It’s no secret that condo rental in the Philippines is a growing market that won’t be slowing down anytime soon. The multitude of construction sites, and the high volume of vehicles on the road, just confirms The Philippine Star’s statement that Filipinos have more spending power than ever. From dinners at restaurants to real estate, prices are plummeting, and consumption is undoubtedly on the rise. Thus, these conditions make it the perfect time to either purchase or rent a condo.
Photo Courtesy of DMCI Homes
With this being said, if you’re either a landlord or an aspiring tenant, keep in mind that a unit is not just a place to live. It’s a long-term investment. This means if you’re considering condo living, you’ve got to keep these smart apartment hunting tips in mind, to make sure your money isn’t just going down the drain. Starting families should also be savvier, as this will be your children’s first home. As for those who are looking to lease out their property, you must ensure that your unit is updated, one that will continually attract renters to ensure its profitability. So, here are 15 features that condominium owners and renters should never overlook!
Location
When it comes to condo renting, location is crucial. It not only dictates pricing but also impacts one’s lifestyle. Is the unit close to your child’s school as well as your workplace? Are basic establishments, such as groceries and malls, nearby? If the answer is yes, landlords will have an easy time finding tenants. If you’re a prospective buyer, this might mean more competition, but overcoming them will be worth it. DMCI Homes’ Brio Tower, located in Makati CBD, is a perfect example for this.
Walk-ups Vs. Elevators
Whether the building is a mid-rise or a high-rise, if your condo unit is passed the third floor, there better be an elevator. While stairs are great for fitness reasons, not everyone is able-bodied enough to climb countless steps. Even then, most people will not be eager for this sort of “exercise” after a tiring day at work. Multiple flights can also make everyday tasks, such as doing the groceries and taking out the trash, a major hassle.
Wi-Fi & Cell Signal
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Bankrate says that in order to attract young buyers, properties need to have great and internet cell service. In fact, millennials will find a landline both useless and outdated. Nobody wants to be disconnected. Having good reception is no longer a luxury, but rather a necessity in condo living.
Technology
Although this isn’t a crucial factor, not a vital feature, smart homes are a growing trend. Having the ability to check on your home from your mobile puts leaseholders at ease. Plus, this also gives property owners more security during the times when the unit is unoccupied.
Air Conditioning
We live in an extremely hot country, and it is almost impossible to survive the heat without an air conditioner. However, for those who are only interested in short-term condo rental in the Philippines, buying and installing their own unit can be a big inconvenience. A unit should already be equipped with its own cooling system, especially in an enclosed space with no natural ventilation, such as condominiums.
Laundry Facilities
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Trying to transfer pounds of laundry to an out-of-building service can be problematic. Other than being physically difficult, having your clothes and linens cleaned by someone else could easily amount to Php 1,500 per week for a family of four. A washer and a dryer could be a great bonus for all parties involved. Some DMCI Homes properties like La Verti have communal laundry rooms for condo residents’ convenience.
Parking
This is one of the most sought-after features of condo hunters. However, if the price is not right, it could also be an ultimate deal breaker. This is not surprising since renting a parking space reduce your renting budget by Php 3,000 to Php 5,000. Meanwhile, purchasing a slot can reach up to Php 500,000. Parking with no extra charge is a feature that people are willing to fight for. However, you won’t need to worry about this issue if your unit is in a great location. Again, if it’s near schools, offices, and public transportation, your condo is sure to be sought after.
Balconies
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Being cooped up in a unit can cause some serious cabin fever. Having a balcony is an important feature both for your physical health and your sanity. Easy access to fresh air is a feature that both tenants and landlords commonly forget. A balcony is also a great place to set up a mini urban garden. Eco-friendly condo living is not only ethical, it’s also economical.
Clean Bathrooms
The condition of your bathroom can be another deal breaker when it comes to condo renting. Older buildings usually have outdated tubs and toilets, which can be a major turn off. After all, a bathroom should be hygienic. Don’t worry, there are lots of cheap and easy DIY solutions both property owners and tenants can employ to spruce up this important space.
Resort Features
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Pools, parks, and a gym — need I say more? Added amenities are irresistible to just about anyone. They make condominiums more leisurely, and increase the entire community’s happiness!
Noise Control
Those who are interested in renting may want to check the place multiple times: at night, at daytime, and during rush hour. Occupants don’t want loud neighbors and rush hour honks from frustrated drivers to be the soundtrack of their day. If the unit is in a more busy area, and a little clamor is unavoidable, take extra effort in ensuring your home is soundproof. A condo is a place for relaxation, so you don’t want this detail disturbing your peace and quiet.
Pet Friendly
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You may not think this is a big deal, but according to Rentec Direct, 70% of apartment owners also have pets. People love their furry friends, sometimes more than other people. If you want to have a happy condo life, or to increase your chances of getting your unit rented, find out if the place is animal-friendly. This feature will surely set your residence from the rest.
Sufficient Space
This is definitely essential, especially for young families to looking to rent a condo. As they start prioritizing their children’s needs, young parents look for condos with enough space for their kids to grow and learn. If your unit has small square footage, there’s not much you can do about that. However, you can definitely apply some home-deco tips and tricks to maximize the existing space.
Value For Money
All too often, condos are priced way too high for the quality of the unit. Buyers these days have an increased spending power, but people, especially newlyweds, are still looking to save. Young people are always searching for ways to stretch their pesos. However, don’t mistake this for stinginess. A low-priced unit can seem attractive at first, but if it’s as cramped as a closet, then forget it. People are willing to shell out more for an abode that’s in better condition. They understand that while it may cost a little more now, this will save them from extra expenses for much-needed improvements after they’ve signed the contract.
Quality of Life
Last but not least, a condo must inspire “lifestyle desirability.” When prospective renters come to check the place out, they must imagine themselves living there, happily. According to Property Observer, all these features cumulatively create a standard of life. Whether that’s good or bad is what governs both the livability and the sellability of condo rental in the Philippines.
