Recently, an announcement was made that the Executive Condominiums will be subject to a Resale Levy. A resale levy is a payment in a lump sum which is made to the HBD when one buys a subsided home. However, the levy is applicable to all Executive Condominiums with land sales having been launched after 9th December 2013. There are still some which aren't subject to this particular levy.
There are also some laws governing how eligible one is so as to buy an Executive Condominium. For one, one has to be a citizen in the country. The nucleus of the family also has to comprise of a citizen or a permanent resident within the country. For one to be eligible, they have to be 21 years or older when the application is being made. If it is being bought under a scheme, then the applicant has to be 35 years or older.
There are different schemes that are applicable. Under every scheme, there is a set family nucleus requirement set. For the public scheme, then, the nucleus requirement is you, your spouse, children if any, parents, siblings if there are any, children under your control, care and legal custody for divorced and widowed, and fiancée. For orphans, you and unmarried siblings or any other orphan who isn't related. For joint singles, the applicant and another person who is single can apply.
Dual key Executive Condominiums can be bought as offered by developers if you are in a multi-generation kind of family like:
· Married couple that has grandparents/parents
· Fiancée and fiancé couple that has grandparents/parents
· Divorced/widowed with children and grandparents/parents
For the income ceiling, it has to be at most $14,000 for any OTP granted by any developer starting 24th august 2015. For any OPT that was granted before this date, the monthly household income shouldn't exceed $12,000. There are lots of choices available for the people interested in buying an Executive Condominium.
There are many establishments being launched every single day and this means that the accommodation for the citizens is being catered to in the best way possible. The projects are usually carried out by developers who are well known within the circles. The Executive Condominium is luxurious in nature and this is one of the most fascinating things about them. The units are usually quite many and this means that one establishment can handle quite a number of residents.
Prime land is usually the target for the establishments and you can note that the locations are always in close proximity with all the essential amenities that one can think of. Public transportation and expressways that connect with important places such as CBDs and towns are usually the key factors in the situation of such developments. This means more convenience to the people who need to commute every day.
The units come in different sizes and types and they all have their own beautiful views. The fact that there are smaller and bigger unit's means that different people can find something that truly works to their advantage.
As someone who lives down south of Metro Manila (think 1.5 hours stuck in the van or car when traffic is bad, and 3 hours when it's just horrible), I've often found myself thinking of renting out a condominium unit in Makati, since the biggest and probably busiest business district in Manila today is Makati (although Bonifacio Global City is giving Makati a run for its money).
Often, to get to a decision I would write down the pros and cons of making such a move, so before I do jump the bandwagon and live out on my own, let's list down the WHYs and WHY Nots of such decision shall we?
Because living alone in a big city is scary. And you've never tried living alone
Counter: but this will teach me independence which in the long run will build character.
May be expensive - especially with the rental rate of most condominium units in Makati
Counter: renting out is not an option really, it's better to buy or rent to own - and there are a lot of condominium units and/or real estate properties in Makati allowing such terms.
Because you'd be living alone and security cannot always be relied upon
Counter: but Ayala Land, one of the biggest developers in the Philippines, promises and follows through on its promise of safe & secure living in its abodes. Should you ever doubt that? Hmm, don't think so.
Now, let's go to the WHYs...
Because living in Makati will make it easier for you to go to work, especially if you work in Makati. In fact, even if you do work somewhere up north, you'll always be opposite the traffic rush during the morning. Most people go to Makati - while you, if you work in Ortigas, will have an easier time since you'll be going out of the city.
Also, remember, it takes you a while to get up in the morning, and since you're not a morning person, living in Makati will give you more time to spend on yourself. Maybe now you can eat breakfast. Maybe now you won't always be late for work!
Because investing NOW is better than later. You won't be asking or scolding yourself why you didn't invest now. What to invest in? How about a condominium unit? If you don't want to live anymore in Makati you can always sell it or rent it out.
Proximity to most cities in the Metro. You are just a 15-30 minutes away from other business districts. And night spots. And malls. And what girl doesn't love to go to the mall (whether it's for buying or just window shopping). The metropolis is your oyster and it's just a few steps away from your condominium!
I know there are various reasons to buy and not to buy a condominium unit in Makati. In fact, I can think of a few more but the ones above are the most salient points. If I do buy, perhaps I fancy myself a nice 1 bedroom unit in Park Terraces - it's set to launch this 2010 and has one of the most strategic locations in the city of Makati. And since it's from Ayala Land, should I even worry about buying from them? Not even remotely!
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