Davao Condo Living . com

Owning a condo unit, like owning a house with a lot, has its advantages and disadvantages. Condo Living is not for everyone. If you would like to live your retired life cutting your lawn when it is green, a condominium unit is certainly right for you.

We trust that you can decide for yourself which type of home ownership fits your lifestyle. Here is a things to consider when decide for or against a condo ownership.

Advantage of Condominium

• Condominiums are often located convenient to centers of
  employment and shopping.
• Some of the amenities include 24‐hour concierge, high‐tech
  security surveillance, recreation and fitness facilities plus the
  convenience of not having to cut grass.
• Exterior maintenance is the responsibility of the condo
  homeowner’s association.
• The security of leaving your condo for an extended period
  without worry (called “lock and leave”).
• Pride of ownership from being an owner rather than a
  renter.
• Sound Investment ‐Potential resale profit as the condo
  appreciates in market value.
• They make great affordable first homes.
• They also make great “last homes” if you are downsizing
  from a large family house to a smaller residence.

Disadvantages of Condo Ownership

Depending on your viewpoint, potential condo disadvantages might
include:

• •Condos are governed by a set of rules called Covenants, Conditions and Restrictions (CC&Rs). This can include restrictions on noise levels, outdoor barbeques, pet ownership, renovations and even what kind of curtains you can put in your windows.
• Poor soundproofing (the No. 1 complaint of condo owners).
• Parking at condominiums is often in a common area not attached to the home.
• No yard.
• Some condo buildings may have stairs. Poor‐quality maintenance or management which affects enjoyment and resale values.

Condo Right For You If…

• You want or need the convenience of Location
• You want absolutely nothing to do with exterior maintenance and repairs.
• You like the idea of amenities (swimming pools, tennis courts
  and the like) but you don’t like the idea of having to pay for them
  on your own.
• You like the safety of numerous and nearby neighbors.

A common misconception, even among the real estate professionals, is to associate the word condominium with the type of high-rise building architecture with dwelling units called condo units. Wrong, a condominium is not a building, though that is normally what we have grown to see in bigger cities like Manila, Cebu and, most recently, in Davao. In reality, any multi-unit structure like row houses and apartments can become a condominium.

Condominium Defined

The term condominium actually refers to the type of ownership, wherein an individual owns a unit and co-owns with other individual owners the commonly shared interest in the building. Typically, when you buy a condo unit, say a studio-type unit, you own that unit and you can have the title under your name. But your ownership doesn’t stop there. Together with other unit owners, you also become a co-owner with undivided interest of the common elements of community that are used by everyone else: the hallway, the corridors, the gardens, and even the land. The keyword here is ownership. As an individual owner, you own your unit; everyone else (including you) owns the “common elements” of the project.

The Condominium Corporation

In the Philippines, a condominium is actually setup as a corporation, where the individual unit owners become shareholders of the corporation. Going back to the common elements mentioned previously, it is the whole corporation that owns those. Moreover, as a share holder, you also participate in running the corporation like setting-up and following its rules.

Condominium Title

A condo unit owner is given a Condominium Certificate of Title as evidence that is he an owner. One of the good things about this title is that it can be in the name of a foreigner. Foreigners are wary of buying house and lot in the Philippines, because they cannot have the title in their name. The Condominium form of ownership provides a better, if not the best, alternative for them.