While condos tend to be smaller than a traditional home, there are many benefits to renting a condo in the Philippines. Whether you intend to go on vacation in the Philippines or you intend to move there to work, condos tend to be more conveniently located, largely thanks to the recent housing boom in the country. Take the capital Manila for example; there are now tens of thousands of the new or nearly new places available to rent in the Manila Metro area. Renters can now choose from many affordable high-end developments.
Whatever reason you are visiting the Philippines in general there are still some things you need to consider before deciding to enter into a tenancy agreement to lease a condo unit. Even if you are only on vacation in the Philippines, renting is still a commitment and should never be entered into lightly without doing some careful study first. Here is a list of things you should consider carefully before you decide on renting a condo in the Philippines.
Renting a Condo in the Philippines
It’s a good idea to take into consideration where the condo is it located. Maybe you are planning to do some sightseeing, making it a base for exploring the rest of the country, or your place of residence as you commute to and from your workplace. The location of the condo is significant. If you are working in the area, how long will it take to get to work and back in the evening? In most cities central locations are more expensive, but this cost is usually offset by saving on transport and time spent commuting. If you want to be close to the nightlife or shopping areas the cost will also be higher. Checkout 10 Best Places to go Shopping in Manila for more shopping information if you do end up renting a condo in the Philippines. If you are simply using the condo as a base for travel, then maybe you should consider access to major transport links ahead of a central location.
Public Transportation in the Philippines
Access to public transport is another important factor. A well located condo should offer its tenants secure access to public transportation. Most travelers just ask condo security to locate a Taxi for them in which case the Taxi driver’s information will be verified before allowing them to enter the property. I do this all the time and in my opinion it is one of the safest ways to get around. If the condo you are considering is near a shopping mall, you will find an MRT station, bus stop and plenty of jeepneys in the area.
If you are looking to go on vacation in the Philippines as we mentioned earlier, the new housing boom means that you should not have to settle for an old or inferior rental. You should easily be able to pick up a new build or at least one that has only had one previous tenant. If the place has been lived in, make sure to take plenty of photos as question any damage you might see, note this in the tenancy agreement.
A word of caution: Pictures are worth a thousand words, so make sure you can see pictures of the property to assess its’ condition. I have seen some property owners advertise pictures of properties that are not the actual property they have available to rent. Make sure that what you see in the picture is what you are actually renting. If you are already in the Philippines, that’s even better because you can request a viewing of the property.
Most condo properties will include air conditioning, access to a swimming pool, a children’s play area, etc. But it doesn’t hurt to inquire when talking to the property manager. You will also want to ask about items available inside the unit such as laundry facilities, internet, a microwave, stove and refrigerator if you plan to do any cooking. If you are planning a long stay in the Philippines, you might want to consider looking for an unfurnished or semi furnished unit. They will traditionally come with all the usual amenities, but without furniture and be less expensive.
How secure is the location? One of the first things you should consider when renting a condo in the Philippines is the level of security offered by the complex. Observe the security staff, are they waving in every car that comes to the gate or are they checking the plates and the drivers or passengers details. Unless you check this in advance, you might find security is a little more lax than you might like. The best condo complexes require their guards to escort all visitors on and off the site, to ensure the safety of all the residents.
The cost to rent or lease a condo depends on a few factors. The size, age and location of the condo will usually will dictate the cost. I like to do my research using sites such as booking.com, vrbo.com but there are many other sites to choose from when looking for a condo to rent in the Philippines.
If you are planning a short term stay, you might encounter upfront costs such as cleaning fees, utility deposits as well as a security deposit. For a long term stay, a two-month deposit is very common in the Philippines with at least one month’s rent in advance. If you are being asked for more than this, you should either just walk away or question the amount. If you cause any damage to the property or fail to pay, any outstanding utility bills your deposit may be forfeited. To ensure you get your full deposit back when you leave, look after the condo and keep up to date with the bills.
I have found on occasion that it was cheaper to rent an entire month rather than pay for 3 weeks at the daily rate. If you are looking for a longer term situation perhaps you might consider an extended lease. If you do this, you will most likely be able to negotiate a lower price and it will also ensure that your cost will not be increased during the length of the contract. Owners will commonly charge higher prices for shorter-term leases, especially on a daily basis. If you do not complete the lease duration, you will in all likelihood forfeit your deposit.
Always be familiar with the terms and conditions of the lease. This may not be much of an issue for short term stay, but you may encounter them. I am not aware of any laws restricting how much an owner can ask for when leasing their property; however the price will usually stay close to the market rate. Landlords want trustworthy tenants and rarely want to run the risk of losing their stable income by having the place left vacant for a period of time.
Be aware there are sometimes cancelation fees associated with renting a condo, so please read the fine print or just ask. Some owners offer free cancellation up to 24 hours prior to check-in. Others are a bit more restrictive and will charge a cancellation fee no matter what.
We hope these few tips will help you decide whether renting a condo in the Philippines is right for you.
