There are a lot of choices when looking for a Makati condo, apartment, or house. Not all of them, though, will be a great deal that suits your needs or your budget. You should think about a lot of factors before deciding to buy a condo or a house in Makati.
- Where, where and whereWhen buying a Makati condo or house, one of the most important factors is location. This greatly affects its selling price and the potential of price appreciation in the future. The Makati business district, being the business center of Metro Manila, is always a good place to invest in.Aside from market value, you must also consider convenience. More people will want to live in a Makati house or condo near restaurants, grocery stores and malls. Very few people will want to live in a place where they will have to take a 15-minute drive whenever they run out of toilet paper or cooking oil.
- Developer’s reputationThe reputation of the developer matters, especially for condos in the pre-selling stage. That determines when the Makati condo units will be ready for occupancy. If you buy a condo and the project is scrapped because the developer runs out of money, it will be hard to get your money back. Well-known land developers include Ayala Land, Robinsons Land, Century Properties, DMCI, Federal Land and Globe Asiatique.
- Parking, association dues, and other amenitiesA Makati house or condo is expensive, so make sure that you get a place that comes with free parking for tenants. If the unit or property you like does not have free parking space, inquire about how much parking costs. You might be surprised that some actually cost up to half a million pesos per year. Inquire about parking arrangements if you really need to have parking space, or ask other condo residents if they have unused parking slots that they are renting out.
Association dues are what you pay for the amenities at your Makati condo. It covers utilities and maintenance for all common areas. The fee is usually fixed and is multiplied by the total floor area of your condo unit and parking slot, if any.
If you buy a condo, especially one in Makati, it is definitely worth it. A Makati house rarely depreciates because the area is the center of Metro Manila. You can find locations that you and your family will be comfortable in and a home that probably won’t depreciate over time—which means that a Makati condo or house is a pretty good investment.
