Socialized Housing, Economic Housing, Low Cost, High-end. These are some words to describe how real estate projects in the Philippines are categorized. You probably heard some of them from your friends or brokers. As a buyer or investor, it is important that you have a knowledge about it so that you can have an idea as to the kind of community you will be living.
Should you buy from a socialized housing or one in a high-end development? Well, you already know that it depends on many factors including affordability, accessibility, your personal preferences or the needs of your family.
How much is a typical low cost house? How are houses categorized and what is the price range of houses on each category? This article will attempt to answer such questions.
As per Memorandum Circular No. 04 series of 2006, the Housing and Urban Development Coordinating Council (HUDCC) has categorized housing units based on the selling price of the units. Below are the categories, the corresponding price range and a brief description of each.
Price Range : P 300,000 or lower
Lot Area : 30 sqm to 50 sqm
Floor Area : 18 sqm to 30 sqm
These are the lowest priced housing units in the category. Typically, the houses are row type with no amenities. The roads are narrow, and in many cases, no sidewalks.
LOW COST LEVEL 1
Price Range : From P 300,000 To P 1,250,000
Lot Area : 50 sqm to 100 sqm
Floor Area : 35 sqm to 55 sqm
Houses are usually bare or box type with only one toilet and bath, and the home interiors are left for the buyer to improve. Sometimes the community would have a few amenities.
LOW COST LEVEL 2
Price Range : From P 1,250,000 to P 3,000,000
Lot Area : 100 sqm to 150 sqm
Floor Area : 80 sqm to 120 sqm
The houses in this category are finished type with a minimum of 2 bedrooms. You will usually find a swimming pool or clubhouse as standard amenities for this type of community.
Price Range : From P 3,000,000 to P 4,000,000
Lot Area : minimum of 100 sqm
Floor Area : minimum of 70 sqm
This type of project has improved amenities like guard house, entrance gate perimeter fence, club house and play courts plus the usual swimming pool. Houses are of much better quality than the previous categories.
Price Range : From P 4,000,000 and above
This development is sometimes referred to as High-end. It has all the amenities in the MEDIUM COST project and even better ones. The buyers in this category are mostly educated, have money and know what they are buying. In many cases, the buyers are the ones who hire their own architects to design the house according to their preferences.