Affordable Rent to Own House in Quezon City

 

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Quezon City, the largest city in the metro, is the most populous city in the country. It is divided into six districts with a total of 142 barangays.

Business in the city bodes well for current and new residents as it is the richest city in the country with P59.556 billion worth of revenues in 2016. It is home to the Philippines’ major broadcasting networks like ABS-CBN and GMA, vibrant commercial centers like Araneta Center and Eastwood City, and trendy malls like SM, Trinoma, and Robinson’s.

An education mecca, the city has 90 colleges and universities, including top universities like the University of the Philippines - Diliman and the Ateneo de Manila University.

The La Mesa Watershed, located in Novaliches, is the last forest of its size and importance in Metro Manila. As such, Quezon City is the only city in the metro that has a significant eco-tourism, and parks and recreation industry.

 

 

Rent-to-own houses in Quezon City

rent to own in quezon city

Quezon City’s large population, land area, and rare natural endowments make the city a favorite commercial and education location. As more people continue to converge to the city, businesses can only adapt and increase its products and services. Residents after all, must be served with the best of commerce, learning, and recreation. This continued growth transcends to how residential living in the city has also evolved.

Rent-to-own houses are a popular choice for current and new residents. Typically, these houses can be found in the most populated and even some commercial areas of the city. With nearly 150 residential barangays, the possibility of finding the right house to rent and own is high. Novaliches and Tandang Sora are the first that come to mind due to great availability, while New Manila and Commonwealth are home to the more high-end options. It is not limited to these areas of course, as QC is a big place, and all its other districts and barangays each have their own rent-to-own choices.

Novaliches, the city’s northernmost district, holds a sheer number of homes that can be leased and, later, owned for a low of Php16,000 to a high of Php30,000. Take, for example, a house that can be rented for Php20,000 in Novaliches. This 78 square-meter, three-bedroom home is, however, unfurnished, common to affordable houses of old residential communities. More expensive options, those going beyond Php40,000 a month, are far fewer. The barangays of Santa Monica, North Fairview, Gulod, and Santa Lucia carry the most number of low-priced homes for rent.

For around Php40,000 a month, especially with homes that can be bought outright between Php5 to Php 10 million, Tandang Sora and Batasan Hills are the best locations. The districts have been the grounds for several new subdivisions, as they are a little farther from the center of the city and presently still have plenty of room for further residential redevelopment.

More affordable options are within the Php20,000-Php30,000 price range, and are mostly middle-end homes. A 100-square-meter and three-bedroom house in Project 6, Tandang Sora is commonplace. For larger homes, e.g. 230 square meters, Batasan Hills has a lot to offer. Balintawak, Anonas, and La Loma are also seeing some growth in its real estate industry, particularly with subdivision development.

The priciest rent-to-own houses in Quezon City can be found in New Manila and Commonwealth. New Manila is in the outskirts of the city, bordering Manila. It is a known residential enclave especially for those avoiding the crowded commercial areas and busy thoroughfares of the city. Speaking of busy thoroughfares, the district of Commonwealth, named after the ever-busy avenue that cuts through it, is subscribed to as a residential alternative due to the schools and businesses along the avenue, and the all-important link the avenue provides to the north of the city. Four- to six-bedroom homes in New Manila and Commonwealth, for instance, can cost Php40 million on average. Cubao, Diliman, and Loyola Heights are likewise favored by new residents especially students and young professionals.

When searching for rent-to-own houses in Quezon City, follow where the busiest roads go and where people flock to. Without doubt, a wide array of homes can be found, from old to new, and classic to stylish.

 

Making a Home in Quezon City

The University of the Philippines Diliman. Triangle Park. The country’s largest TV networks and some of Metro Manila’s best tertiary hospitals. These are just a number of reasons why Quezon City is one—if not the most—popular place to buy a home in the Philippines. In fact, the city, aside from being Metro Manila’s largest in terms of area, is the country’s most populous, with residents totaling 2.936 million according to the 2015 Census, which is testament to how popular the City of the Stars is.

For many years Quezon City lagged behind Makati and Taguig in terms of business growth. In fact, it does not have a full-fledged business district until recently, when Megaworld’s mixed-use township Eastwood City opened in the late 1990s. Cubao’s Araneta Center was popular in the 1970s and 1980s, but somewhat experienced a decline when newer and more modern business districts opened in other parts of the metro.

However, this is expected to change soon. Some developers are currently building a number of mixed-use developments in Quezon City, most notable of which is Ayala Land’s Vertis North and Eton Properties’ Eton Centris. Both of these developments are located along EDSA, and will comprise the much larger Triangle Park development, which is envisioned as Quezon City’s answer to Makati’s Ayala Avenue and Taguig’s Bonifacio Global City. And these developments are expected to boost further Quezon City’s popularity as a popular choice among prospective homebuyers.

Homebuyers will be pleased to know that Quezon City offers so much housing options from a wide range of prices. If condos are preferred, then look no further than Eton Centris, Eastwood City, Araneta Center, and even the up-and-coming Cloverleaf Balintawak and Vertis North. Houses for sale, on the other hand, abound in Quezon City’s many subdivisions, both high-end and mid-end. In Fairview, for instance, there is a house and lot being sold for Php13 million, while one located in Batasan Complex along Congressional Avenue is slightly cheaper at Php12.8 million. For the truly more affordable, there are townhouses and duplexes in New Manila and Fairview that are being sold for less than Php5 million.

 

Finding Rent-to-own Properties in Quezon City

rent to own

However, the available options do not stop there. As the Philippine city with the most number of property listings—more than 15,000, in fact—Quezon City also offers plenty of rent-to-own properties in its many neighborhoods, districts, and barangays. In fact, Quezon City neighborhoods including Fairview, Novaliches, New Manila, Sienna, Ugong Norte, Bahay Toro, Commonwealth, and Batasan, among many others, are some of the most searched locations for houses for sale in the Philippines, and it is safe to say that many of these properties are rent-to-own houses, which make them more affordable to first time homebuyers. What property-seekers need to do is to check online, ideally from a reputable listings website, to see the available rent to own houses in Quezon City.

 

The Different Payment Options for Rent to Own Schemes

There are two different payment options that can fall under what we call rent to own. The first option would be “spread out down-payment or flexible down-payment”. This is normally offered for RFO properties especially condos with plenty of unsold inventories. It involves an initial upfront payment (normally 5%) of the selling price before the buyer can move in, then another 5% spread out over several months. After this period, the buyer can then apply for housing loan or developer's in-house financing to pay for the remaining 90%.

The4 second option would be “Initial lump sum then in-house financing”. This involves paying an initial lump sum (normally 5% or 10%) before one can move in, then the remaining amount in equal monthly installments. Note that the monthly installments work closely to housing loan rather than a rent-to-own scheme as it entails a hefty interest rate. According to some brokers in the market (12%).

 

 

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