Home Isn’t Without Cost: What You Need to Know About Real Property Tax

Real Property Tax

A lot of good things have a price, including the things you think are free. Even your very stay in the country is without cost, and you’ll pay for it one way or another – this is called tax. And your future home sweet home? Yes, it’s also taxed. So if this is your first time to buy a house, then you should know that other than paying for the lot, construction materials, and labor, you also have to set aside a good amount of money for real property tax.

And if you’d rather buy one of our condos for sale along EDSA, then depending on the policy, you might or might not have to pay it. Either way, it’s best that you’re prepared. Here’s a short guide to this rather complicated part of financial and national responsibility.

What Exactly is Real Property Tax?

Real Property TaxReal Property Tax is the tax on real property, a certain measure of land that has a man-made structure, which is usually a house or a living space. This tax is issued by the local government units, and the legal basis behind it can be found in Title II of Republic Act number 7160.

Where?

Real Property Tax is usually paid at the city or municipal treasurer’s office.

When?

This one will depend on how you wish to pay your real property tax. If you wish to save yourself from the hassle of going to the city/municipal hall, you may pay for the entire year on or before January 31. Do note that if the Real Property Tax plus the Special Education Fund (more on that later on) is paid in advance, you may be granted a discount not exceeding 20% of the annual tax due.

On the other hand, if you wish to pay in an installment basis, you have to pay on or before the following dates: March 31, June 30, September 30, and December 31. Failure to pay on time will warrant a 2% interest rate per month until paid. The maximum number of months is thirty-six months, which means that the highest possible interest rate would be 72%.

Who

The person who owns the property should be the one to pay.

How Much Will You Pay?

The amount you have to pay can easily be computed with this simple formula:

Real Property Tax = Real Property Tax Rate x (Fair Market Value x Assessment Level)

Real Property Tax Rate is determined by the following:

  • Cities/municipalities – 2%
  • Provinces – 1%

Depending on your local government, you may get an additional 1% for the Special Education Fund.

Fair Market Value, which is defined by Sec 199 (1) of the LGC as the price to which the property may be sold by a seller who is not compelled to sell to a buyer who is not compelled to buy, is determined by your municipal or city assessor as indicated in your Tax Declaration.

Assessment Level is a fixed rate, which is determined by the Sangguniang Panlalawigan, Panglungsod, or Pambayan. Since the kind of property talked about in this article is in the residential areas, the Assessment Level is 20%. For a more detailed computation, follow this link.

Hopefully, with everything mentioned above, the questions you have regarding Real Property Tax have been answered. Now you can move on to the more important questions, like where to live and how to decorate it.

Buying A Condo? 5 Inside Information You Definitely Must Know

The advantages of owning a condominium is that it can be maintained with minimal utility and maintenance costs, plus, the perks of having first-class facilities and amenities near your home. So, if you’re looking for a new home and the idea of living in a condominium is appealing to you – here are factors every person should know first before deciding on buying and settling in our condominiums for sale in Quezon City.

Condo Fees

The condominium fees – maintenance and association should be at a reasonable amount. If you’re seriously considering a condo, you should know what the condo fees cover and whether or not they increase yearly. Usually, these fees should cover most of the facilities and amenities as well as maintenance and security. Don’t hesitate to ask any and all question you need to know regarding fees and expenses.

Reserve Fund

This saving is taken from a portion of the condominium fees and is designated for major repairs which include electrical, heating, plumbing and roofing, if needed be; and knowing the amount of savings for this can help buyers determine if there is enough funding. This also says a lot about the association’s financial development.

Condo Budget

The important factors condo buyers should be concerned about are – how much it increases annually and is there a decline in amount or an increase? This is necessary since the budget mostly affects your condo fees. Knowing the budget, home buyers can deduce the association’s financial stability.

Unit Upgrades

For every condo buyer, it is also important to know about the unit upgrades. Units can come in a variety based on the floor plan layout and the bedroom + bathroom combination. Since these upgrades can increase the price of a unit, it can help buyers decide on what unit to choose when familiar with them.

Buyer’s Rights

Lastly, every buyer should know that they have the right to cancel purchase within 10 calendar days.  The date starts on the time the buyer receives a copy of the fully-signed purchase and sales agreement. The buyer also has the right to cancel the sales agreement on a 10-day period after any material or “significant” change to the disclosure statement. When cancellation happens, then developer must refund any deposit, plus interest within 10-days after receiving the notice for cancellation. That said, a buyer’s purchase can’t be terminated by the developer without the buyer’s consent or a court order.

buying condo

To those who are relatively new at this and who have taken an interest in condo buying, take note of these five aspects mentioned to help you decide in choosing the home that perfectly suits you. And when you’ve finally decided, you can start building the home you’ve always dreamed of.

Bright Lights: Which City In The Metro Should You Live In?

Which City Should I Live In - Lauren Hannah Properties

Metro Manila is definitely a lively metropolis, with so many sights to see and places to either visit at least once, become a regular in, or set up a residence in. However, with seventeen cities within its borders, all with their own charms, it’s different to choose which city in the Metro to settle in.

So, whether you plan to live in a Paranaque suburb or one of our condominiums for sale in Quezon City, check out this guide on where in the capital should you call home.

Quezon City

Let’s start from the top – the biggest city in the Metro. Named after Manuel L. Quezon, the Philippines’ second president, it was the country’s capital for almost three decades, thus the reason why a lot of government offices can be found here.

Quezon City - UP Diliman

The city is home to Trinoma and SM North EDSA – two of the country’s most prestigious malls, leading universities such as University of the Philippines Diliman and Ateneo de Manila University. It is also home to commercial centers like Eastwood, and rows of bars and restaurants in Tomas Morato, Timog, Panay, and Banawe Avenue.

Ortigas Center

Halfway between the north and south and in between two cities lies the Ortigas Centerone of the largest commercial districts in the country, is conveniently located.

Ortigas Center

On its west side is Mandaluyong City, which is also known as the shopping capital of the Philippines.  It’s an appropriate moniker, considering it’s where SM Megamall, The Podium, Shangri-La Mall, and St. Francis Square is. On the east side is Pasig, and it is also home to several commercial centers as well as The Medical City, one of the country’s largest hospitals.

Makati City

Iconic because of its skyscrapers – the tallest ones in the Metro – and its strict policies on traffic and cleanliness, the country’s financial center looks and feels like a city from another country.

Makati City

Aside from the major and myriad businesses establishments, Makati is a place that has a lot of classy places to go to. The Ayala Center – Greenbelt, Glorietta, and the Link – and Rockwell are where you want to be if you want to shop, catch a flick, dine, and have either coffee or beer once the day is done. And if you’re looking for a different gastronomic experience, give Little Tokyo, which is home to authentic Japanese restaurants, a sumptuous bite.

Pasay City

This city connects Manila, the country’s capital, with the rest of the Metro’s southern cities. It also connects Manila with the rest of the world, as it’s where Manila International Airport is situated.

Pasay City - SM Mall Of Asia

If you’re looking for someplace to shop and lounge around, check out SM Mall of Asia, the country’s largest mall. Said mall is also where SMX, the biggest convention center, and the Mall of Asia Arena, where many concerts and games are held, is located. And if you want to be in the lap of luxury, check out Resorts World, Solaire, and the recently established City of Dreams.

So, where will you reside in the country’s densest city? That’s up to you to decide, so choose wisely.

4 Reasons Why A Condo Is A Good Investment

Why Condos Are A Good Investment

What makes for a good investment?

An investment is good if the investment instrument is able to produce the best, if the not the highest percentage return on investment or the capital you invested in. Because let’s face it, no one wants to lose money.

There are a lot of different investment instruments. You can apply for equity funds or buy stocks. Today, one of the most popular investment instrument is real estate, specifically condominiums. So if you’re planning to purchase condominiums for sale in Quezon City, here are the reasons why this is a good investment:

Affordable for Investors

Affordable For Investors Real estate in general is a good investment instrument because it satisfies one of man’s basic needs – to have shelter. The reason why condominiums are an affordable investment is because you can choose units that have the lowest amortization and down payment first before gradually investing in units with a high price. Then you can choose to have the unit rented out, which can provide you with passive monthly income.

Easy Access To Establishments

Easy AccessChoosing the location of a condominium is important because one of the things people look for is its access to their favourite establishments. If you’re planning to live in your purchased condo, everything will be within reach. From shopping centres to hospitals to schools, these will all just be a walk away from where you live. However, if you’re planning to sell it or have it rented, the location adds value to your unit, especially if it’s in a high demand location.

Amenities Offered

Amenities OfferedAmenities are perks offered to make your stay in a hotel or condo much more enjoyable. These can be pool amenities, recreational activities, gym access, garden or ballroom reservations, and so on. Normally, you get access to these if you go to resorts, gym clubs, or outside venues. But condominiums allow you access whenever you want. Condominiums are also well maintained, so you’re sure that the amenities and services offered are quality.

High Price Appreciation

Investment AppreciationIf you want to use your condo to get monthly income, this price appreciation is something you need to look into. Choose a high in demand location where a person can have easy access to everything and check if there are other developers in the area, because this means that the location is bound to have lots of people moving in it.

When investing in anything, you need to understand that whatever instrument it is, it’ll be risky. You have to research, talk to financial advisors, and learn about the ins and outs of investment. Investment in condominiums is good, but continue to consult others so that you’re sure you’re making a good investment.

Really Want To Redecorate Your Home? 6 Pros and Cons

Pros and Cons of Redecorating - Condominium For Sale Quezon City

When the year is new, almost everything’s … new, even our interiors. A fresh sense of aesthetics in your living space is always a welcome sight, but like everything else, it comes with its own set of disadvantages.

In the near-future, when you’re already living in one of our condominiums for sale in Quezon City, keep in mind these pros and cons of redecorating so you won’t commit any interior design faux-pas.

Advantages of Redecorating

Pros:

New Look

This is perhaps the most popular reason why people go through the considerable hassle of rearranging their furniture and shopping for new ornaments. Why mix and match everything else once again? Because the previous look has become either boring or was never really good in the first place. Either way, it’s always exciting to see your home transformed into a fresh new haven. A different sense of style at your own home can make you feel as though you were someplace else but still at the comfort of a place you’ve come to know and love.

A Chance to Catch Up

Just because your arrangement at home is impressive doesn’t mean that young, fresh, in-the-know interior designers would call it snazzy. If you want your friends to think that you’re one of those experts you are looking up to, it’s time to check a few magazines or the internet for new styles and change things up a bit. Not everyone is in, but it’s so much better if you are.

Cleanup Time

Over a long period of time, due to either the wear and tear of constant use or the changing of tastes and trends, you will accumulate a lot of things that you will want to get rid of. Old decorations that have fallen in disarray and disrepair, damaged furniture, electronics that have become obsolete – things you no longer have any use for and have come to dislike. Give them to charity, sell them to a junk shop – it’s up to you what to do with them. And once they’re gone, you can now get newer, shinier stuff to put in your home.

thumbs down

Cons:

Can Be Costly

If you’re planning to go beyond changing where the different furniture sets are placed, prepare to shell out hundreds – or even thousands – of bucks. New china, lampshades, and other small ornaments can cost three to even four digits, small furniture like chairs and coffee tables a few thousands, couches and other considerably sized furniture a few ten thousands, and LED TVs for home theater systems can shoot up to a few hundreds of thousands. If you want to refurnish, prepare for the costs. You’ve been warned.

Tiresome and Time-Consuming

Money isn’t the only thing you’re going to spend when redecorating. Thinking and looking for a brand new look, going to the mall to check out the home department, moving things in, out, and around, and a lot of other actions you need to do to give your house a fresh style require a lot of time and effort. If you think you lack one or both of them, then it’s better if you redecorate some other time.

You Might Regret It

Some designs that look good inside your head, in a computer screen, or a magazine page may not turn out as charming in real life. And the worst part? What you thought would be an aesthetic upgrade is actually less ideal than your previous setup, and reverting to it can cause just as much of an inconvenience. Therefore, when you’re still planning to make a change, make sure that it’s really what you want and that it’s actually going to work.

There you have it – the plus sides and downsides of changing up the insides of your home. So, what’s it going to be? It’s up to you to find out for yourself. After all, it’s your home.

6 Condo Hacks That Will Help You Save Space In Style!

If matter is something that occupies space, then the things you have at home matter. Well, what if you’re already starting to have too much things that matter, so much so that you’re running out of space?

If you think that is the conundrum you’ll have when you start living in one of our condominiums for sale in the Scout area, then read up on how you can save space and keep everything that matters to you at home.

Use a Chest as a Coffee Table

chest table

Instead of the usual coffee table where everything below the top and between the feet is nothing but an empty and unusable space, why not use a chest? With chests, you can store things you’re not currently using, and you can make them double as a coffee table. This will save you from the costs of having to buy a coffee table and storage crates, as well as save your house from the considerable space the two will occupy.

Run Shelves up to the Ceiling

shelves to ceiling

If your house doesn’t exactly have a high ceiling, this should be a good and convenient space-saving idea. Instead of putting or building another small shelf, which will once again eat up precious floor space, it’s better to make tall shelves that occupy a part of your house that virtually has no use.

Hole in the Wall

wall cupboard

Rather than mounting cupboards on walls, why not make cupboards a part of the wall itself? This will allow you to place more things on the kitchen. And if there comes a point when you no longer need too much space, a hidden compartment is always cool in your visitors’ books.

Not Just A Closet

storage closet

Is there still anybody at home who’s playing hide and seek? Whether the answer is yes or no, if you’re already starting to run out of space, it’s time you added a sorter/storage cabinet on the closet floor. After all, there’s no such thing as monsters, so nobody’s using the part beneath where the clothes hang.

Sofa Bed

sofa bed

Why buy a bed if you can have one with your sofa? You can use it to receive guests and as a seat when you’re watching TV in the morning, and you can sleep on it when night falls. And if you want even more bang for your buck, buy one of those sofa beds with a pull-out bed. Two beds and a sofa for the price of one furniture – what a steal.

Wall Bed

wall bed / Murphy's Bed

If a sofa-bed for you is still a space-eating behemoth, then what about a bed that will consume zero floor space when not in use? Yes, there’s such a thing; it’s called a wall bed. When it’s time to rise and shine, you can hang it up and use the space for some other activities. And when you finally have some shuteye, just hang it back down.

With these suggestions, you can save both space and the things that matter to you. See? It doesn’t take rocket science.