April 04, 2021

Condo Fees You Need to Know When Buying Your First Unit

Condominiums never lose their appeal to homebuyers who want a conveniently located, comfortable, and low-maintenance home in the big city. There are also condo projects in Metro Manila that promise a deluxe, well-rounded lifestyle, such as Victoria Sports Tower Station 2, by offering a diverse mix of high-end amenities.

Regardless of your reason to buy a condo unit, you need to be aware of the common fees throughout the buying process. As a first-time buyer, it’s also important to know that even after you’ve purchased the unit, there are other fees that you must take care of. Here’s everything you need to know about the costs associated with owning a condo unit.


Securing Your Preferred Condo Unit

After choosing a condo unit to buy, the reservation fee is one of the first things you need to deal with. Typically, this costs around PhP15,000 to PhP25,000, depending on the unit location, size, amenities, and the developer’s standard rates. The usual payment mode is cash, but some will allow you to pay via check or credit card. Paying the reservation fee is the first step to securing the condo unit of your dreams. But the costs don’t end there because the down payment comes next.


Monthly Payments While Buying Your Condo Unit

For the down payment, this is usually 20% of the unit’s total purchase price, and you can choose to make a one-off payment in cash. But if that’s not possible, some condominiums, particularly pre-selling ones, allow buyers to complete the down payment in 24 months. This means that the unit will be turned over to you after two years. Meanwhile, for a ready-for-occupancy (RFO) unit, the down payment terms may differ or cost more. Still, an RFO unit remains an ideal choice if you want to move into a new home immediately.

After the initial down payment, you can pay the remaining balance through a bank loan, Pag-IBIG Fund, or an in-house financing scheme. Again, this will be paid monthly, and the price and interest rate varies depending on the agreed payment terms.          


Other Condo Fees Once You Move-In 

Aside from the remaining balance, there are other fees you have to pay once you move into your unit. For instance, there are turnover or move-in fees you need to settle, which usually include a Meralco deposit, water service connection, HOA membership fee, and the association dues. The association dues are another financial responsibility you must take care of every month. These monthly payments will help with the condo building’s overall operational costs and the maintenance of common areas and amenities. Condos with plenty of amenities, like Victoria Sports Tower Station 2, may charge more in terms of association dues. But these fees are definitely worth it since you’ll have easy and quick access to everything that you need.

You’ll also have to pay for monthly parking fees if you have a car and choose to rent out a parking space. For more convenience, consider condo developments that offer a residential unit with a parking space, such as Victoria Sports Tower Station 2. Once you get parking fees out of the way, other remaining costs you need to consider are associated with the legal documents and real estate taxes.

Learning about all these fees will help you become financially ready when buying a condo unit. It also supports the fact that having substantial savings isn’t enough to invest in a condo. You need a stable income source for all the monthly fees you’ll encounter down the line and, of course, to experience hassle-free condo living.

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