- By Junelsa Philippe
- In Real Estate
- Posted January 13, 2012
Condominium is a form of real estate ownership where the owner receives Condominium Certificate of Title or CCT to a particular unit and has a proportionate interest in certain common areas. The unit itself is generally a separately owned space whose interior surfaces such as walls, floors and ceilings serve as its boundaries.
Compared to buying a house and lot, there are advantages that you may want to take into account: Condominium‘s price is lesser, if you are single you can avail a studio type or a 1 bedroom type. The financing issue is not a problem because of the financial options that you can choose. Some people cannot otherwise afford the swimming pool, jogging area or fitness gym. Once you owned a unit, you will be considered as one of the shareholder of the corporation. You can enjoy the benefits in using the common areas and central facilities of the compound. All these amenities are free as long as you follow the rules and regulations of a condominium corporation.
You can have an easy lifestyle, everything you need is within the condominium like dining areas, banks, ATM machines, convenience store and others that condominium developer provides. You don’t have to go to far just to have what you needed. If you are a busy person, you can just lock and leave your unit without worries. Condos are well established and proven neighborhoods. 24 hour security is also provided for the safety of the residents.
If you’re a type of person that is not used to social interaction, then this is the best place for you. Socializing to other people is easier since you will be seeing different faces and meeting different personalities in your everyday activities.
Condominiums are also generally a great investment for foreigners as they represent the only real estate asset they can own. Up to 40% of all condominum projects in the Philippines can be owned by foreigners.
On the other side, there are also disadvantages. First is the noise from neighbors, including those above and below your unit. For me, this won’t be a problem if the owners will follow the MDDR or Master Deed with Declaration of Restrictions of a compound. This comprises the by-laws, house rules and guidelines of the property to be followed by unit owners.
Second, the condominium corporation dues for the maintenance of the common areas. To give the residents a clean, safe and comfortable place to live, each owner is oblige to pay monthly dues. These funds will be used for the management and upkeep of the condo. Third, parking at condominiums is often in a common area not attached to the home, but i think this won’t be a problem because mostly of the condos have a round the clock security system.
The last but not the least, some condos may have stairs. This might not be attractive to lazy people who does not like to do exercise even walking long distances. But for those who wants to burn their calories, thumb’s up! Anyway, you wont climb a stair up to 10th floor, there are of course an elevator up to the last floor level so no worries.
It is normal that there exist the pros and cons once you buy a property. Therefore, it’s up to you on how you will balance the two so that you can enjoy and not regret at the end. The important thing is, be a wise buyer. Think of the good and bad sides before considering in the conclusion of buying. Visit first the property you are interested and ask questions about the background.
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