At this point, it would be fair to assume that everyone is familiar with what a condominium unit is. For the few that might not be, a condominium is an individual unit in a shared space that is owned by an individual (hopefully, you). As with all things, there are upsides and downsides to owning your own condo unit. Here, we explore some convincing reasons why owning one is the wise choice nowadays, after which, I hope you are more equipped to decide if living in a condo will be in your best interest.
Owning a condo offers you a multitude of luxurious perks without having to necessarily break the bank, depending on the factors that will be listed below. Many condominiums are designed to be elegant and chic, with amenities and facilities that are often available and shared with the tenants.
Many condominiums nowadays craft their selling point on their location – whether it be near a business district for proximity to offices or near colleges and universities for students. Owning a house near the city center is most likely going to be a lot more expensive than purchasing a condo unit in the same vicinity, seeing as most condos sell for only a fraction of what a comparable house would. For instance, a unit along Xavierville Ave. (near schools such as Ateneo and UP, and establishments such as UP Town Center) may cost around Php 18,500 a month while a similarly sized condo in a bustling metropolitan area such as BGC might fetch a price of more than Php 60,000, depending on the developer. Purchasing a condo often allows you to be much closer to your workplace and/or the mall, hospitals, banks, and schools than a house would, and would allow you to possibly avoid some of the traffic that follows.
Minimal upkeep is one of the perks when living in a condominium, in terms of the exterior location. When purchasing a house and lot, homeowners are responsible for the maintenance and repair issues of the entire area; with condos, residents do not need to worry about things like replacing lights in the corridors, maintaining a flower yard or cleaning the pool. All you might need to really manage is your own living space (which I have given tips on in a previous article). The monthly association fee will usually cover the costs of maintenance for the building.
When you live in a condo unit, you are offered offers amenities that may seem very costly or almost impossible to acquire when you have a house. Most condominiums offer amenities such as swimming pools, fitness centers, biking areas, basketball courts, playgrounds, common study areas equipped with Wi-Fi and so much more. Some condominiums also offer function halls that residents can rent out for events. Bear in mind that these amenities come with the previously mentioned monthly association fee that is used for the maintenance of these facilities. However, this is just a fraction of the actual cost that homeowners would typically bear with a house.
A safe and secure area is always on the top of the list when people search for a home. Homeowners need to find a good neighborhood where you can feel at peace and at home in; that generally entails a low crime rate. For additional security, you would want to install security devices such as CCTV cameras and motion detector sensors. Security is something no one should skimp on, especially given the times we live in, but condominium residents need not stress about these things too much. Almost all condominium buildings are equipped with security cameras and security guards on duty that monitor all those who enter and exit the premises. Plus, the building designs themselves often deter criminal activity. There are also limited entry and exit points and some condos even require access cards. This is all done with regard for the residents’ peace of mind and safety.
6) Building Standards
Nowadays, people say that vertical living is safer because buildings are required to follow a specific set of building standards or a structural code. Residents should look into purchasing a condominium unit from leading developers to ensure that your home is sturdy and is able to withstand certain calamities like earthquakes and typhoons, which are more common in our area.
Condominiums are a great investment. Their value appreciates over time creating profit for the owner. “Pre-buying,” or purchasing the unit before the construction phase ends, can be a very good move as it is sold for a much lower price than when it is actually finished. Some resell the property once it is finished and gain profit from it, or rent it out to other tenants and earn upkeep that way.
With the advent of technology such as Airbnb and Booking.Com, some homeowners rent out their condos to tourists or vacationers and use the money to pay off the mortgage of the unit as well. This is especially popular among the younger generation from other countries, who may prefer a more authentic experience as they stay here or are unwilling to shell out cash to rent a hotel when a properly maintained and well-furnished condominium will do the trick.
Buying a house and lot has its own benefits and one of them is space. However, for busy working professionals, entrepreneurs and/or parents, maintaining a large space can be very time-consuming. Condo units allow residents a manageable space that they can be able to maintain given their time constraints. This also allows for minimal costs, as residents would not need to purchase a lot of furniture or etc. to furnish the place. This would allow you to save money or pour it into more relevant matters.
Insurance is essential nowadays: car insurance, health insurance, house insurance, etc. House insurance can take a big chunk out of your annual budget; alternatively, living in your own unit can be much cheaper when it comes to ensuring your home as residents only need to ensure the interior of the place. The condo association’s master policy oftentimes covers the insurance for the exterior and the structural aspect of the building so that means cheaper insurance for the resident.
The freedom of having moved out from your parent’s home is exhilarating but can also be a trying time to get through alone. Living along with other individuals who are experiencing the same freedom, maybe for the first time, can provide an excellent support system for each other as well as opportunities to interact and expand your social circle.