Buying a condo unit involves various fees that must be considered before moving in. At Urban Deca Homes Campville, there are one-time payments and monthly payments that you need to prepare for. Here’s a detailed guide on the costs you should expect before and after acquiring your unit.
One-Time Payments
These are fees that you only need to pay once before you can occupy the unit.
1. Reservation Fee – ₱10,000
- This is the initial payment to secure your chosen unit.
- It is deductible from the loanable amount, meaning it will be subtracted from the total amount you will borrow from Pag-IBIG or the bank.
2. Move-In Fee – ₱9,000
- This covers the activation of water and electricity, as well as the Condo Corporation Membership.
- It must be paid before you can officially move in.
Monthly Payments
After acquiring your unit, there are recurring monthly expenses that you must prepare for to maintain your unit and avoid penalties.
1. Unit Amortization
- The monthly installment for your condo unit depends on:
- The loan amount you borrowed
- The loan term or number of years to pay
- The interest rate based on your chosen financing option (Pag-IBIG, Bank, or In-House Financing)
- For example, under Pag-IBIG financing, the lowest amortization is ₱12,006.49 for a 30-year loan term.
2. Condo Dues – ₱1,500
- This is a monthly fee for the maintenance of the building and amenities, including:
- Guardhouse and security services
- Clubhouse and swimming pool
- Playground and basketball court
- Maintenance of common areas
3. Insurances (MRI and FI)
- Mortgage Redemption Insurance (MRI) – Protects the loan in case of the owner’s untimely passing.
- Fire Insurance (FI) – Protects the unit in case of fire or other accidents.
- The insurance fees depend on the loan amount and the financing institution.
Buying a unit at Urban Deca Homes Campville requires careful financial preparation. Aside from the one-time payments like the reservation and move-in fees, you must also allocate a budget for monthly amortization, condo dues, and insurance.
If you’re planning to purchase a unit, it’s best to understand these costs in advance to ensure a smooth homeownership experience.
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