More Than Just the Price Tag
Buying a condo in Cebu is an exciting investment—whether for personal living or rental income. With Cebu’s booming real estate market, growing economy, and strong tourism industry, many investors are eyeing prime locations like IT Park, Cebu City, and Mactan Newtown.
However, before you commit to a unit, it’s important to understand that the price you see is not the final amount you’ll pay. Many first-time buyers only focus on the down payment and monthly amortization, but there are several hidden costs that can surprise you later.
To help you prepare financially and strategically, here are the key hidden costs of buying a condo in Cebu and how to avoid unexpected expenses!
1. Association Dues & Maintenance Fees 🏢💰
Condo living means access to pools, gyms, security, and well-maintained common areas—but these come at a cost. Most condos charge monthly association dues to cover maintenance, security, and facility upkeep.
🔹 Estimated Costs in Cebu:
✅ ₱80 – ₱150 per sqm per month
✅ For a 50 sqm unit, expect to pay around ₱4,000 – ₱7,500 monthly
📌 Pro Tip: Before buying, ask for the current and projected association dues. High-end developments like Mactan Newtown may charge more due to premium amenities like private beach access and sky lounges.
2. Transfer Taxes & Registration Fees 📜🏦
Many buyers don’t realize that the selling price isn’t the final price—you need to pay taxes and legal fees to officially transfer ownership.
🔹 Breakdown of Extra Costs:
✅ Transfer Tax: 0.5% – 0.75% of the property’s selling price
✅ Registration Fee: Around 0.25% of the selling price
✅ Notarial Fees: ₱3,000 – ₱10,000
📌 Pro Tip: Some developers in Cebu offer promotions where they shoulder these fees, but always clarify before signing.
3. Move-In Fees & Utility Deposits 🔑🚰
Congratulations, you’ve secured your dream condo! But before you settle in, there are move-in costs you need to pay.
🔹 Common Move-In Costs in Cebu Condos:
✅ Move-in Fees: ₱20,000 – ₱50,000 (varies by developer)
✅ Water & Electricity Deposits: ₱5,000 – ₱15,000
✅ Aircon & Internet Installation: ₱3,000 – ₱10,000
📌 Pro Tip: If you’re buying in a pre-selling condo in Mactan Newtown, ask about move-in costs before turnover so you can budget accordingly.
4. Property Taxes & Insurance 🏦📝
Once you officially own a condo, you’re required to pay annual property taxes and secure insurance.
🔹 Estimated Property Tax in Cebu & Mactan:
✅ 1% – 2% of the assessed property value
✅ Example: A ₱5M condo = ₱10,000 – ₱20,000 per year
🔹 Condo Insurance:
✅ Fire & property insurance is around ₱3,000 – ₱10,000 annually
📌 Pro Tip: Some banks require property insurance for home loans—check if this is already included in your amortization.
5. Condo Interior & Furnishing Costs 🏡🛋️
Your brand-new condo is delivered bare or semi-furnished, so expect additional costs for furniture and appliances.
🔹 Basic Furnishing Estimates for a Studio/1-Bedroom Unit:
✅ Furniture (bed, sofa, dining set): ₱100,000 – ₱250,000
✅ Appliances (TV, aircon, fridge, stove): ₱80,000 – ₱150,000
✅ Interior Design & Renovation (if needed): ₱200,000+
📌 Pro Tip: If you plan to list your unit on Airbnb, invest in Instagram-worthy interiors to attract more bookings! Mactan Newtown’s rental demand is high, so a well-furnished unit can increase your earnings! 💰
6. Potential Airbnb or Rental Costs 🏡📊
If you’re buying a condo as an investment property, you should also consider ongoing rental expenses.
🔹 Costs for Rental or Airbnb Units in Mactan Newtown:
✅ Cleaning & Maintenance Fees: ₱700+ per guest stay
✅ Airbnb or Booking Platform Fees: 3% – 5% per booking
✅ Property Management (if hiring one): 10% – 20% of rental income
📌 Pro Tip: A well-located 1-bedroom unit in Mactan Newtown can earn ₱2,500 – ₱3,500 per night on Airbnb! Make sure to factor in these costs to maximize your profits.
Is Buying a Condo in Mactan Newtown Still a Good Investment?
Absolutely! Condo prices in Cebu continue to rise, and with major developments like the Mactan World Museum and Newtown Boardwalk, rental demand will only get stronger!
However, being aware of the hidden costs is key to smart investing. By planning ahead, you can enjoy your dream condo without financial surprises.
📢 Final Thoughts: Plan Your Condo Investment Wisely!
Buying a condo is more than just the sticker price—you need to consider association dues, taxes, move-in fees, and furnishing costs.
✅ Do your research before committing to a unit
✅ Ask developers for a breakdown of all fees
✅ Set aside a budget for furnishing & maintenance
📩 Looking to invest in a Mactan Newtown condo? Send us a message today for expert advice and exclusive listings! 🔑✨
