10/11/2022
HOW TO GET A CONDO IN CEBU: A GUIDE FOR FIRST-TIME HOMEBUYERS
Whether you’re a first-time home buyer or an investor looking to diversify your portfolio with a condominium, look no further than Metro Cebu.
Cebu is an ideal location to invest in a condominium. It is strategically located at the centre of the Philippines, so getting to anywhere in the country is relatively easy. Cebu also has a unique landscape where one can enjoy scenic mountain views and pristine white sand beaches.
On top of that, Metro Cebu is home to high-rise buildings, shopping malls, an international airport, world-class hotels, and many other conveniences of a modern metropolis.
6 TIPS IN GETTING A CONDO IN CEBU
No investment is without risk, so it’s necessary to do your homework. If you can see yourself buying a condo in Cebu soon, consider the following guide as a starting point to your journey towards finding your dream home.
1. DETERMINE YOUR NEEDS AND PREFERENCES
The key to ensuring your condominium investment is worth your every peso is to find a property that perfectly suits your needs and is in the right location. Add features such as a picturesque view, high internet speeds, or a quiet environment to your wish list. Here are a few things you need to consider:
•LOCATION
Choose a location that fits your current situation and preferences. If you like living in a dynamic atmosphere or close to work, check out options near downtown Cebu. But, if you’re looking for a quiet escape from the daily hustle and bustle, consider a place located North or South of Metro Cebu.
Properties such as Mandani Bay are located at a strategic location between Mandaue City and Cebu City. It lets you enjoy the conveniences of the city but with easy access to the best beaches and vacation destinations in Cebu. Mandani Bay also treats its residents to a panoramic seaside view of the Mactan Strait and the urban city landscape of Cebu.
* SPACE
How much square footage do you need? Are you living alone, with a partner, or bringing in your whole family? Owning a small unit may be best if you want everything within arm’s reach. Otherwise, families can opt for two- or three-bedroom units.
Mandani Bay offers a selection of units for every lifestyle. If you live with family or want to have a spare room for house guests, the spacious 2-bedroom suites should suit your needs perfectly.
Mandani Bay also boasts studio and one-bedroom units that are semi- or fully-furnished with expertly selected appliances and features, designed by renowned interior planner PTang Studio Limited.
• Amenities
Review what amenities matter to you. In the long run, this is usually related to your health, safety, and convenience. Do your current options include fitness and wellness centres, kid’s playrooms, recreational areas, green spaces, lounges, and pools? Or do you need access to multiple parking spaces and multipurpose areas?
Mandani Bay boasts a slew of amenities to encourage an active lifestyle and relaxation. From the essential outdoor fitness area, sports hall, adventure playground, and kid’s playground to more luxurious and exclusive amenities like a leisure pool, 50-meter lap pool, pool lounge, reflexology, and floating cabanas, to name a few.
2. DECIDE ON WHAT’S BEST FOR YOU: RFO OR PRESELLING?
Ready for occupancy (RFO) condos are properties that are already built and completed. These include both brand-new and resale units. Payment terms for RFO condos can come in full or staggered payments and be negotiated for a rent-to-own scheme.
RFO units are most likely limited and can cost higher than preselling condos. Possibly, a down payment must be paid upfront in cash and can cost 5%–20% of the selling price.
Preselling condos are still under construction, so they’ll most likely have newer amenities and facilities. You can also enjoy lower prices since the project isn’t completed yet. Preselling condos are ideal for investment since selling the unit when completed allows you to make a profit.
Although preselling condos offer more flexible payment terms, you may have to wait longer before moving into it.
3. KNOW YOUR FINANCING OPTIONS
Investing in real estate is a big financial decision, so you must be well-informed and wise about your purchase. Here are the financing options available to you:
* PAGIBIG
If you’re employed and an active contributor at PagIBIG, you can apply for their housing loan. The amount you can borrow depends on the actual principal amount you need, your financial capacity, and your monthly contributions. The maximum loan you can borrow is PHP 6M, which is subject to terms and conditions.
As of June 2021, PagIBIG’s interest rates range from 5.6% to 10%, and loan terms range from one to 30 years.
* BANK LOAN
Although banks offer lower interest rates and more flexible terms than PagIBIG’s housing loan, they usually demand strict requirements from applicants. Ensure you have good credit history and stable income to prove that you’re a qualified principal borrower.
If so, you can borrow 60% to 80% of the principal amount. Banks offer about 4.99% to 8% interest rates with fixed-rate terms of one to 10 years and payable from five to 25 years.
* IN-HOUSE FINANCING
In-house financing means taking out a loan directly from the property developer. It has more lenient requirements than banks but offers higher interest rates. The loan amount depends on the terms and rates of the property developer.
In-house financing offers flexible terms according to your financial status and ability to pay. Interest rates are fixed and range from 14% to 21%. For payment, it usually requires shorter time frames than banks.
4. EXPLORE YOUR OPTIONS ONLINE
The internet is an excellent source for real estate websites and listings, developers’ history, and contact information. Ideally, the features and specifications of the property should already be advertised online. Check out Mandani Bay’s page to discover luxury condominium units that exemplify modern living spaces made with the best practices in sustainable design.
5. SCHEDULE AN APPOINTMENT TO VIEW THE PROPERTY
It’s time to set an appointment to view the property thoroughly. Viewings are pretty straightforward—contact the real estate agent or landlord and let them know you’re interested. Make sure there’s flexibility in setting your potential dates and times.
6. RESERVE THE UNIT
Once you’ve reached your decision, go ahead and reserve your dream home! The reservation process involves filling out a reservation form and paying the fee. Reservation fees depend on the developer’s rates, but these can range from P10,000 to P75,000 and can be paid in check payments, cash, or credit card. These fees are deductible from the final computation of the condo unit price.
A WORTHY INVESTMENT IN WORLD-CLASS LUXURY
Make sure your future home will give you a significant return as both an asset and a place of comfort and security. You can get the best of both in Cebu, as it is a strategic location for condominium developments and high-value properties. Priding itself for a booming economy and impressive tourism, Cebu can provide you with an exciting and prosperous lifestyle.
Mandani Bay’s luxury condo units in Cebu are a strategic investment nestled along the Mactan Channel in Mandaue City. Purchasing a condo in Cebu’s center for trade and commerce ensures you have countless financial and social opportunities. Experience a distinguished lifestyle formed by superior lifestyle spaces, captivating nature, and quality developments.
To know more about Mandani Bay please contact:
Name: Ryan Khristopher B. Mijares
Mobile: +63 977 687 9537
Email: [email protected]
Under PRC lic no. 0024471
