A real estate investment is a huge deal. Owning your own place means you have reached the peak of “adulting” and it should not be treated lightly. There are a lot of factors that make people hesitate from investing in a condominium. Instead, they consider investing in a “real” home, or one with a dedicated yard and lawn, partly because of all the misconceptions that come with owning a condominium unit. The myths surrounding condo living should not hinder you from purchasing that beautiful condo in Ortigas Center.
Here are some of the most common myths about condo living, busted:
Myth #1: A condo is expensive
When you pay for a condominium space, look beyond the space. Take into account the prime location you are securing a residence for the convenience of getting to-and-from the office a breeze, not to mention being at the center of everything. It may be just a 50-square meter area but getting the same amount of space in a prime location, whether it’s a townhouse or an actual home, would definitely cost you a lot as well, probably even more.
Myth #2: A condo is not forever
A lot of people think that owning a condominium is only good for 50 years. It’s like you are investing in a property that you can only call your own for five decades and then poof, it will just disappear from your list of assets. Keep in mind that there’s a law called The Condominium Act of the Philippines, which categorically states that a condominium is qualified as a corporation and you, a shareholder. In that case, just like all the corporations in the Philippines, it has a lifespan limited to 50 years and is only applicable to condemned buildings. Now that building structures are better these days, there is really no need to worry.
Myth #3: A condo is unsafe
Condominiums have strict safety policies in place that are right up with the standard building codes and homeowners are required to follow these to ensure that they are safe at all times.
Myth #4: A condo cannot be personalized
It may be just a little space and everything looks practically the same but as the owner, you have the option and the right to design your interiors. Some buildings have specific rules about the extent of renovation that you can do, but owners pretty much have a free hand when it comes to the design of their units. You can definitely incorporate your own style in the design of your unit, ensuring that it fits your lifestyle and needs.
Myth #5: A condo is not family-friendly
A condominium unit can be as much of a family home as an ordinary residential property. It may be initially attractive only for those who live alone or those who work near because of the conveniences, facilities, and location, but it could well be an ideal family home for you, depending on your family’s lifestyle.
As long as you think your decision through, there is nothing wrong if you put your real estate investment to a condominium unit instead of a full-pledged home. It’s just a matter of perspective and a lot of careful thinking. Condominiums are as impressive and attractive options as townhouses and other types of residential homes.
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