Owning a condominium unit is quite different than owning a house and lot. Knowing these differences should be among the things you should consider before deciding which type of real estate to buy.
Right To Own
It is a known fact that land ownership in the Philippines is generally restricted to Filipino Citizens. This is the biggest hurdle a foreigner should think about when buying a house and lot unit. To make things simple, a foreigner usually puts the land title in the name of a Filipino (or a Filipina) espouse or trusted friend, or a girlfriend. It is easy to see how this leads to complications when conflicts arise in the relation between the foreigner and the Filipina.
On the other hand, owning a condominium unit is valid legally for any foreigner. Perhaps, this makes condominium the only sensible option for a foreigner to buy a real estate in the Philippines. If you can afford it and you wanted a place in the Philippine Islands, go condo.
Extent of Ownership
When you own a house and lot, you also own the following:
- anything on top of the land, including the air space, the trees, the stones
- the house interiors and the exteriors
- everything under the land including any mineral deposits
- anything produced from the use of the land including the fruits of the tree, etc
That’s a lot of things to own. This could be the reason why Louis J. Glickman has said, “The best investment on earth is earth.”
In a condominium, you only own the interiors of your unit and all things contained therein. Everything else is jointly owned by you and other condominium shareholders. The land on which the condominium project stands is titled to the Condominium Corporation.
Evidence of Ownership
You know that you are an owner in fee simple of a piece of land if you have a Transfer Certificate of Title. For a condo unit, your ownership is evidenced by Condominium Certificate of Title.
More On Condo Concept :: Posted On May 4, 2009
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.
More On Condo Living :: Posted On April 12, 2009
