Affordable Rent to Own Condo in Makati
Rent-to-own condo in Makati: From modern and beyond
Makati is the conventional model for a modern Philippines city. Built by businesses after the political upheaval in the 80s, it practically turned rocks to gold. Just a track of grassy land in the mid-1900s and mostly known as the former location of the country’s first international airport, Makati is now the country’s main beacon of urban renewal, boasting the finest in corporate Philippines, city social services, and urban living.
Future Forward Condo City
Makati’s residential market is just as urban. Condos in the area are modern and elegant, and embody the city’s continued story. From afar, these edifices shimmer along with the corporate towers of Ayala Avenue and Makati Avenue. City dwellers, especially young professionals, have found condos as the standard of residential living in the city. Marketed as either direct-selling units or as rent-to-own options, condos in the latter are the most favorable for those who want to still own their condo but only have finances for renting.
Makati rent-to-own condos are aplenty, with locations and sizes expectedly dictating which is affordable and which is expensive. Affordable rent-to-own condos are usually found near the western border of the city like Palanan, San Isidro, Pio del Pilar, and Bangkal. These condos are, on average, new or built within the last five years. One can find a condo from with rates of Php10,000 to Php15,000 per month in the aforementioned barangays Pio del Pilar and Bangkal. These units commonly feature one-bedroom, one-bath, with typical floor areas of 20 square-meters. Similarly sized condos can also be found in the northern barangays of Santa Cruz and La Paz.
The Philippine’s Costliest Residential Districts
Pricier condos are understandably nearer to the city’s center, specifically the barangays of Bel-Air, San Lorenzo, and Poblacion. These areas are where Makati’s chief thoroughfares are found: Ayala Avenue, Buendia Avenue, and Makati Avenue. It is through business activities along these roads that the Makati central business district emerged. Here, condos range from the contemporary to the spectacular. From the exterior designs alone, condos near and around the city center are very modern. Even older buildings undergo total indoor refurbishments so as to compete with new condos. A condo worth Php 25,000 or Php 35,000 is common in San Lorenzo and Bel-Air. A 20 to 30 square-meter condo there costs around P5 million. Once can also find a one-bedroom, one-bath condo below Php30,000 per month near Greenbelt or further, towards EDSA.
If one aims to live in condos between Php 40,000 and Php 50,000, Bel-Air and Legazpi Village in San Lorenzo are tops. A two-bedroom, 40 to 50 square-meter condo at Php 40,000 is an average choice. Condos going above the Php50,000 tab are usually offered by highly modern and newly built residential buildings. Also close to where business is hot and fast, these offerings allow residents to just walk their way to their office or the nearest commercial centers like Glorietta and Greenbelt. Costing between Php 60,000 and Php 80,000, such condos are typically located in Legazpi Village in San Lorenzo, and Salcedo Village in Bel-Air. If a 5-digit condo is not enough, search further in Rockwell Center in Barangay Poblacion for heftier prices at least Php 100,000 a month. With hotel-like amenities and offerings, these condos are perfect for executives or businessmen.
Makati is truly a place of the finest in city living. It is where a fast-paced urban lifestyle is met with the leading services in business, leisure, education, and health.
Finding Affordable Condos in the Philippines’ Foremost Real Estate Market
For many it may seem that Makati may not be the most ideal place to find home. This is because the city is the Philippines’ most expensive real estate market, and every square inch of land or space here commands a premium. This is especially true in the city’s central business district (Ayala Avenue, Ayala Center, Salcedo Village, and Legaspi Village) and neighboring mixed-use developments including Century City and Rockwell Center, where condos for sale have asking prices of up to Php230,000 per square meter. Some condos in the city’s most prime locations are listed for more than Php80 million, making them some of the most expensive anywhere in Metro Manila.
However, a would-be condo-buyer shouldn’t be discouraged to find and purchase a condo property in Makati. The city has several areas that are teeming with newly built and soon-to-be-completed condo projects that are well within the reach of average-income condo buyers. These areas include Chino Roces Avenue, where a number of well-known developments are currently underway in the city.
Popular Developments in Makati
Another Makati area that is increasingly gentrifying and is now teeming with lots of condo developments is Brgy. San Antonio, including Malugay Street and Yakal Street. Some of the most high-profile condo projects in the area include the following:
These two areas are just some of the most well-known Makati locations that are increasingly becoming popular as a condo-buyers’ destination because of their relative affordability, presence of plenty of real estate developments, and proximity to Makati’s top commercial and leisure spots—the latter being the biggest draw among younger buyers, especially millennials.
However, not everyone has the financial means to buy a Makati condo outright, even if the condo falls within the affordable segment. This is the reason why some developers have come up with flexible or easy-pay terms for their condo projects, especially those that are ready for occupancy. One of these payment options is rent-to-own condos.
Why Choose a Makati Rent to own Condo?
Buying a rent-to-own condo offers several advantages, chief of which is the relative affordability of the property’s down-payment or deposit. Some buyers do not have enough cash to pay for a property’s down-payment, which hinders them the opportunity to finally own a home.
However, with rent-to-own condos, cash-strapped buyers will be allowed to rent the property for a set period of time (normally at least 2 years), during which the renter also pays a rent-to-own premium on a monthly basis, which will form part of the eventual down-payment for that property.
For example, if a condo is being rented for Php25,000 per month, a renter/buyer will pay an additional Php5,000 per month as rent-to-own premium. After a pre-determined lease period, he or she has accumulated a total of Php120,000, which will be credited as down-payment.
Although a rent-to-own condo offers a very attractive path to home-ownership, it also comes with several caveats, chief of which is that the owner/seller has the right forfeit all the rent-to-own premium paid for by the renter/buyer should the latter decides not to buy the property by the end of the lease period. This in a way gives some form of protection to the owner, as they will be stuck with a property they are trying to sell in the first place and will be back to looking for a new buyer.
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