Date Posted: 2012-05-24 09:45:46
Site Posted: Myproperty.ph
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As hard as condominium developers work to let people see the convenience of living in a condo unit, a lot of people still think that there is a certain level of risk in buying a condo that would make buying a house a better option. The truth is that in any real estate investment there is risk involved, but the risk in buying a condo is no different than in buying a house. Here are some most common misconceptions people have about owning a condo.
1. You pay more when you own a condo because of the condo fees.
Many people assume that buying a house would make more sense than buying a condo for sale unit because of the monthly condo fees that a unit owner has to pay. What they should understand is that these condo fees are used to pay for costs that you would similarly incur if you were living in a house. Typically, condo fees will pay for building maintenance, the upkeep of the amenities and even garbage collecting, which are things that you would have to take care of yourself and pay for if you have your own house. Ask the developer what the condo fee covers, and find out if the amount they are asking for is reasonable for the included services.
2. You can’t change the way your condo looks.
Not entirely true. Condo board of directors may set certain limitations as to the renovation that you can do, but you are allowed to change some areas of your unit. Before signing anything, find out if the contract has certain rules about renovating your unit; some condo boards may allow you to paint your walls and retile the bathroom, but forbid you to knock down walls to increase floor space. You should also make sure that the changes you make will not affect other residents of the building.
3. Only yuppies and single people can live in a condo.
It is true that condos were once seen as a residential set-up ideal only for young professionals who want to live closer to where they work. Recently, however, more families have been considering living in a condo due to the conveniences they see, such as proximity to establishments like schools and restaurants as well as easy access to public transport or main roads. If you have a child or are starting a family, look for condominium buildings that have 2- or 3-bedroom lofts and offer amenities that the whole family can enjoy, like playgrounds or sports and recreation centers.
Buying a condo is just like any other business in that it does involve a certain amount of risk. However, as long as you do your research and get help from a real estate professional, there is no reason why buying a condo should cause you to doubt whether or not you are making the right decision.
Jillian Cariola, Writer
(cover image by Jenny Erickson)
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