Property ownership is not a decision that you do overnight. There are many things that come to mind when considering getting your own property, such as a condominium unit. But don’t worry, here are a few things to consider to help you decide when getting a condo unit.
The real estate market in the Philippines is booming due to the growing economy, consumption-driven market, and a demographic of young professionals. Revenue growth reached 18.8% in the third quarter of 2012, making it one of the fastest-growing industry.
This fact alone is one of the reasons why people want in on real estate properties.
Perks of condo living
Condominiums are buildings or complex of buildings with a number of individually owned units. Collectively, it is a multi-unit building with owners holding title to a unit, but jointly owns the land and common property – such as elevators, halls, roof and other amenities.
Which is an advantage because you don’t get to shoulder most of the upkeep of these common spaces. Condos are real estate properties that can be sold to an individual, or it can be resold by a former owner, all depending on the terms of agreement with the condo developers.
The value of a unit increases at the same time that the value of the land it is sitting on increases. Location, more often than not, condominiums sit at land developments near central business districts, Ortigas is one of those places.
This is convenient because there’s easy access to banks, hospitals, supermarkets, and schools. Also, there arepreselling condo units in Ortigas Avenuethat has world-class amenities.
Why condos are a good idea
Condos are better than houses because condos are less expensive than homes – meaning lower down payment. Condos are low maintenance. There are no exterior walls to repaint, no gutters to clear, and no dirty house front to worry about.
Condo owners have responsibility for common areas though. But at least it’s not a big a task as taking care of a house. Condo owners have lesser or no commutes than homeowners since most condos are just within a city. Large condominiums are packed with shared amenities.
There are pools, function rooms, fitness facilities, mailroom, and lounge. And these amenities are greater than what you have at home. There is a sense of community in condos. Social connections are easier than living in houses in big neighborhoods.
Houses are too detached and too far apart to connect with people and neighbors. While condo units are closer, creating a level of intimacy that doesn’t exist in large subdivisions. And condos tend to attract people of similar backgrounds and interests.
There is a sense of security when you know who your neighbors are.
Condominiums are prime real estate and a worthy investment. There’s no better feeling than owning a property of your own. There are no worries for rents and high maintenance fees for homes. Purchasing a unit can be a lot to think about, but there are good developers who would be willing to help you make that decision.