Affordable Living in the City of Stars
Being the most populous and largest of the cities that comprise Metro Manila, it is safe to say that Quezon City (colloquially called QC or Kyusi) is also the most popular among property-hunters. In fact, data from Lamudi shows that it is the most searched city by online homebuyers in 2016 and the first half of 2017, and at more than 16,000 properties listed, it also has the most number of property listings available online. In addition, two of its most popular districts—Novaliches and Fairview—are the most checked out neighborhoods in the global real estate platform.
As a city this popular among homebuyers and property-seekers, it is not surprising that Quezon City’s real estate market is rapidly becoming more expensive. Although the sheer number of property listings provides many would-be buyers a wide range of options, it cannot be denied that most of the city’s condo properties for sale, especially in its major mixed-use developments and townships, are becoming more expensive. These developments include Eastwood City, Araneta Center, Vertis North, and Cloverleaf Balintawak, among many others.
However, condo buyers who find themselves short in cash, especially for the down-payment that most if not all sellers require will find relief that there are affordable condo options in Quezon City in the form of rent-to-own condos.
What Are Rent-to-Own Condos?
Rent-to-own condos, also known as a condo for lease with an option to purchase, are more a form of payment than a property type as virtually any type of real estate can be bought via a rent-to-own payment scheme. Traditionally, it involves two parties—the renter/buyer and lessor/seller—signing a rent-to-own agreement in which the renter/buyer agrees to rent the property for a specific amount of time and on top of the rent pays an additional rent-to-own premium, which will form part of the eventual down-payment. By the end of the lease period, the renter/buyer agrees to purchase the property (either through cash or bank financing), while the lessor/seller for their part agrees to sell the property. However, should the former balks at purchasing the property by the end of the lease term, he or she forfeits all rent-to-own premium paid.
One advantage of going the rent-to-own route is that it allows cash-strapped buyers a more affordable means to pay for the down-payment (which is hefty to begin with), and enough time to improve their credit standing. Another is that the renter/buyer can lock in the property ay today’s price even though the actual sale will happen after the lease period.
What Other Rent-to-Own Condo Schemes Are Available?
The above-mentioned scenario is just one of the many rent-to-own condo schemes available in the market right now. As a much-searched property-purchase option among Filipino homebuyers, there is a myriad rent-to-own condos in Quezon City available online, including the following:
Two-bedroom, Rent-to-own condo in N. Domingo Street, Quezon City
In this condo developed by Empire East Holdings is a 57-square-meter, two-bedroom condo unit on offer via a rent-to-own scheme. In this payment option, the buyer need only pay a reservation fee of Php50,000, then the remaining 20% down-payment in monthly installments of Php24,891.52 for 24 months (which is the rent part of the transaction). After two years, the renter/buyer can pay the remaining 80% either via in-house financing or bank housing loan.
One-bedroom, Rent-to-own condo in Zinnia Towers, Quezon City
This one-bedroom, 28-square-meter condo unit DMCI Homes’ Zinnia Towers is on offer for Php2.225 million, which can also be purchased via a rent-to-own scheme. In this payment option, the buyer needs only pay 5% down-payment upfront, which allows them to already move in to the property. The other 5% down-payment can be paid for by the buyer in 6 monthly installments of Php18,541, and by the seventh month the buyer can apply for bank housing loan to pay for the remaining 90%.
These examples are just two of the many condos for sale in Quezon City available via rent-to-own payment scheme. In order to get the best deal out there, condo buyers are advised to consult with licensed real estate brokers and developers’ duly employed property agents.
Find Other Rent to Own Condos in the Philippines