jaygee68

Hi,

First ever post on this forum.

I have a one-bedroomed condo in Mandaluyong that i am thinking of selling.I bought it through an established property company about a year ago.It is about ten years old.Does anybody out there have any idea about the best way to go about re-selling the condo.I am tempted to use the same company again,Is it true that generally i will be paying 6% Capital Gains Tax(we have never rented the condo out to anybody) and about 5% in commission,along with other various,less substantial fees?

My other question concerns the state of the property market out there...are these condos selling,will i manage to obtain a quickish sale if i price it competitively?

Thanks in anticipation

quiltman

Cannot help with the selling situation in Manadluyong as I'm down in Cebu , but YES, 6% Capital Gains Tax, based on the selling price, most Realtors charge around 5% , plus lawyers fees and extras such as clean title, tax clearances etc, but these don't cost a lot. Get a fixed price from a lawyer - ask a few of them. If it's like Cebu , it's not easy to sell a condo as there are so many new ones being built with good financial packages and many foreclosures are auctioned by the banks etc on a regular basis. you may drop lucky if the price is good and another expat wants it. Also don't forget the official life of a condo here is 50 years which may cause problems in the future but luckily there are not too many condos getting near this time yet! https://philpropertyexpert.com/what-...fter-50-years/
Others will be along with more detailed info I'm sure. Good luck in selling it!

Stokkevn

You are lucky if they go up, a friend bought a12 year old apartment just north of Manila 17 years ago, he sold it last year for 23% of the purchase price. I think that was before fees.

quiltman

Well , it is the Philippines! But yes, heard many storys of folks having to try and sell condos at lower than they bought it for.

Stokkevn

About a year or two after he bought it problems began, paint peeling, water outages, power outages, damp walls etc. He always said that the guy who fixed the block up obviously had a previous job of polishing turds.

jaygee68

Some great replies here.Thanks lads!!

quiltman

you're welcome! sorry it's not - "No problems, you'll sell it in 48hrs" type answers , just the unfortunate facts of life here. we've been trying to sell our main house for 3 years! OK , it's expensive and likely only a foreigner could afford it - yes, we know about the land but the house comes with the corporation that owns it. We are not downhearted as we knew when we first put it up for sale that it could take 4/5 years, based on others experience!Our other house - a regular 4 bed detached had 3 offers within the first month, but we decided to rent it out for a couple of years and our tenant now wants to change the lease to a Rent to own option - after two years they have to raise the funds to buy it or forfeit the premium they pay above the rent. Quite common here.

Stokkevn

How does this rent to buy system work as it may be the only way to get rid of our house as it seems too expensive for a direct buy.

quiltman

Here's some basic info on the system. i'll PM you later with our situation so you can see if it's similar to yours.
How Does Rent-to-Own Work in the Philippines? | ZipMatch

and The Ins and Outs of Rent-to-Own Home Schemes - ZipMatch

hope this is of some interest.