In the Philippines, there is a gradual increase in the shifting of the population proportion from rural to urban areas in order to find work and live. People have found various ways to adapt to the urban environment. Some have become aware of the advantages of living in a condo but a lot of people still have misconceptions about condos. In this article, we will discuss the most common ones.
1. The lifespan of condominium buildings is only good for 50 years, and it might be demolished.
This is not true at all. The law does not provide that condominium units are strictly just good for fifty years.
If you carefully read Republic Act 4726 or the Condominium Act of the Philippines, it would clearly state that the three factors or elements must be present in order to declare a condominium building uninhabitable. That the building has been (1) in existence in excess of 50 years; (2) obsolete and uneconomical and that (3) owners holding in aggregate more than 50 percent interest in the common areas are opposed to repairing or restoration or remodeling or modernizing the project.
A condominium building maybe more than 50 years old; however, it does not necessarily have to be obsolete and uneconomical. Today, most condominium buildings are now being developed through modern and advanced methods and materials, which means that they are more structurally sound and robust as compared to early buildings.
Furthermore, in the event that the building will reach the 50-year mark and 50% of the homeowners decide to modernize the structure of the building in order to be fit for living condition and safety, the structure will remain and demolition would not be necessary.
2. Purchasing a condo unit is not a wise investment.
There are a number of reasons why buying a condo unit is better than buying a house & lot. Condos offer the flexibility that you can’t find in owning a house or land. If you’re looking for a permanent residence without the added burden of building your own home, then a condo is your best option. If you want an asset which you can use commercially, it can become a lucrative investment property through leasing or rent. The list goes on and on. Therefore, before you decide to invest in a condominium unit, you must first try to weigh the pros and cons and how will it suit your personality and your family’s lifestyle.
3. Condo fees are expensive and bad.
Several homeowners look at condo fees as an additional expense. But they should look at the things that are included within that figure. In general, condo fees always include contributions towards building upkeeps, maintenance, heat, water, sewer, garbage collection, electricity bill, and cable TV in some cases. Once you compare the condo fees to the costs of items you have pay for in a single family home, you can say that condo fees are a lot cheaper.
4. It is like living in a box and can be boring.
Condo living is not boring because you can have fun and relaxation since you have access to all the facilities and amenities of the condo project such as the swimming pool, fitness gym, recreational areas, garden, etc.
5. You can’t personalize your condo unit.
The truth is condo units can be personalized but you must check the rules and regulations set by the developer. It can be about installing colored curtains and drilling out holes in your unit but this is to achieve uniformity as seen from the outside and to avoid destroying the hidden pipes and other things that may affect the fragile systems in the building.
Choosing and deciding to own a condo can be a difficult decision to make. But now that these misconceptions have been debunked, are you ready to invest in one?
If you are decided, please check out the condo units at Alpina Heights, a Swiss-inspired, mid-rise condo located in Paranaque.
To find out more about urban living, visit their website, www.alpinaheights.com/.
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