there is an excellent 24/7 fitness centre that is walking distance from the condo, having a fitness centre in the building is crucial. The condos today don't just stop at a couple of treadmills and a collection of weights. Today's generation of condo dwellers looks for fitness centres that offer most if not all the equipment found in a typical full-service gym facility.

Other Essential Features

The best condos are the ones that have all the little details figured out. Some of these following features should go without saying.

Ample parking spaces
24-Hour concierge/security
Lounge areas
Plenty of open space and greeneries
Efficiency measures for electricity and water usage
Sprinkler system
Smoker detector and alarm system
Adequate and high-speed elevators

Why Property King?

The Philippine real estate market is a complicated field . Property King provides simple solutions to cater to your real estate investment needs. They match your goals to a tailored investment strategy and provide you with options that you can work with.

For PROPERTY KING, your needs matter, and building a long-term relationship with clients is essential.

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Property King is a real estate agency based in Manila, offering efficient and transparent real estate solutions for clients all over the Philippines. Aiming to provide our clients with sound, timely, and realistic investment strategies to generate wealth and passive income, Property King guarantees real estate brokerage services from only seasoned brokers with impeccable reputations. Privately-owned with a nationwide network, the agency is dedicated to providing the ultimate customer service for every client.