Congratulations! Browsing the internet for particular reads like this means you are, if not fully financially capable, at least interested in investing for a condominium. And that, in its own right, is already a thing worth celebrating for. You’re approaching your next milestone in life, so what’s keeping you from actually getting it?
We’ve rounded up 7 popular misconceptions about condo and condo living to help you clear some investment issues and doubts, that most probably, have plagued or continue to plague your mind. Happy reading!
Depends on where you look and what you’re looking for, the selling prices of condos may vary greatly. Good news is that, with the cutthroat competition and reported oversupply of condo units in recent years, many developers have been making various efforts to make condo ownership more attainable to their target market through affordable prices and flexible payment terms.
Some developers might be proven guilty of this; however, this does not apply to all. Thus, it has rightfully earned its spot on this list. Condo units can take as much space or floor area as standard-sized houses.
Here’s another truth: While there may still be a lot of developers who don’t allow their residents to live with their pets, some developers such as Camella Condo Homes are lenient and pet-friendly enough to actually permit this.
Condo buildings, like traditional house and lots, are simply dwellings which need to be consistently maintained and checked for the residents’ own safety. Association fees generally cover building maintenance, communal area maintenance, roofing maintenance and termite control.
Developers have been promoting vertical villages as well-thought out living spaces for the active, on-the-go urban junkies. Thus, condos usually feature modern amenities like lap pools or infinity pools, fitness gym with state-of-the-art sports equipment, a commercial strip, even pocket parks and a viewing deck.
Of all the condo myths out there, this one might have brought the most negative impact to condo hunters. The straight answer to this is NO. The law does not directly impose the dissolution or demolition of condo buildings just for the sole criterion of being 50 years old. Section 13c of The Condominium Act states three conditions that must be met before declaring a condo is no longer inhabitable:
“That the project has been in existence in excess of fifty years, that it is obsolete and uneconomical, and that more than fifty percent of the members of the corporation, if non-stock, or the stockholders representing more than fifty percent of the capital stock entitled to vote, if a stock corporation, are opposed to the repair or restoration or remodeling or modernizing of the project”
Still a bit skeptical about this? Well yes, a condo that’s over 50 years basically ticks one of the three conditions mentioned above. But apart from the fact that unit owners get to have their votes heard, condo developers are well-aware of this. Thus, they try to counter building decay by instituting modern techniques and principles in condo development and building maintenance. In addition to that, just think about all the advantages and endless opportunities that condo living can give you, lifestyle-wise and revenue-wise.
It is only natural for developers and investors to capitalize their resources where ROI is guaranteed. After all, in real estate, location is everything. Though Metro Manila and Cebu City are densely populated as they already are, these cities, for countless reasons, are still the most preferred areas for students, corporate people, and businessmen. Thanks to the continued boom and popularity of condos as one of today’s best investments, some developers like Camella Condo Homes, are bold and buoyant enough to expand their presence in other promising areas outside Metro Manila. Camella Condo Homes, the carrying brand of Camella for its condominium projects, has set its eyes on developing more vertical villages in 25 areas nationwide. Most of these are to rise alongside their existing residential developments.
See full list of the 25 areashere.
Looking for a condo? Check out Camella Condo Homes (COHO) for affordable pre-selling units. Known to offer a distinct, new generation lifestyle for millennials, COHO projects are pet-friendly and designed to offer the best amenities and impressive, high class commercial area featuring its affiliate brands such as Vista Mall, AllHome, AllDay Supermarket, Coffee Project and Bake My Day.