If you want to live in a safe, convenient, and opulent place, buying a condo unit in the Philippines is a wise choice. We should be aware, nevertheless, that some people are still hesitant to buy a condo apartment despite its advantages. Yes, having a condo in the Philippines has drawbacks as well. Home buyers occasionally come across myths and condo urban legends about owning a condo in the Philippines.
Questions or myths such as “what is the lifespan of a condominium” or “condos are expensive and unsafe”-These false beliefs can spread like wildfire and make people desirous of owning a condo unit. These are truly great investments, thus it would be a pity if someone decided against getting one due to misconceptions and urban legends. Misinformation and urban legends abound in the residential real estate market.
We understand that buying a condo is a big decision because it represents the pinnacle of adulthood. Real estate investing requires critical consideration, thorough investigation, and cautious thought. When making a choice this significant, several aspects need to be taken into account.
These falsehoods may have caused you to second-guess your decision to purchase a property in Manila. If these are the only things holding you back from realizing your real estate investing aspirations, prepare to apply for a mortgage loan now that these myths have been debunked.
Here are the Top 7 condo urban legends that we will bust for you!
“A Condo will only last 50 years”
You might hear “What is the life span of this condominium” a lot in many people planning to have their future homes. This has been the most common condo myth in the Philippines and guesses what? That is not true. This falsehood is a common misunderstanding. In accordance with the Philippine Condominium Act, a condominium is a corporation with you, the unit owner, as a shareholder. And it effectively says that a condo's lifespan is only restricted to 50 years, much like all corporations in the Philippines. This falsehood is a common misunderstanding. In accordance with the Philippine Condominium Act, a condominium is a corporation with you, the unit owner, as a shareholder. And it effectively says that a condo's lifespan is only restricted to 50 years, much like all corporations in the Philippines.
Please take note that this regulation only applies to damaged buildings. Furthermore, real estate properties need not be deemed "obsolete and uneconomical" after 50 years because they are now better built and made of significantly superior materials. Additionally, there is a clause that stipulates that before the project is deemed obsolete, you, as a stockholder, get to vote on whether or not to rehabilitate, restore, modernize, or remodel it. The structure won't be able to be demolished until more than 50% of the shareholders vote against any of the proposals mentioned above.
“Condo Units are Unsafe”
The opposite of this myth applies to condo apartments. Condominiums have safety rules and regulations that guarantee the security of their occupants. Ironically, the assertion that condos are stringent contradicts the assertion that they are unsafe. To protect public safety, condo apartments also feature smoke detectors, fire alarms, fire escapes, and drills.
Due to the generators in condos, residents have access to electricity around-the-clock. For its occupants, there is also 24-hour security. Real estate developers make sure that all of our vertical villages adhere to the National Building Code of the Philippines requirements, so don't imply that condos are unsafe because of natural disasters.
“Condos are not family-friendly”
The majority of millennials live in condos and prefer vertical living due to its convenience, facilities, and location. According to research, more and more millennials are choosing to live in condominiums while older generations of Filipinos are yearning for homes.
Since developers are now building condos with families in mind, adding more open and green spaces and family-friendly amenities, it is safe to expect that as millennials ultimately settle down and have their own children, many of them also choose to live with their families in condominiums. Condominiums are designed by developers for singles, couples, and yes, even families.
“Owning a Condo is Expensive”
Another condo myth that has been common to many is it is expensive and unattainable to normal working individuals. But that is another false rumor.
Because of the ongoing real estate developments, condominiums are now more practical. You no longer have to use up your entire savings account in order to buy the home of your dreams for you and your family thanks to its pre-selling option and flexible payment plans. Condo Developers has a master-planned neighborhood if you're seeking a pre-selling condo. A condo unit is a fantastic investment because they are available in the Philippines. Its culture and harmony of suburban and rural life make it clear that every dollar spent is worthwhile.
“Condominiums Have Strict Rules.”
Yes, condo units are subject to laws and regulations. You should be aware that these regulations were put in place to protect the community's residents' security, convenience, and health. As a general rule, you are free to do whatever you want in your condo unit as long as it won't interfere with the lives of the other residents.
By definition, these guidelines are not rigorous. And every condominium will have regulations, whether you like them or not. There are more rules for some real estate developers than for others. Before even thinking about moving in, you can look up the rules for a condominium property. You won't be taken by surprise by what you're entering into if you do this.
“Condominiums are not pet-friendly”
Many prospective condo purchasers are immediately dissuaded from choosing to live in a condominium because they mistakenly believe that they cannot have pets. Condominium complexes that welcome pets and permit pet ownership do exist, nevertheless.
To make sure you and your furry friends are welcome, it is best to enquire about the development's pet policies.
Check out this pet-friendly condominium in Vista Residences!
“Living in a condominium is exclusively for first-time home purchasers”
Some individuals believe that condominiums are only appropriate for those who intend to live independently for the first time. This is not at all the case.
Condo living also appeals to seasoned workers and families with developing children with alternatives such as executive studios, one to four-bedrooms, loft-style units, and penthouse suites.
For first-time homebuyers, condos may be a more inexpensive choice. A condo can offer just as much square footage as a single-family home and is frequently slightly less expensive. A lower buying price entails a smaller home loan as well as a smaller loan and monthly payment. And you know what that implies: You don't need to raise as much money to proceed!
These condo myths in the Philippines are a product of misinformation and misconception. Before believing these myths, be sure to search on your own and ask what it’s like to have a condo from the owners of condo units.
For more information on Vista Residences, email [email protected], follow @VistaResidencesOfficial on Facebook, Twitter, Instagram, and YouTube, or call the Marketing Office at 0999 886 4262 / 0917 582 5167.
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