Affordable Rent to Own Condo in Marikina
Surrounded by mountain ranges and lush greens, Marikina City is a valley with a river that passes through right in the middle. Perfect location. It's one of the key cities that compose the Metro Manila area and bounded by Quezon City on the west, the mountains of Sierra Mountains on the east, Antipolo City on the north, and Pasig-Cainta on the south.
A Green Valley Called Marikina City
Marikina City occupies approximately 2,150 hectares of total land area and has two districts that comprise of 16 barangays. In a 2013 data report, about 53% of the land area is used for residential purposes while for commercial and industrial uses, 9% and 10%, respectively.
In September 2009, the city went through one of the most disastrous floods recorded in its history caused by tropical storm âOndoy.â It devastated 60 percent of Marikina City's land area. The flood level recorded during this catastrophic event reached to 22.8 meters.
To resolve this problem, the local government constructed a concrete road dike running along the riverbanks of Marikina from Brgy. Sto. Nino to Nangka. The project was a multipronged infrastructure, which addresses the flooding in the city's low-lying areas, provides new road accessibility, and creates more private communities as well as provisions for recreational spaces.
The "Shoe Capital of the Philippines"
As of 2015, the population of Marikina reached 531,128 and along with this came the city government's ongoing thrust to provide more employment opportunities to its residents. This came in the form of facilitating job seekers and matching, retooling, and enhancing of their knowledge and skills. The local government is currently establishing a manpower registry that will list all the skilled workers and job seekers in the city. This was made possible by consistent in-house job fairs for Marikina residents in both local and foreign job placements.
Marikina City is also the biggest shoe manufacturer in the Philippines producing about 70% of shoes made all over the country. It houses the Shoe Museum, which showcases former First Lady Imelda Marcos' famous shoe collection, and the International Footwear Center. Currently, the city is competing with the global market by elevating its shoe marketing standards in terms of design, cost, and quality. To promote sales growth and production, the city holds an Annual Shoe Festival during the month of October.
Marikina Economic Stability and Continued Developments
Aside from the shoe-making industry, there are other industrial and commercial centers that serve as Marikina's financial resources. Commercial facilities and business establishments comprise the southern part of the city, while the northern part consists of warehouses and factories. Sumulong Highway is the core of the trade and business in the city comprised of retail shops, small shops, and banks.
There are also several local markets found in the city such as the Marikina Public Market, which is a modern and centralized market divided into two sections for the wet and dry goods. SM City Marikina, Riverbanks Center, Blue Wave Marquinton Mall, Ayala Malls Feliz, Robinsons Metro East, Sta. Lucia East Grandmall, Ayala Malls Marikina, and SM City Masinag are some of the shopping centers found in the city.
Living in Marikina City
The city takes pride in having one of the most disciplined constituents and warm communities in the metro. Run by an efficient local government, it has now become the ideal city for a Filipino to live in. With still plenty of open spaces for biking, walking, and jogging, it encourages a healthier lifestyle right within a peaceful, well-planned, and orderly neighborhood.
Commuting via the public transportation within the city only takes a short jeepney ride also making it more convenient to shop, dine, and enjoy at the recreational parks. The major roads near Marikina are C-5, Commonwealth Avenue, and Katipunan Avenue that connect the city to nearby central business districts such as Pasig and Quezon City.
Marikina's Opportunities for Rent-To-Own Condo Units
The real estate landscape also continues to boom in the city and opportunities for rent-to-own condominiums are on the rise. Prices for these units range from Php9,000 to Php35,000 for the monthly rent and vary depending on the location they are situated in as well as the sizes of the units.
The rent-to-own scheme is suitable for those who have a low credit score and unable to get a mortgage for now but have an opportunity to do so in the future. Agreements for this setup involve qualifying for the traditional mortgage in a certain number of years after moving in.
Both the buyer and the seller will agree on the selling price. A certain portion of the rent will, then, go to the purchase price. The lessee can purchase the property after 3 to 4 years with an option to make a one-time payment when buying the condo after the lease period.
The advantage of the rent-to-own scheme is that lessees can get to experience how it is to live in the property while building credit or saving for a mortgage at the same time. They have the option to not push through in buying the property, however, all the rent will go to the owner as an incentive.
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