Buying a condo somewhere in Manila??? Good idea for an american???

Question

I am American and I am wanting to buy a condo somewhere in Manila and then renting it out. Does anyone have any suggestions or comments about that? Is it a good idea? I just think it is cheaper than paying for a hotel for a month at a time when I go there.

Answer 1

I would not recommend it. Call any of the major condo projects and ask to speak to their leasing office. You will find tons available and for fairly low rent (compared to the states) for short term. We thought about doing this (property rentals is our main business in the states) and found that the cost of the condo versus the rent/vacancy rate did not make this an attractive option. How much time do you spend here? If it is six months or more, then this might be a good option for you.

If you do decide to buy a condo then:

1. Look at it in person. If it is a pre-buy, look at a comparable completed project by the same company. Often the model units are awesome, however you may find the building has some features not pleasing (i.e., dark/smelly/hot hallways, slow elevators, etc).

2. Look at other units built by the company in the past and check how well the building is maintained. We found some that looked great when brand new, however once we checked a building that was only a couple of years old, it was not maintained well at all. (This was true also for a major company).

3. Contact the leasing office of a condo unit that you are looking to purchase. Contact them via phone not as a perspective buyer but perspective renter. Find out what is available and the cost. This will often be very different than the figures the salesman will give you when selling a unit.

4. Check out the costs of units that are on the market in an older building. Did the property appreciate? At what percent? We found that "new" was very attractive and buildings that were only a couple of years old had actually depreciated in some cases.

5. Find out what other projects are being built in the area in the near future. This years view of the bay may be next years view of another condo unit.

Answer 2

If you are only staying for a month at a time then a Hotel is the better choice. They have Hotels for every budget over there. Everything from boarding houses/youth hostels, to 5 star hotels like Manila Hotel on Roxas Blvd across the street from Rizal park. Honestly if I were you I would just rent a Hotel. Gives you plenty of flexibility every time you go you can stay in a different part of the Philippines then you can see where you like it most. Manila Hotel has the best buffet in town. Better than Belagio Las Vegas but not as expensive.

Answer 3

Many condominiums make an ideal investment, i would recommend choosing Makati city, though very near municipality of Taguig has the best condos too (with lower tax etc)

One Legaspi residence in makati Central Business District at the Ayala center is a 5-minute walk to the greenbelt commercial mall :my bestfriend is leasing it out (i'm not sure though if they are selling, email me if interested)
Rockwell in makati has ideal condo units for expats, foreigners and balikbayans. The condominium development of towering blocks is within a new high-end residential-commercial development. I think your lifestyle will suit this development.

Taguig also offers high-rise high-end business-residential-commercial developments, varied kind.

Good idea to have one, but make sure you choose one that's easy to maintain and have rented out while you are out of the Philippines. There are condos that offer maintenance and cleaning services . The management will certainly help you when you want to have it rented out to locals - tip: there is a nearby graduate school (ateneo) at Rockwell.

It will be very costly to book in hotels if you are planning to stay for long trips, so i suggest you look into the possibility of acquiring a unit instead.

Answer 4

I have myself been looking into these http://www.manilacondos.ukf.net/ and they are excellent. I checked one out when I was there and they are top of the line, if a bit pricey. As far as any business ventures like rent outs/subletting I have no experience with. I was looking for a place to live there when I retire. I happen to love Manila no matter what anyone says. About the prices, remember, 1 million P is around $27000 USD.

Answer 5

Are you married to a Filipino wife? Foreigners are not allow to purchase properties in PH. You can only rent with an extended rental agreement (something like 50 yrs I think) with the possibility of re newel. But now think of it while I'm writing this, the rules states you can not purchase land so I'm not sure about a condo. Good luck to ya.

Answer 6

if you frequent Manila then buying a condo should be more practical than paying for a hotel room. you should consider the condo's location carefully though.

Answer 7

yup that would be a very good investment. one good place would be along ortigas, there are newly built condominiums there and it's very accessible to the malls,schools,public transportation,churches among others.
some condos that i know of are
1. cityland megaplaza in ortigas located at the back of robinsons galleria but it's a bit old.
2. malayan plaza located also in ortigas at the back of megamall
3. better check on robinsons land since they have more buildings this time

Answer 8

The answer is MAKATI. It's highly commercialized, many foreigners, you'll feel at home there. Malls and restos are very feasible from condo buildings, you'll enjoy it there.

Answer 9

good selection would be in the area of Roxas Blvd. because its close to US embassy.

Answer 10

marquiton --- marikina