How to get a Condo in Cebu: A Guide for First-Time Homebuyers

Whether you’re a first-time home buyer or an investor looking to diversify your portfolio with a condominium, look no further than Metro Cebu. 

Cebu is an ideal location to invest in a condominium. It is strategically located at the center of the Philippines, so getting to anywhere in the country is relatively easy. Cebu also has a unique landscape where one can enjoy scenic mountain views and pristine white sand beaches. 

On top of that, Metro Cebu is home to high-rise buildings, shopping malls, an international airport, world-class hotels, and the many other conveniences of a modern metropolis.

Truly, Cebu is an attractive location to invest in a condo. As with everything, consider the factors involved before making this big decision. How much is the cost of living in Cebu? How ready are you for this commitment? Is a condo in Cebu a good investment in the long run? Would it genuinely provide a secure and fulfilling living experience? 

6 Tips in Getting a Condo in Cebu

No investment is without risk, so it’s necessary to do your homework. If you can see yourself buying a condo in Cebu soon, consider the following guide as a starting point to your journey towards finding your dream home.

1. Determine your needs and preferences

The key to ensuring your condominium investment is worth your every peso is to find a property that perfectly suits your needs and in the right location. List down features such as a picturesque view, high internet speeds, or a quiet environment onto your wish list. Here are a few things you need to consider:

• Location

Choose a location that fits your current situation and preferences. If you like living in a dynamic atmosphere or close to work, check out options near downtown Cebu. But, if you’re looking for a quiet escape from the daily hustle and bustle, consider a place located North or South of Metro Cebu.

Properties such as Mandani Bay are located at a strategic location between Mandaue City and Cebu City. It lets you enjoy the conveniences of the city but with easy access to the best beaches and vacation destinations in Cebu. Mandani Bay also treats its residents to a panoramic seaside view of the Mactan Strait and the urban city landscape of Cebu. 

•  Space

How much square footage do you need? Are you living alone, with a partner, or bringing in your whole family? If you want everything within an arm’s reach, then owning a small unit may be best. Otherwise, families can opt for two- or three-bedroom units.

Mandani Bay offers a selection of units for every lifestyle. If you live with family or want to have a spare room for house guests, the spacious 2-bedroom suites should suit your needs perfectly. 

Actual photo of Mandani Bay’s fully-furnished studio model unit

Mandani Bay also boasts studio and one-bedroom units that are semi- or fully-furnished with expertly selected appliances and features, designed by renowned interior planner PTang Studio Limited.

• Amenities

Review what amenities matter to you. In the long run, this is usually related to your health, safety, and convenience. Do your current options include fitness and wellness centers, kid’s playrooms, recreational areas, green spaces, lounges, and pools? Or do you need access to multiple parking spaces and multipurpose areas?

Mandani Bay boasts a slew of amenities to encourage an active lifestyle and relaxation. From the essential outdoor fitness area, sports hall, adventure playground, and kid’s playground to more luxurious and exclusive amenities like a leisure pool, 50-meter lap pool, pool lounge, reflexology, and floating cabanas, to name a few.

2. Decide on what’s best for you: RFO or Preselling?

Ready for occupancy (RFO) condos are properties that are already built and completed. These include both brand-new and resale units. Payment terms for RFO condos can come in full or staggered payments and be negotiated for a rent-to-own scheme.  

RFO units are most likely limited and can cost higher than preselling condos. Possibly, a down payment must be paid upfront in cash and can cost 5%–20% of the selling price. 

Preselling condos are still under construction, so they’ll most likely have newer amenities and facilities. You can also enjoy lower prices since the project isn’t completed yet. Preselling condos are ideal for investment since selling the unit when completed allows you to make a profit. 

Although preselling condos offer more flexible payment terms, you may have to wait longer before moving into it. 

3. Know your financing options

Investing in real estate is a big financial decision, so you must be well-informed and wise about your purchase. Here are the financing options available to you:

• PagIBIG

If you’re employed and an active contributor at PagIBIG, you can apply for their housing loan. The amount you can borrow depends on the actual principal amount you need, your financial capacity, and your monthly contributions. The maximum loan you can borrow is PHP 6M, which is subject to terms and conditions.

As of June 2021, PagIBIG’s interest rates range from 5.6% to 10%, and loan terms range from one to 30 years.

• Bank Loan

Although banks offer lower interest rates and more flexible terms than PagIBIG’s housing loan, they usually demand strict requirements from applicants. Ensure you have good credit history and stable income to prove that you’re a qualified principal borrower.

If so, you can borrow 60% to 80% of the principal amount. Banks offer about 4.99% to 8% interest rates with fixed-rate terms of one to 10 years and payable from five to 25 years.

• In-House Financing 

In-house financing means taking out a loan directly from the property developer. It has more lenient requirements than banks but offers higher interest rates. The loan amount depends on the terms and rates of the property developer. 

In-house financing offers flexible terms according to your financial status and ability to pay. Interest rates are fixed and range from 14% to 21%. For payment, it usually requires shorter time frames than banks.

4. Explore your options online

The internet is an excellent source for real estate websites and listings, developers’ history, and contact information. Ideally, the features and specifications of the property should already be advertised online. Check out Mandani Bay’s page to discover luxury condominium units that exemplify modern living spaces made with the best practices in sustainable design.

5. Schedule an appointment to view the property

It’s time to set an appointment to view the property thoroughly. Viewings are pretty straightforward—contact the real estate agent or landlord and let them know you’re interested. Make sure there’s flexibility in setting your potential dates and times.

6. Reserve the unit

Once you’ve reached your decision, go ahead and reserve your dream home! The reservation process involves filling out a reservation form and paying the fee. Reservation fees depend on the developer’s rates, but these can range from P10,000 to P75,000 and can be paid in check payments, cash, or credit card. These fees are deductible from the final computation of the condo unit price

A Worthy Investment in World-Class Luxury

Make sure your future home will give you a significant return as both an asset and a place of comfort and security. You can get the best of both in Cebu, as it is a strategic location for condominium developments and high-value properties. Priding itself for a booming economy and impressive tourism, Cebu can provide you with an exciting and prosperous lifestyle.

Mandani Bay’s luxury condo units in Cebu are a strategic investment nestled along the Mactan Channel in Mandaue City. Purchasing a condo in Cebu’s center for trade and commerce ensures you have countless financial and social opportunities. Experience a distinguished lifestyle formed by superior lifestyle spaces, captivating nature, and quality developments.

Dreaming Big for Your Dream Home

Considered one of life’s greatest accomplishments, finding your dream home means finding the perfect place to put your hard-earned money. As a result, it can be good to purchase a condo in Cebu because of its strategic location, promising economy, and rich culture. 

Just remember that there are many things to consider before you leap in. It’s also important to know that each condo community will have its own rules, management, amenities, and association fees—so do your research. As long as you’re well-equipped before deciding, you’re sure to find the condo that feels specially made for you. 

Invest in this rising region with the right property. Consider Mandani Bay, a world-class waterfront development in Cebu where your urban lifestyle dreams are within reach.

Click here to book your exclusive tour of Mandani Bay.