Most property investors in the Philippines are still not very amenable to buying condominiums with the option to firstly buy a house-and-lot more than a condo unit, but the majority of the reason is the lack of proper information and unsolicited misconceptions about condominium ownership.
Condominiums are like having an apartment except that you will be owning the condo unit and you are privileged to re-sale the property. Condo living is now a practical investment for those who are eyeing to have a place in the city.
Condo properties have become an alternative housing segment that most seniors can probably consider with its low maintenance option.
Yet, with those simple facts, a lot of property buyers in the country do not know the right facts when owning a condo unit for sale. In this article, we will shed light on the most common money and ownership misconceptions about buying a condo unit.
Most Common Fallacies in Condominium Ownerships
Dispelling the most common fallacies on condominium ownerships to any potential condo property buyers might not be easy at all for any sellers to market these types of properties. However, with the right amount of information, one seller can land a successful sale while debunking the investors’ misconceptions on condo buying.
Condominium Ownership is Similar to Home Ownership
When a property buyer decides to purchase a condo unit, he or she becomes a condo unit owner. The condo buyer will eventually gain access to most of the rights as a homeowner. However, these rights are limited as the buyer will become a shareholder of the condo community.
Therefore, as a property buyer decides to make some changes inside one’s condo unit, a plan and permit must be arranged but a property owner cannot alter the plumbing and electrical lines of the unit as it can also be described as common property.
Common properties for example include the condo unit’s window, patios, and balconies. The corporal type of property investment in condominiums also entails that all unit owners should be paying a maintenance fee for the condominium property.
Condominium Fees are Terrible
Talking about condominium fees, most buyers are fully aware of the prevailing fees upon purchase of any condo properties, pre-selling or ready for occupancy condo types. Developers and brokers usually involve these fees upon purchase applications of the condo unit.
Technically condominium fees are not of bad or foul property requirement as the fees serve to maintain the whole condo community in a sound and secured environment.
Although condominium fees will also be including other charges such as water, sewer, garbage collection, common area electricity, and as well as the general mobilization and operations of security and the property management office.
Meanwhile, as a probable condo buyer, you should also be aware that condo fees are generally decided by the board of condo unit owners. Whether the fees might be too much or high, it is foremost the responsibility of the whole condo board and the you as having condominium ownership.
Special Assessments are Not Needed
Many condo owners assume that special assessments are not needed for a condo community. However, even the most developed or modern condo communities will still be needing such assessments for minor and major renovations as the property will surely depreciate in time.
However, in some instances, condo owners do not see the need for this additional charge and some usually think that the conventional monthly condo fees will cover everything when the need arises.
Special assessments usually involve a major repair cost, and it is quite ideal compared to having a fixed monthly rate you will be paying regularly. This assessment can be a one-time fee that you can pay stress-free as you will not be thinking about paying it in a regular period.
Generally, condominium ownership entails owner to understand that the upkeep of one whole community is shouldered by every condo buyer and not just one single owner.
Condominium Ownership Fees Should Never Go Up
As prices of basic commodities in the country increase so do condominium fees. Unfortunately, even condo fees are affected by inflation and driven to increase with the operational costs of the whole condo community.
These fees are typically calculated based on the anticipated costs for the coming years by the majority of the condominium association board members. This also means that special assessment is entirely needed for major emergency repairs as stated beforehand.
If any condo unit owner tries to avoid such costs. The whole community will also suffer as the general cost is still shouldered by the whole community. Meanwhile, other condo owners will tend to sell out their property to avoid paying for the cost.
However, a clever second-hand condo buyer will always ask for a good discount for an unmaintained and unkept condo property. Surely in such an instance, it will just reciprocate to the actual cost of condo fees.
Invest to a Better Community with Camella Manors Condo Units for Sale
Many property management offices can be very diligent in their works, and some may even ask for a higher cost of condo fees with a standard or minimum upkeeping of the community.
Camella Manors as the newest brand under Vistaland and Lifescapes Inc. to offer affordable, high-quality, and exclusive midrise condo villages gives priority to the well-being of your condo investments.
A sound community will mean more than what is observed with the naked eye but with Global Land Property offices situated inside every Camella Manors project, investor relation is also in better shape.
The brand offers pre-selling and ready for occupancy condo units for sale across the country, specifically located in strategic areas in Lipa, Caloocan, Bacolod, Puerto Princesa, Butuan, and Davao City.
These condo units are well suited to any size of condo investments, property buyers are looking for. Studio, 1-bedroom, to 4-bedroom condo units are available for sale to qualified buyers in and out of the country.
Get to know about the brand projects by simply clicking the inquiry form or by sending a direct message in the official chatbox on this website.