Although often smaller than traditional houses, condos offer several benefits. They are conveniently located near key transportation, work, and leisure destinations. Because of the recent condo boom, countless condo units are currently available in Metro Manila, providing renters with plenty of affordable options. More and more condo properties are slated to be available for rent at competitive rates in the near future. Despite the myriad of benefits, you must not get complacent when choosing the right condo for rent for you. There are considerations you need to be mindful of if you wish to spare yourself unnecessary frustration in the next year or so. Condo leasing, after all, is a commitment and one that should not be taken lightly.
You already spend at least 40 hours of your week working. The last thing you want is to unnecessarily spend even more time commuting. It would not make sense to spend Php20,000 on renting a condo in Ortigas Center if your place of work is in Makati or Bonifacio Global City, places that are teeming with condo properties of their own.
Moreover, you must choose a condo that is located near places you frequent, such as shopping malls, supermarkets, banks, and the like. It should also provide easy access to other key parts of the city by way of main roads, stations, and public transport available in close proximity. You would also want your new home to be near medical facilities. You should be able to reach a healthcare facility or hospital quickly in cases of emergency. Also, even if the condo subscribes to the best of standards in terms of structural integrity and security, you would still want it to be easily reached by the fire brigade and the police. There is simply no telling when fortuitous events can happen, so it is best to be prepared.
Condition of the unit
Owing to the recent real estate boom, several condo units in Metro Manila are brand new. Some have already been lived in though, hence it is important that you inspect prospective units closely before renting one. Avoid properties that need major repairs, as they may cause you to put in more money than you’ve bargained for.
Another thing you would have to consider is whether you should go for a furnished unit or not. It is all about weighing the pros and cons. The pros of going for a bare condo unit are that you get to design the interiors to your liking, and the rent is likely to be cheaper. The con is that it will consume much of your time and efforts. You get the exact opposite with fully furnished units. You will have to pay a higher rent, but you get to move in and get on with life as usual. A fully furnished unit in the Philippines often includes dining table and chairs, washing machine, TV, microwave oven, stove, fridge, couch, bed, a working phone, cable subscription, and Internet connection.
Condominium amenities are factored into your monthly rental, so it is important to check whether they are worth what you are paying for. Practically every condo in Metro Manila comes with pocket gardens, gyms, and swimming pools. If you feel the landlord is charging you too much for them, move on to the next property listing.
Security should be on your list of deal breakers, and is something you need to take a closer look at. If you notice the guards casually waving vehicles into the property and allowing delivery guys to enter the premises unassisted, you may be dealing with a lax security and may be better off with a more secure condominium.
Although location is the key determinant of rental cost, space should also be taken into serious consideration. Check if the rental fee is fair for the space you are getting by checking similar properties in the area. You should also check whether the monthly condo fee is included in the rent. Condo fees are the monthly association dues you pay to cover janitorial services, security, maintenance of common areas, and the like. The fee is calculated based on the size of the condo unit you will be renting. Whether the condominium is high-end or not is also a factor.
Length of stay
How long do you intend to stay in the area? If you plan to live in the condo for a long period of time, arrange a longer lease contract. This will let you negotiate a lower rent. Condo owners tend to charge higher rent for shorter leases, as frequent turnover translates to higher operational expenses for them. You do have to make sure that you will be able to fulfill the agreement, as moving out before your agreed lease duration will lead to forfeited deposit fees.
You should also consider how much deposit you are willing to pay. Condo owners normally ask for a two-month deposit and one-month’s rent in advance. Your arrangement with your landlord should be no more than this.
As they take charge of essentials like electrical maintenance, cleaning of air conditioning units, changing of the locks, and garbage disposal, the condominium’s property management is a crucial factor to consider. Among the telling signs are amenities and common areas that are not well-maintained. You may also speak with current tenants. If the property management takes two weeks to respond to complaints of clogged toilets and broken showers, their services are not worth the condo fees you will be paying for. This is your cue to move on to other prospects.
Your rental contract should clearly state who is responsible for what. For instance, responsibility for maintenance and repairs for common wear and tear should fall on the condo owner’s lap, while replacement or remedy for anything the tenant has damaged within the condo unit should be covered by the latter. The same goes for the payment of utility bills and condo fees. Specifications should be clearly itemized on the contract.
From whether there are specific hours required for guests to whether pets are allowed or not, you should be well aware of the property rules and regulations before signing the contract so you can make sure you are getting the ideal condo for you. Every provision, term and rule, no matter how trivial they may seem, must be closely scrutinized. Renting a condo is a long-term commitment, relatively speaking, and could cost you enormously if you end up with legally binding terms you are uncomfortable with.
Condo living in the Philippines has become a highly popular residential option, thanks to the unparalleled convenience and benefits the lifestyle it offers. Make sure you choose a condo for lease that lets you take optimal advantage of condo living.