Are condominiums a good property investment? At present, many people still insist that a house and lot purchase will always be the better deal. In contrast, they insist that condominiums do not have land attached to it, which makes it a less-than-ideal option. More damaging is the persistent myth that condominiums are only good for 50 years, after which it’ll be due to demolition. However, these myths miss the point about condominiums, which are great investments with values that appreciate as time goes by. At the same time, condo living is a great opportunity to experience modern community living.
The Real Story About Condominium Ownership
First things first, let’s dispel the recurring myth that condo ownership is only good for 50 years, which is the alleged lifespan of the project. While unit owners can petition the condominium association to sell the property and divide the proceeds among owners, it takes more than just a few owners to make this decision.
Per Republic Act 4726 or the Condominium Act, condos can only be partitioned when three conditions are met. The first condition is that the petitioned project is more than 50 years old. The condo should also be assessed as both obsolete and uneconomical to operate. Finally, owners comprising more than 50% of the project do not wish to make further improvements to the project. Unless all these three conditions are met, unit owners can enjoy living in or renting out their investment. Should a sale proceed at any point, owners will receive their share as is their right.
Condominiums Can Be Found in the Best Locations
Among the most desirable places to live in the Philippines are located in Metro Manila’s business districts: Makati, Bonifacio Global City, Ortigas, and the Bay Area. Not surprisingly, luxury condominiums dominate the landscape outside of modern office buildings. For busy professionals, having a residence near their place of work is a very convenient arrangement. Not only do they save time commuting to and from work but they also free themselves from the worry about staying out late or needing to come in early.
Plus, living in the business districts means having all the necessities available to you within arm’s length. Groceries, laundromats, water refilling stations, and banks are all downstairs or right next door. For food, there’s always a fine dining place or fast food outlet around the corner, restaurants inside the nearby mall, or quick bites at the convenience store. The same goes for entertainment and recreation. Movie theaters, sports facilities, bars, and clubs are a dime a dozen in the area. The best part is that once you’ve had your fill, going home isn’t going to take more than a few minutes.
Condominiums Offer Modern Community Living
Buying a condominium unit is a good property investment whether you plan to live in it or rent it out. A modern residential condominium provides the best in modern community living. Amenities designed to provide you with a good time during your off hours are exclusive to fellow residents. These include swimming pools, fitness gyms, gaming areas, and lounges. Unlike public establishments, you can often enjoy these amenities during non-peak hours. And if you need an activity buddy, what better place to establish friendships than with your next-door neighbors?
When it comes to practical matters, condominiums also offer respite from the usual responsibilities that come with owning a standalone property. A maintenance team will handle repairs and maintenance from leaky faucets to wall cracks. While the condominium association will charge you a nominal fee to cover the costs, it’s nothing compared to doing everything yourself. Of course, house owners can opt for the more expensive option of getting professionals. For busy entrepreneurs and employees, having a maintenance team on standby to provide assistance is a godsend.
Speaking of homeowner’s associations, having a board to oversee the community is also another aspect of modern community living. Condos can consist of a hundred or more residents, so disputes and issues can and will inevitably surface from time to time. Having a condominium association can help resolve things quicker regarding these concerns. In addition, they’ll also play a great role in administering the day-to-day requirements of condo operations, They include managing the administrative staff including reception, janitorial, engineering, utility, and security. What does this mean for the residents? Confidence that your unit remains safe, secure, and functioning even during the times you spend outside working.
But Are Condominiums a Good Property Investment?
Are condominiums a good property investment? No, condominiums are GREAT investment opportunities. This is especially true given that today’s economic climate is now in a back-to-regular programming mode. This means that most businesses are now operating normally after scaling down their operations three years ago. The number of office vacancies in the business districts are falling as employees are back to work at their offices. As a result, demand for condominium units within the business districts is slowly going up. Even better, supply should continue to pick up, so if there’s a good time to invest in condominiums, now is that time.
Condominiums, like other property types, are also a great hedge against inflation. At the moment, the increase in property values is outpacing current inflation rates. You can put your investment money in properties now, or you can choose to in the future. The only difference will be the unit cost. With many developers teaming up with local banks in offering flexible terms and low monthly payments, owning a condominium has become much more affordable.
Looking for a Good Property Investment? Look No Further than at Ohmyhome!
Are you looking for the best property investments in the Philippines? Look no further than Ohmyhome Philippines. As the country’s largest pre-selling property portal, Ohmyhome can find you the best deals on the hottest properties in Makati, BGC, Ortigas, or anywhere else. We have tens of thousands of property listings from 180 of the Philippines’ best developers.
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