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Warning! Airbnb not allowed in some condos in the Philippines

balikpinoy · 18 · 5398

balikpinoy

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For those thinking of buying condo units to use as Airbnb rentals, please be aware that there's a current trend of Condo HOA's in enforcing no transient rentals (less than 6 months). 
For example, condos in Rockwell have disappeared from Airbnb due to a threat of 50000 pesos fine per day if a unit is rented via less than 6 months.

So for future investors, please do your due diligence.  Check what the current HOA regulations are regarding short term rentals of the condo property you are considering purchasing.

Right now, long term rentals in Rockwell area condos have dropped significantly due to the glut of new rentals now being advertised since unit owners cannot rent their condos on a short term basis. 



richpulubi

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Thanks for the warning!


Kaching

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what an ugly move


Fastlane_dude

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This is BS! There are still plenty of unit listed on air  bnb @ Rockwell.


chosenjuan1992

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Guys can someone help and guide me?

ive been seeing a lot of pre selling units by empire east and i am very interested in getting one unit. Kaso ang plan ko is to get a unit using Pagibig loan. Ang purpose ko ng pagbili ay para ipa upa ito then ung ipang babayad ng tenant ko ay ito ung ipambabayad ko sa loan. My questions are;

1. Sino dito ang nakapag try na ng ganitong style and how nice is it?
2. Magkano yung usually nagiging gastos nyo when it comes to tax as i think me tax pag ganito
3. Yung location ng unit is at mandaluyong, projected monthly payment ko is 14k per month for 25 years, since pre selling ko sya mabibili, what if i re sell ko sya pag RFO na? pano ung loan ko?

Sorry guys kung medyo madami ung tanong ko. And thank you in advance for the help. :)


jenofstructures

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I think its better na bumili ka dahil don ka titira not to buy for rent. Lalo na kung aasa ka lang sa rerenta para mabayaran ang loan. Kasi hindi naman ganon kadali humanap ng renter all the more, yung "magandang" renter everytime.
Isipin mo kung may uupa ba na more than 14k a month sa condo base sa location mo. More than 14k kasi mataas din ang monthly dues sa condo.


thomaspastoral

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Good information about that. Most of the time, people buy their unit and convert it into an investment by BNB-ing it. It can be good, but it can be bad. Either way, you need to see if these things are really good for the economics or for your own investment. Remember: there are a lots of units in the market today. It can be very much difficult to compete in this world when it comes to that. All you need is to make it more presentable and stand out among others.
« Last Edit: Mar 01, 2018, 10:23 PM by FutureGizmo »


wilch23

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Question:

Can a HOA control what a homeowner wanted for his unit?
Maybe the owner was tricked into signing an agreement with a limitation of how his unit can be rented out. Otherwise, I don't see how an association can prevent a unit owner from renting out a unit on his terms.

Lawsuit na yan.

Even if the HOA have such a provision in its charter, which I highly doubt, unless a unit owner expressly agreed to it in writing, it cannot be forced on the unit owner.

In case the HOA can actually get legal judgement in its favor, maybe the owner can still opt out by forcing the HOA to buy him out.



firstandlast

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As far as I know, nasa contract yan before you buy the condo unit. Whether it's allowed to have your unit rented or not. But, hindi naman namo-monitor yan kaya marami ang nagba-violate at hindi naman sila nahuhuli. Pero pag nahuli, bayad lang ng penalty.

But if wala naman yan sa contract before you buy the property, then you rent it out, and suddenly, HOA made a new rules na bawal ang rental ng unit, then wala kang magagawa but to follow. Kasi nasa contract din yan na if ano ang napag-agreehan ng nakararami, yun ang masusunod. Parang politika yan or a corporation.
« Last Edit: Jan 26, 2018, 02:58 PM by firstandlast »


firstandlast

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Guys can someone help and guide me?

ive been seeing a lot of pre selling units by empire east and i am very interested in getting one unit. Kaso ang plan ko is to get a unit using Pagibig loan. Ang purpose ko ng pagbili ay para ipa upa ito then ung ipang babayad ng tenant ko ay ito ung ipambabayad ko sa loan. My questions are;

1. Sino dito ang nakapag try na ng ganitong style and how nice is it?
2. Magkano yung usually nagiging gastos nyo when it comes to tax as i think me tax pag ganito
3. Yung location ng unit is at mandaluyong, projected monthly payment ko is 14k per month for 25 years, since pre selling ko sya mabibili, what if i re sell ko sya pag RFO na? pano ung loan ko?

Sorry guys kung medyo madami ung tanong ko. And thank you in advance for the help. :)

1. Never tried it. Kailangan mong pag-aralan yung labas at pasok ng pera mo for 25 years if you rent out your unit. And it's not easy. In 25 years, kikita ka ba or malulugi ka ba? You have to make a tabulation of the monthly expenses vs. monthly income for renting out the unit. Include your own personal expenses for visiting the unit like fuel or transportation, your time and efforts. Because time and effort are also money.

2. You have to pay a yearly income tax and the real property tax. Income tax depends how much it generated from renting it. Real property tax is based on the assessed value on the property by the city government.

3. That's the best thing to do, buy it at a lower pre-selling price, then sell it at a higher price when it's RFO na. You just have to pay the capital gain tax. You can sell it as assume balance if bank loan. The buyer will either buy it in cash and pay your balance to the bank or just transfer the loan to the buyer.

Hope this helps.


KatieScarlett

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I hope this doesn't spread to other condo buildings. I'm planning on having my unit listed in airbnb to cover the mortgage while working abroad. Maybe the HOA of "posh" areas/buildings don't want the unwashed masses among them but maybe other areas are safe? *crossfingers*

How about in BGC area?


Mila

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Buy a house and lot... You have all the freedom on what to do with it


carocuello

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Thank You Very Much for the warning!!!


gogoypmt

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Condo unit mahirap na ngayon dahil sa dinami dami nagsulputan.. BPO Industry hindi forever yan, kaya malaki chance mabawasan rerenta, or madami mafoforeclose na mga unit. pero kung malapit sa mga schools/uni ay mas ok.


wilch23

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Bakit mawawal ang BPO?
At kung nawala ang BOP, unemployed na?
Saan na titira? Back to probinsya?


 


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