Things to Remember before Renting a Condo in the Philippines
The Philippines is the world’s 24th best place to live and work- according to a Forbes article of 2019. The Philippines has seen a remarkable rise in the economy over the past few years and is an excellent place to move to. Once you choose the Philippines, you need to have space to live. This space could either be your own or rented place. Buying your own may not be possible due to the sky-high prices which leave you with just one option- renting!
Condominiums also popularly called condos could be your best deal if you are a young professional working in the Philippines or a couple who are new to the place and cannot afford to buy an apartment or a condo at the moment. And if renting could be a better choice than buying one, then why go through the hassle of purchasing a condo? Renting a condo is not as cheap, considering that there are other more affordable options available. However, the price of a rented condo majorly depends upon the area where it’s located. For example, if you want to rent a condo near your workplace, you may have to pay a higher price than staying in a residential property that is just a few km away from your workplace. Whatever you choose, there are a few factors that you need to consider before renting a condo. Let’s discuss a few of them in vivid detail.
Location of the Condo
The place where the condo is located is a factor that needs maximum attention. What is the point in renting a home that is far from the place you work or far from accessing basic necessities such as the supermarket, banks, hospitals, schools(in case of children) and of course proper public transport? It would be best if you also were close enough for any emergency service, like the police or even the fire brigade, to reach you. It is not hidden that a condo near such areas is bound to be expensive but when you weigh the rent of buying a condo close to these places against the many other benefits that you receive for being close to the bare necessities, spending a little extra on rent will yield you better services as you will save a lot of time. There will always be help available in times of emergency. Therefore, always find the best rental property in the city that will suit your needs and make your life easier and comfortable.
The Condition of the Condo
Areas such as Ortigas and Makati have seen a significant turn of events in the real estate market, therefore giving rise to many new condo units for rent. Some of these condos may have already been used(even if for a brief period) and would therefore need property inspection from your end. You need to inspect and observe the condo entirely and check for any repairs or damages that have been present already. If there are noticeable damages or major repair requirements in the condo, then you may have to re-evaluate the rent quoted by the landlord.
What you also need to decide is whether you want a fully furnished or semi-furnished home. If you opt for a fully furnished home, you will be welcomed with all the essentials such as the bed, couch, fridge, washing machine, all the kitchen appliances, dining table with chairs, and the television. Sometimes, even internet connection, landlines, and cable subscriptions are a part of a fully furnished condo. If you choose to rent a fully furnished condo, be prepared to pay a higher rent. Whereas, a semi-furnished condo will include only the basics such as a bed, fridge, stove, and maybe a TV and a washing machine. This will, of course, cost you a little lesser than the fully furnished one. However, it entirely depends upon you to decide what kind of a condo you would want to rent based on your usage.
What are the Amenities included?
Almost all condos in the developed areas like Metro Manila will have basic amenities like a swimming pool, gym, amongst other things. But what is important is to calculate the kind of rent you are expected to pay for such amenities. If the rent is too much because of the amenities(which are common), then you could consider simpler and better condos. You also need to, most importantly, look at the security system provided. The high-security system does not just mean having CCTV cameras in abundance. It would help if you also observed how the security of the building interacts with visitors or even a delivery boy. These things say a lot about the safety of a place.
Rental agreements are a must no matter which country you want to live in. A rental agreement is a legal document that is necessary to protect the rights of the landlord and the tenant. The terms and conditions of the landlord as well as the tenant, are included in the rental contract. This agreement will include the terms and conditions of both the parties and their expectations from each other, everything in black and white. Your rental agreement will also have the rent value and any kind of deposits or fees that may be a part of the rental process.
In the Philippines, the tenant is supposed to pay a Security Deposit before renting the condo. So, what is a security deposit? A security deposit is usually a certain sum of money which is two-months of rent decided, deposited by the tenant with the landlord. This money can be used by the landlord to settle any outstanding rent, bills, or to recover damage by the tenant during his or her stay or when the tenant wants to vacate. If you want your full deposit back at the time of the expiry of the rental agreement, you got to behave like a good tenant and take care of the property.
If the condo is in a fairly urbanized city and the rent of the condo is either equal to or lesser than 10,000 Pesos, OR if the condo is located in a not so urbanized city and the rent of the same is either equal or lesser than 5,000 Pesos, then the landlord cannot ask for more than two months rent as the security deposit. What is interesting is that the landlord needs to keep the security deposit amount with the bank under the tenant’s name during the entire lease duration, the cherry on the cake is that any interest earned on that amount needs to be returned to the tenant at the time when the lease expires.
Alongside the security deposit, there is something called Advanced Rent that needs to be paid by the tenant to the landlord. It usually is one month’s advance rent that acts as the rent for the last month of occupancy.
Run a Background Check on the Landlord
Like how a landlord expects a good and decent tenant, likewise, a tenant expects a good landlord too. Honestly, a good condo is of no use if the landlord is a real pain. Therefore it becomes an absolute necessity to run a background check on the landlord. The best way of doing this is by talking to the landlord directly. Be alert and attentive to the way he speaks to you and the kind of confidence he exudes. You will get to know all that you need with the way he talks and also, his body language. Another way of gathering information and feedback about the landlord is by asking around any relevant sources for information.
Ask if there’s any Hidden Expenses
If you don’t pay attention, the landlord could play smart and charge you with some hidden expenses other than the rent. This would be disclosed to you only once you signed the agreement. And by then, it would be too late. Hence, it is always better to ask the landlord directly about any kind of hidden expenses like parking fees, electricity and water charges, etc. When money is involved, every tiny detail needs to be crystal clear!
Another way to go around is to use an online property platform that is reputable and trustworthy. For instance, if you are renting a house in Malaysia, you can look for SPEEDHOME.
See and Feel the Condo before calling it Home
As they say, All that Glitters is not Gold. Similarly, a condo can look amazing and attractive from the outside, but you never know the actual condition of it from the inside until you walk through it. Inspecting a condo will make it more real and you could also look around in-depth for any kind of damage to the property.
Those were quite a few tips that you should be able to easily follow now before renting a condo. Whether the house is rented or your own, when you live in it, it becomes your home. Having a clear picture of what you are going to enter into is a must as you surely do not want to have any regrets later, do you?