Buying A Condo in Binangonan, Rizal
In today’s day and age, many people are leaning towards buying condominium units rather than an actual house. Owning a condo is not only cheaper and more practical than owning a house but it also provides more security. You will also get to enjoy amenities such as the gym and a pool, which you cannot enjoy in your house, unless you are part of the elite class.
If you are planning to buy a condo in Binangonan, Rizal, here are some of the factors you should consider:
- Location – the location of the property is one of the most important factors to consider when buying it. Many condominiums are being put up near the business districts but keep in mind that if you choose these, then your surroundings will be quite busy and noisy as well.
- Amenities – the amenities of a condominium are what make it an advantage over houses. Evaluate whether the amenities give value to the price of the condo or not.
- Population – the more people who live in the condo, the noisier it will be. More residents will also mean that more people will use the amenities. Take these into account when choosing a condominium to purchase in Binangonan, Rizal.
- Parking – actually owning a parking space in a condo is quite expensive, so you can always choose rent from the condo property office or from other tenants.
Once you’ve taken the above into consideration, you should also familiarize yourself with the basic rules and costs that come with the sale of condominiums:
- Ownership of a unit is evidenced by a Condominium Certificate of Title (CCT), which is the equivalent of a Transfer Certificate of Title (TCT) in land ownership. The CCT will only be released to the condominium owner upon full payment of the unit.
- Downpayment is usually 10% – 30% of the cost.
- Foreigners can only own up to 40% share. However, holders of Special Resident Retiree’s Visa (SRRV) can enjoy more benefits than other foreigners.
- Costs apart from the actual selling price include condo association fees, VAT, and closing costs (documentary stamp tax, transfer tax, registration fees, etc)
