have a friend who's trying to lure me in getting one condo unit in Makati City. Reservation Fee is P10K and monthly amortization for the next 4 years is P20K which is actually 30% of the actual price. the remaining 70%, can be paid thru bank or in-house financing. he's advising me to have the unit rented right after the turn-over in the middle of 2013 so that i don't have to worry paying the remaining amount.
my questions are:
1. are there really a lot of people who are in the habit of renting condo units in the Makati area? i actually want to have the place rented and have it sold as soon as i finish the payment. do you think that's possible with this economy?
2. how much is the prevailing rate for a 1BR condo unit in Makati?
3. what other stuff do condo owners pay if they already live inside the unit?
4. should i just save my money and build a house of my own then find other businesses to invest my money?
please help me make the right decision.