Is it better to buy a condo or a house and lot in the Philippines?

It depends on your budget and lifestyle. Condos are usually cheaper than a house and lot and let you live close to the city, with shared facilities like security, lifts and pools. A house and lot gives you more space, land ownership and freedom but often sits further from business districts. If you want low maintenance and a central location, a condo fits; if you want space and land, a house and lot may suit you better. Nook can pre-qualify you for either in 3 minutes — free.

What are association dues when buying a condo?

Association dues are recurring fees every condo owner pays to maintain the building's common areas and facilities — lobbies, lifts, pools, gyms, security and cleaning. They are usually charged per square metre of your unit and billed monthly. Buildings with more amenities charge higher dues. Always ask the developer or seller for the current rate before you buy, because dues are an ongoing cost on top of your loan repayments.

Can I get a home loan for a condo in the Philippines?

Yes. Banks in the Philippines lend on condominium units the same way they lend on a house and lot, provided the unit and developer meet their criteria. Nook compares 20+ banks and matches you to the lender most likely to approve your condo purchase at a sharp rate. We handle the entire application for you — paperwork, follow-ups and all the back-and-forth with the bank — so you never deal with the bank directly. It is 100% free because the bank pays Nook once your loan is released.

Does a condo come with a parking slot?

Not always. In most Philippine condo developments, parking is sold separately and slots can be limited. Confirm with the developer whether a slot is included, available to buy, or only for rent. Even if you do not own a car, a parking slot can add resale value later, since parking is often scarce in city buildings. If you skip parking, check what public transport is nearby before you commit.

What documents do I need for a condo home loan?

Banks typically ask for a valid government ID, proof of income (payslips, ITR or, for OFWs and self-employed buyers, equivalent income documents), proof of billing, and the property documents for the unit. Requirements vary by bank and applicant type. The simplest way to know exactly what you need is to get pre-qualified with Nook first — your dedicated loan consultant tells you the precise document list for your matched bank and collects everything for you.

How long does condo loan approval take in the Philippines?

Timelines vary by bank and how complete your documents are, but Nook is built to approve home loans in half the time of going to a bank yourself. You get pre-qualified in about 3 minutes, then your Nook consultant runs the full application, chases the bank and sends you automated progress updates by text and email so you are never left wondering what is happening.

Is it free to use Nook to buy a condo?

Yes — Nook is 100% free for the borrower. The banks pay Nook a commission once your loan is released, so there is no cost to you. You get a dedicated loan consultant who compares 20+ banks, prepares your paperwork and handles all the bank communication for you. Nook is a full-service mortgage brokerage, not a self-serve form — you do not fill in bank applications or visit branches.

buying a condo checklist

A condo is usually cheaper than a house and lot, and it lets you live close to the city — which is why so many Filipino buyers and investors love them. But condos vary enormously in size, facilities and ongoing costs, and some carry hidden fees that only show up after you have signed.

So before you commit, it pays to get to know the real pros and cons of each unit and building. Use the checklist below to inspect any condo properly — then, when you are ready to finance it, Nook can pre-qualify you in 3 minutes and run the entire home loan for you, free.

1. Ask about association dues

Buying a condo means buying into an association — a form of ownership where you own your unit and share ownership of the building's common areas. The association charges owners recurring dues to maintain those shared spaces and facilities.

The more amenities a building has, the higher the dues tend to be — lifts, pools and gyms all cost money to run. Always find out the exact dues, usually charged per square metre, before you decide. They are an ongoing cost on top of your loan repayments.

Model houses on blocks spelling HOA, representing condo association dues and homeowners' association costs — Association dues fund the building's shared facilities — confirm the exact rate before you buy.

2. Research the owners' association

As an owner you become a member of the building's association, and these bodies can enforce strict rules on noise, pets and the use of common areas. Do your homework to make sure those rules suit your lifestyle.

Some associations require members to attend regular meetings; others are far more relaxed. Ask the developer or broker what the association is like, and if you can, review the minutes of recent meetings and the building's financial information before you buy.

3. Check the nearby facilities

Condo living usually means less personal space, so the facilities around the building matter more. If you have a dog, you will want open space nearby for exercise. You may also want easy access to supermarkets, shops and a gym.

Good surrounding amenities also make your unit more attractive to renters and easier to sell down the track — useful if you ever want to exit the investment.

4. Look for car parking

Few condos automatically include a parking slot, and many buildings have only a limited number available to buy or rent. Where you can, choose a unit with parking included — unless that pushes the price too far.

If you do not own a car, check what public transport is available. Even so, consider securing a slot anyway: parking can be scarce, and a slot may add real value when you come to sell.

5. Check out the neighbours

You cannot choose who lives around you in a condo building, but neighbours have a big impact on your day-to-day quality of life. Arrange as many walkthroughs of the building as you can before signing a purchase contract.

That way you get a feel for the lifestyle of the people already there. If you want a quiet home, a student-heavy building beside a university probably is not the right fit.

6. Learn about garbage disposal

Garbage handling differs between buildings. Some use chutes, some have dedicated rubbish areas, and others run scheduled collection from your floor. If collection is used, find out how strictly the rules are followed.

You do not want to move into a new home only to find neighbours' rubbish sitting in the hallway. It is a poor welcome for guests — and an even worse impression for a potential buyer if you decide to sell.

7. Vacancy rates and short-stay rentals

If you are buying to live in the unit, find out how many units in the building are still vacant and whether any are being run as short-stay rentals like Airbnb. Both affect the feel of the community.

Lots of empty units can make a complex feel hollow, while short-stay rentals can bring noise and security concerns. A building that feels quiet today may get a lot busier once the empty units fill up.

8. What about security?

Condo buildings see far more people coming and going than a standalone house, so check what security is in place. On-site guards and access controls bring real peace of mind.

Bear in mind that stronger security usually adds to the association dues — another reason to confirm exactly what those dues are before you buy.

9. Structure and layout

Finally, inspect the structural quality of the building and the layout of the unit itself. During a walkthrough, look for cracking, mould or damaged fittings.

Check what the walls and floors are made of, since that tells you how well the unit will insulate against noise — a small detail that makes a big difference once you are living there.

Buying a Condo Checklist