Condo living has been a growing lifestyle trend for people, steadily gaining popularity over the years. From the convenience of the locations, modern amenities, and even the 24/7 security across properties, condominiums have become a preferred choice for individuals looking to live in Manila. However, while many focus on the selling price of a unit, there are additional costs that come with buying a condo for sale in Manila. It is, indeed, an exciting investment. But beyond the listed price, there are several additional costs that everyone should consider.
From taxes and legal fees, to association dues and move-in expenses, these hidden charges can actually add up and impact your overall budget. And it is important to be aware of these costs to make an informed decision and avoid financial surprises down the line.
Whether you are a first-time buyer or a seasoned investor, understanding these extra expenses will help you plan better and ensure a smooth property purchase. Read on.
Taxes and Legal Fees
When buying a condo for sale in Manila, one thing to look into would be the taxes and legal fees, which buyers should definitely prepare for. Among these fees, one of the most important would be the real estate tax (amilyar), which must be paid annually based on the assessed value of the property.
Additionally, buyers must cover registration fees, which are required to transfer ownership and register the property under their name. Notarial fees are also necessary for the authentication of legal documents, along with other legal processing costs such as documentary stamp tax and transfer tax.
These expenses can add up quickly, so it is important to factor them into your budget to avoid financial surprises during the buying process.
Association Dues and Monthly Maintenance Fees
Condo buyers should also be aware of association dues and monthly maintenance fees, which are recurring costs that can significantly impact their budget. These fees actually depend on how big or small your condo unit is per square meter, and may be based on the condominium’s location, developer, and amenities.
Association dues cover essential services such as the 24/7 security, building maintenance, and upkeep of common areas like lobbies, hallways, and elevators. They also help fund the operation of shared amenities like swimming pools, gyms, and even function rooms, ensuring that residents continue to enjoy a well-maintained living environment.
Since these fees are mandatory, condo buyers should consider them into their long-term financial planning to avoid unexpected expenses.
Move-in Fees and Utility Deposits
Moving into a newly purchased condo in Manila requires preparation for move-in fees and utility deposits, which are additional costs that come with settling into your new home. Many condominiums actually charge an elevator usage fee to cover potential wear and tear when transporting furniture and appliances to the unit. Additionally, you may also need to pay connection fees for essential utilities such as water, electricity, and internet.
These fees vary depending on the service provider and condominium policies, but can add up quickly. And since these costs are often required upfront before move-in, it is important to include them in their budget to ensure a smooth transition into their new home.
Parking Space Costs
Parking space costs are also another hidden expense that you should watch out for when buying a condo for sale in Manila. In most condominiums, a parking slot is not automatically included in the unit and must be purchased separately. The price of a parking space can actually range from 500K to over 1.5M PHP, depending on the condo’s location and developer.
There are actually some properties that also offer parking spaces for rent, but these can still add a significant monthly cost. Therefore, since parking availability is often limited, buyers who own a car should check the condominium’s policies and pricing to determine whether purchasing or renting a slot is the best option for their needs.
Interior Renovations and Furnishings
One of the most overlooked costs when buying a condo in Manila would be the interior renovations and furnishings. Many units are sold as bare spaces, which means buyers will really need to invest in essential furnishings such as cabinets, lighting, and appliances. Even semi-furnished units may require additional furniture and decor to match the buyer’s preferences.
Customizations, even, such as upgrading flooring, repainting walls, or installing built-in storage, can further increase expenses. Depending on the level of furnishing and renovations needed, these costs can add up significantly—making it essential for buyers to budget accordingly to create a comfortable and functional living space.
Key Takeaway
When buying a condo for sale in Manila, it is important to look beyond the listed price and account for the hidden costs that come with ownership. Expenses can quickly add up, so it is important to be aware of these firsthand. This will allow buyers to plan their budget wisely and avoid unexpected financial burdens, making a well-informed decision and ensure a smooth transition into your new home.
