My uncle sold his house in Muntinlupa, Philippines to my parent’s because they decided to move to new Zealand, but we live here in northern america, so we plan to make it an apartment so it makes income, is there any chance from nice people out there who has an idea for building a 3flr 12units apartment.
Thank you everyone! on my own opinion your all correct,i guess we should do a research for the builder or if there’s an expat who run’s or maybe related to a construction company, to be honest we dont know anyone in philippines anymore,trusting someone is the most crucial things to do especially every expenses is cash only policy they dont take check where you can post dated it. less than $700k is not a joke it’s always easy to run and live a life in defferent island.
If anyone knows a reliable construction company ,please let me have their website. Thank you everyone in advance.
Thank you everyone! on my own opinion your all correct,i guess we should do a research for the builder or if there’s an expat who run’s or maybe related to a construction company, to be honest we dont know anyone in philippines anymore,trusting someone is the most crucial things to do especially every expenses is cash only policy they dont take check where you can post dated it. less than $700k is not a joke it’s always easy to run and live a life in defferent island.
If anyone knows a reliable construction company ,please let me have their website. Thank you everyone in advance.
16 Answers
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If the floor area of each unit is 60 square meters (20 square meters per floor), then the total floor area of the 12 units is 720 square meters.
The average cost of building a house is P25,000 per square meter, assuming a very good, high quality finish. I assume that for an apartment to be rented out, you can do this at P22,000 per square meter, using good quality materials, not scrimping on anything. You can theoretically do this at P20,000 per square meter, but I will discourage you from budgeting that low. Cost of materials forever go up, and you would not want to sacrifice quality – -it is a long-term investment.
If this is the case, then the cost to build will be P16Million, including the architect’s fee, permits, plumbing, electricals, and painting. It will be in a ready-to-move-in condition. Assume that it will take a year to finish, even if the contractor says he can do it in 8 months.
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Depends on a lot of things. Also include corruption fees so the cost will be all speculation by any ones estimate.
It can be done, just be careful on who you are dealing with; good luck. My guess is between 25 million pesos and up. Current exchange is now fluctuating at 43P to 1$. So around 650K, keep in mind this is only a guess and am guessing on the high side.
You might want to start out slow. Keep the house and try a bed and breakfast and see how it does for several years with your relatives managing it. Running an apartment will cost you a lot of heartache if you run into some people who only wish for their well being and not yours. Come visit the Philippines and check out some of the private resorts that is popping up everywhere; this might be another option since collecting rent is a real hassle.
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A 12 unit apartment building would most likely cost over $1mil to purchase. If you paid $1,000,000 and put $200,000 as a down payment and financed the $800,000 balance on a 30 year mortgage @ 8% your monthly payment would be approx $6000 plus $1,000 in property taxes and $500 Insurance for a total expenditure of $7500 per month. This would not include your expenses for maintenance or vacancies which could average $200-$500 per month depending on the condition and location of the property. It is not as easy as you may think and unless you have a substantial savings account to back you up for emergencies or numerous vacancies at the same time you could lose the property and your investment.
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As was said before, there are many varibles. How big do you want each unit ? How many br’s ?
If you built standard 40 sqmtr 1 br units to Philippine standards conservatevely I would budget at least 12 Million Pesos.
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You people are out of your minds! Where do you think you are? NYC? Toronto? London, U.K.? Moscow??? Obviously, you have spent far too much per sqf, and are trying to justify yourselves! I had a 2500sqf 5 bdrm, 3bath (full) home built in a Taytay, Rizal subdivision in 2007 for 3M PhP. That came out to be ~ 1200 PhP per sqf. Last time I checked, 3x1sqf = 1sqm. 3600 PhP per sqm.
What is wrong with you people? Not including the land, our 5 bdrm / 3 bath home = ~$67K (U.S.). Anyone who thinks they need 20K PhP per sqm to build anything in Manila needs to either get their head examined, or float me a few 100k PhPs, and I’ll get you in touch with a reasonable contractor (Finder’s Fees for me, of course. This is the Philippines we’re talking about here!). Let me know!
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I am a contractor, well 3 floors 12 units, and its manila based so 30 Million pesos
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One important thing that everybody seems to forget is the question “Are the owners Filipino?” You run into the law that foreigners cannot property here. Even if it is a condo there are more laws on that.
Cost can be very expensive in a larger city especially with 12 apartments so expect to spend $300,000 at least.