Things to Know Before Buying a Condo
Purchasing a condo may be a more convenient way to become a homeowner. It gives you more design freedom than a rental, but without basic expenses of a single-family house. You'll also have less maintenance to deal with while still owning an asset that is expected to appreciate in value
What is a condominium? A lot of real estate professionals are asked about it. A condominium is referred to as a condo for short. A condominium is a unit that is part of a bigger project, the unit could be part of a major structure, such as an apartment building, or it could be one of the numerous unattached units scattered across a complex. The Hermosa in Las Piñas, for example, include Sevilla and Las Palmas—these buildings are part of The Hermosa condominium project.
Difference between a condo and other types of housing
The difference between a condo and a single-family house is that in single-family house you own the inside and outside walls as well as the land it sits on. With a condo, you only own the walls and what's inside them, not the outside. When you purchase a condominium, you will not own the ground on which the home is built.
When you buy a condominium, you usually have to share the common areas of the building. This could include a lobby, elevators, and more interesting amenities such as a gym or pool. Despite these potential benefits, you will often be unable to make improvements to the complex’ outside areas, which depends on condominium corporation.
For horizontal housing, the development's community spaces are managed by the Homeowner’s Association or HOA. The HOA's board of directors is typically made up of residents of the community. While HOA members usually have the same ownership rights as everyone else who owns a condominium, they are the ones who make and enforce the regulations. The laws may impose restrictions on how you use your property, such as pet ownership and noise levels.
You will be required to pay a monthly fee to the HOA or condo corporation to support the upkeep of the building and common spaces. This is in addition to your mortgage and other expenses, so it's critical to factor this into your total calculations.
A perfect example of this is the Valenza Mansions, a condominium built inside the Valenza community surrounded by single-family houses. At a glance, you can identify whether it’s a condo or a single-family house the only difference is that they have their own identity and lot in which the residents have restricted access to facilities and amenities.
The Right Condo for you
Your lifestyle needs should play a big role in determining whether or not a condo is suitable for you. Condos provide less privacy than houses, but they generally come with more amenities. In this way, condos are comparable to apartments.
Finding a condo community that you enjoy is frequently more important than finding a specific unit. The neighborhood, as well as the homeowners' association, plays an essential role in your home ownership experience. Location also plays a big part on choosing a right condo for you.
If you want to experience a cold and quiet relaxing ambiance, Pine Suites is the best condo for you. Pine suites is located in Tagaytay which offers stress-free, cozy privacy, laid out amenities within a serene mountain setting perfect for happy family bonding and friendly get – togethers.
If you want to live in a provincial community while experiencing a buzzing urban city, the Meridian in Bacoor, Cavite, is for you. According to Lamudi, Bacoor is now the 3rd most popular provincial city behind Cebu and Davao when it comes to real estate. In line with the economic growth of Bacoor, more infrastructure are being built such as schools, hospitals, and transportation, lifestyle, and entertainment facilities. At the heart of this is The Meridian-- a condo that offers you a city living experience.
In the end, the decision depends on whether the property fits your desired lifestyle or investment returns. For some people, buying a condo is a dream come true. Others see it as a way of life with too many rules and limitations. Before you buy a condo, make sure you consider all of your options to avoid remorse. When purchasing a condominium, you should consider if you are amenable with the restrictions, rules, and regulations of the community. The condominium bylaws should be thoroughly examined. Make sure you look over your financials with a fine-tooth comb to ensure you're not buying into a financially troubled area.
Talk to our property specialists to guide you in choosing your next property investment.