Maybe you’re a professional who needs housing in the Philippines to start a job in the country or an ex-pat that wants to do more for your retirement fund. Whatever the reason might be, there are several housing options that you can choose from in the country. If you’re willing to look even further, you can find some of the cheapest deals in the area. If you’re in Manila, the house hunt would be easier.
Several Housing Options in Manila
1. Condominium Units
One can find a Condominium for sale in Manila that comes with different sizes and types. Customers can find lofts, studio-type units, and even indicate how many bedrooms a customer wants to have. Condo projects are scattered all around the place, but using an online listing site does the job. Renting a unit might be a more appealing option for a lot of people, especially those who are not sure about the length of their stay. But if you’re planning to buy one, prepare at least PHP 2.5 million or $50,000.
Depending on your budget, you can get a cheap apartment or something nice for your whole family. Customers can rent penthouses, lofts, and other costlier subtypes. But if you’re in a budget or don’t want to spend a lot in housing, getting a room doesn’t hurt. If you’re opting for the cheapest option, you can find deals like cheap PHP 4,000 or $80 per month. A nice and spacious penthouse can net you at least PHP 100,000 or $2,000 a month.
Foreclosures can be as cheap as PHP 2 Million ($40,000) or as expensive as PHP 20 million ($400,000). The price depends on the size, location, and other factors. It’s a “win” if you can get a property foreclosure at a very low price, which it usually is. If you don’t mind the additional effort in making one property livable, as well as deal with other things related to the property, then getting a foreclosed one is a viable option.
Next in line is the traditional houses. Nothing beats a traditional house when you’re moving with your family or is planning to start one in the Philippines. There are apartments for rent, which can house a whole family being offered by a lot of developers out there. But if getting a full-sized house is your thing, prepare for at least PHP 10 million or $200,000 for a decent four-bedroom house and lot package.
5. Rent-to-Own Houses
And last but not least are rent-to-own houses. The renter will be paying the property on a per-month basis, akin to renting a whole house. However, each “rent” payment serves as a “mortgage” and is being dropped in the official payment of the house. Therefore, settings like these are done in contract-bases and usually have a higher payment per month amount compared to simply renting a whole house for one month.
Now that you know your options, good luck in acquiring your new dream home.