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Do you intend to buy a condo for sale in the Philippines? Chances are you may have heard sincere advice to reconsider your option. Instead of buying a condo, you’re advised to purchase a house and lot, a townhouse unit, or land. For others, buying a condo is like buying nothing since you don’t own a piece of land where your home stands.
If you’ve heard this advice, don’t think ill of them! Perhaps some of them are victims of condo misconceptions. This article will debunk condo myths to give truthful reasons why a condo for sale is a worthwhile investment in the Philippines.
Myth 1: Condos are risky investments
Some people object to buying a condominium, thinking that owning one means not owning anything because you don’t own the land of your property. But with the Condominium Act of the Philippines, you’re sure that a condominium is a titled property. Since it has a title, you own it and have the right to lease, resell, or transfer the ownership to another person.
When it comes to putting up your condo for rent or sale, you want plenty of potential renters or buyers. To achieve this, ensure your condo is located in prime spots such as CBDs and tourist destinations and that you have maintained it well.
Myth 2: Condos are unsafe
People often think that when accidents and natural calamities strike, the condo building might collapse. This is one of the most common condo myths.
The good news is that technology made it possible for engineers and architects to build durable structures. Now, condos can withstand accidents and calamities. Moreover, so long as you buy condos from reputable developers, you can expect that they will follow the National Building Code of the Philippines. This code requires all buildings in the country to have fire exits, fire alarms, smoke detectors, training for staff, and drills.
Myth 3: Condos are small, and improvements are not allowed
The National Building Code of the Philippines set 18 square meters as the minimum single occupancy condo size. However, condos can also fit couples and families. Developers build condos with units of different sizes. You can normally find 60-square-meter condo units, and those with generous spaces of around 200 to 400 square meters. If you want to live in a spacious condo unit, you can go for penthouse units, some of which can be as big as 1,000 square meters. You can also buy multiple units and combine them should the developer allow this setup.
When you own a condo unit, you can also renovate and personalize it as you please. However, it shouldn’t compromise the unit and the structure’s structural integrity. Repainting and drilling on the different parts of your units are typically allowed.
Myth 4: Condo homeowner’s fees are pricey
Condo communities charge homeowner’s fees or association dues. These fees are used to cover expenses on security, maintenance, amenities, and more. By paying these fees, you can get the comfort and convenience you want when living in a vertical community.
24/7 security, garbage disposal, gym, swimming pool, children’s playground, and clubhouse are just some things provided and maintained by the condo association. These condo association fees guarantee that these amenities are well-maintained and taken care of.
Myth 5: Condos will be demolished after 50 years
Many people believe that after 50 years, a condo will be demolished because it will be unsafe to live in. However, this is not true. The Condominium Act of the Philippines states that three factors should be met for a building to be considered uninhabitable:
- It has been existing for over 50 years;
- It is obsolete and uneconomical;
- The owners holding more than 50% interest in the common areas oppose the efforts to repair, restore, or remodel the project.
Condominiums nowadays are built with the latest technology and are maintained regularly, so it becoming obsolete in 50 years is highly unlikely. Some luxury condominiums are even built to last over 100 years. That said, you can be sure that your condo is still a worthwhile investment even after 50 years.
Now that these condo myths are clear, start your journey to becoming a condo owner now! Check out available condo properties for sale on Lamudi.
For more tips on the Philippine real estate market, check out other related journals on Lamudi here.
Main photo from Depositphotos
