What is a Condominium?

Condominiums resemble apartments in many ways. They consist of several units in the same building or complex, with common areas like courtyards and lobbies that are shared by everyone. But condos, as opposed to apartments, are owned by the individual tenants and not just rented.

Actual photo of Flair North Tower in Mandaluyong

When you purchase a condo, you’re giving up some privileges in exchange for gaining others. It’s this balance of benefits that will be most helpful when you’re weighing what type of property to buy.

BENEFITS OF A CONDO

BENEFITS OF

A HOUSE AND LOT

Less maintenance

  • Although the price of your condo will cover the cost of maintenance, you will not be required to perform it yourself.
  • Some small tasks may fall to the condo owner, but for the most part jobs like mowing the lawn, replacing broken fixtures, and maintaining your pool are all taken care of for you.

Privacy 

  • No matter how well a condo is built and how soundproof the walls are, the fact is that you’re sharing the space. For some people, there’s no substitute for your own walls and yard.

Community environment

  • Maybe you’ve got an empty nest at home and are looking forward to being around other people. Maybe you just hate the thought of rattling around in a large house by yourself.
  • Some people prefer having neighbors in close proximity, and appreciate having common areas to share with others.

Investment value

  • Even though the condo market is on the rise, condos will never replace single family homes as the real estate investment of choice. Homes have a wider appeal than condos and will always appreciate at a better rate in the market.

Amenities you could

not afford otherwise

  • Most condos feature special areas for their tenants. Some have gyms, while others have pools and saunas.
  • Plenty of condo owners choose to buy a condo because they love the convenience of having these amenities right outside their doorways.

Freedom of choice

  • The world of condos comes with certain restrictions. Condos operate with a central Home Owner’s Association that makes decisions regarding certain areas of the building’s appearance. If you’re the type who wants to paint the walls turquoise and display an assortment of lawn gnomes, you’ll be better off in a single family home.

Standardized construction

  • This particular point doesn’t apply if the condo you choose happens to be in an older building that has been converted.
  • If you purchase new, however, your condo will be built to new construction standards and will feature many modern conveniences. Buying a brand new single family home would give you the same benefit, but with a much larger price tag.

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If you have any questions, want to meet up, or need more information, send us a message.

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