What to Expect After You Buy a Condo in Manila
Moving in to a condominium is a dream come true for many young professionals and families today. What many do not realize is that condo living is different in many aspects. Those accustomed to living in single unit houses will definitely go through a phase of adjustment after moving in to their new homes. For buyers of Makati condos, financial changes will be the most evident.
Families and individuals who consider moving to a condo will enjoy the amenities such as swimming pool, gym, basketball court, or tennis court. Accessibility-wise, most Makati condos are situated in locations near supermarkets, offices, schools, and hospitals.
Condos are still more affordable than townhouses or single unit homes and they make a great investment. Some home buyers today purchase Makati condos or buy condo in Manila and lease them to BPO employees. While many decide to buy, there is still a majority who would rather rent.
Adjustment phase: Prepare to pay for condominium and association fees
Many condos require monthly payment of association fees, which cover repair and maintenance of common areas of the building. Home owners are only responsible for repairs and maintenance inside their own units. In Makati condos, most condominium associations set aside a fund for future expenses. General and exterior repairs are the obligation of the condo association. The association dues collected from condo unit owners are used to maintain the facilities and amenities offered by the real estate. These fees vary, but are almost always not as cheap as home owners would like them to be. For a growing family or even for single tenants, the condo fees definitely take a toll on their budget.
Say goodbye to total silence and privacy
Makati condo unit owners are partners with the rest of the home owners of the complex. In most cases there will be more than four condo units in each floor, depending on the area of the complex. Literally, units are separated by walls. Lucky for those who live next to people who like serenity and peace, but living next to a family especially with children or next to a couple who perpetually argues can be bothersome.
Owners only have rights to the interior walls of their units. The rest of the structure of the building and the land is shared with other condominium unit owners. Also, unlike townhouses which have verandas, garages, or garden, condo living is limited to the four spaces of a unit. Families with children will find that it is a challenge to keep their young confined inside their Makati condos. This is where the club amenities seem useful. There are many Makati condos which offer excellent amenities apart from beautiful units. When buying condos, consider the amenities offered to compensate for the lack of personal space.
When the time comes a condo unit owner decides to sell his unit, it may take longer than expected to resell it. Today, it is easier to buy a property than to resell it. Makati condos relatively have higher market value due to the location; even the resale value remains competitive years after the purchase.
For first time home owners, condo living still remains a better choice and many are willing to overlook the cons.
Isaac Renteria has gotten into the habit of condo shopping and is partial to Manila and Makati condos. The author currently rents a condo elsewhere but is considering to buy condo manila.
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