Condo Unit sa Cebu

[NoahEX187]

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mga higala, naa koy pangotana about sa condo units diha sa cebu.

1.) What is the average price of a unit? (studio, 1,2,3 bedroom)
2.) What is the monthly mortgage sa unit?
3.) Duna ba financing loans mga bank diha? If so, for how long?
4.) Kong mupalit ko diha ug unit, what is the success rate na ma abangan ang unit?

Thanks!

- Noah

[supernova37]

Good day Noah,

1.depende sa klase sa condo, naa ta economic development, mid-rise ug hi-end. Depending upon the features and amenities. For economic condo naa ta diri cebu (studio type 1.7-1.9M naay deviation sa price, gamay ra) roughly mga ingon ana ang ave price then pataas na.

2. depende sa number of years nimo e loan.
3. Yes, depende sa na sa bank nimo, mga banks ron mo-offer man cguro long term arnd 10-15 yrs.
4. Naa good developer diri ug residential condo (not condotel) na if di ka mugamit and if you will coordinate sa ila Property Investment Management Services, they will be the one to look for tenants sa imo unit. Of course with income sharing, but mas dako gyd ang share sa unit owner. your condo dues is already taken care sa sharing. wa na kay labad sa ulo.

all the best,
for more info kindly:
sms - 09274882705
email - jtrealproperties@yahoo.com
licensed real estate broker (REB lic# 1475 (N)

[ohohoy]

TS try adto sa SM dha sa ground floor kay naa daghan broker didto na maka explain nmo..

[NoahEX187]

supernova - so unsa man difference sa developer and residential condo? (unsa man sad na ang condotel?).

Wa kaayo ka klaro ana income sharing, pwede pa explain?

ohohoy - unsaon man, wa man gud ko diha sa cebu karon pero I'll try if I'm around the town.

[rescyth]

unsa sd mga other expeses of owning a condo unit (excluding the utilities)?

[supernova37]

supernova - so unsa man difference sa developer and residential condo? (unsa man sad na ang condotel?).

Wa kaayo ka klaro ana income sharing, pwede pa explain?

ohohoy - unsaon man, wa man gud ko diha sa cebu karon pero I'll try if I'm around the town.

Hi Noah,

1.) Developers are the ones constructing and developing the projects to be sold to the buyers. Their developments runs from a subdivision, commercial centers, condominiums, golf course, beach resorts, memorial lots etc.
2.) Residential condo are purely for home living and not used in business but owners have the option to have their unit rented as investment. There are many residential condominiums here in cebu. While Condotel (shortened from the words Condominium and Hotel) is another view. Condotel is for purely for investment. The whole condominium is turned into a hotel and manage by a hotel management services (Hilton is an example of an international hotel management). Each unit in a condotel are sold to the buyers for investment, the owner does not wish to live in his/her unit but rather he/she will offer to be rented as a hotel. Since your unit is turned into a hotel, it will earn an income and the return of investments will be given to you at the end of the year. You can occupy your unit for a vacation for free but you will advise in advance the management that you will use it. For the period you are the one using the unit, it will not earn an income. Club Ultima here in Cebu is an example of a condominium hotel.
3.) Each developer's management services has their own computation of income sharing. Just an example of a developer who will manage your unit for rentals will have an 80%/20% sharing. The 80% of the income will go to the unit owner while the 20% will go to the management (10% to the developer and 10% to the condominium dues).

Comments and inquiries are highly welcomed, all the best.

Realtor, REB lic#1475(N)

[supernova37]

unsa sd mga other expeses of owning a condo unit (excluding the utilities)?

Aside from your usual bills(electricity/water/phone etc), only the condominium monthly dues which is computed per square meter of your unit owned. The value per square meter vary from every developments. Example, some has a condominium dues of Php 50/sqm. For a 50sqm unit also you will have a due of Php 2,500/month. Condominium dues are equivalent to homeowners dues in a horizontal subdivision.

all the best.

[NoahEX187]

SuperNova;
1.) Good now I know ^__^

2.) Okay, I was looking a residential condo unit around the city (pref. close to the business centers?). About the 'condotel' is there a term commitment from the tenants? Will it be short like a hotel or long like a condo? Because it's risky to have a hotel room and short term lease. I am looking at a longer term where cash flows in a monthly basis. I'd like to know the terms of condotel and residential condo.

3.) Well it's not that bad, can the owner manage it instead of someone do it for him/herself?

Thanks!

- Noah

[supernova37]

HI NoaH,

2.) Condotel is just like a hotel scenario.People checked in and pay their bills as they checked out. No contract signing. Definitely in a condotel you cannot manage your unit by yourself. If you're looking for the terms or scheme of payment or any agreement, each developer has their own terms/agreement/deed of restriction whether condotel, residential condo, house & lot, etc. If you're looking for the terms of income sharing between condotel and residential condo. La-in2x ug terms sad ang kada developer be it condotel or residential. The example I have given above for an income sharing is for a residential condo of one developer. Naa sad developer ug condotel na 60%/40% income sharing sila, 60% goes to the management and 40% to the unit owner, ROI quarterly.

I will pm lang my website, that you can browse. I will not post here lang kay basi bawal.

3.) In a residential condo, yes, you can look tenants by yourself. Anyways not all developers in a residential condo offer rental management services. Much better you opt for a residential condo because you can have that as a residence or an investment.

All the best...Pit Senyor!!!
Supernova