Have you ever thought of living alone? Wake up realizing you are already independent, cooking breakfast smiling all throughout even if it’s a fail, mornings with just yourself while sipping coffee in your comfortable loft while scrolling through your phone? How about inviting your friends over for a little party? That, for sure, feels good.
If you’re considering purchasing a condominium, there are a number of factors why it would be a good idea right now. Condominiums have seldom proven increasingly popular, especially among the Millennial generation, who are beginning to mature and relocate into houses that are simpler to maintain. As a result, condominiums are in a growing market and are increasing in value quicker than single-family residences.
However, it is prudent to learn anything you can about a condo before purchasing one. Condominium living may be quite handy. However, when it comes to the pleasures that come with condo living, there are some limitations. Doesn’t have any idea yet? Then we got you covered! Here are the pros and cons you should consider before becoming a condo owner/condo resident.
PROS OF CONDO LIVING
It is in proximity to establishments
Do you enjoy life in the city? Well– condo living is for you! Condos are often located in the city’s core, which indicates that you’ll be close to universities, companies, stores, modern hospitals, banks, and major roads when you’re out and around. Getting access to all of these venues would undoubtedly enable you to balance your schedule whether you’re a student, a professional, or a parent. The condo life is definitely a convenient one. And bear in mind the trend of making the lower floors of the condo building a commercial, and even sometimes office spaces, you wouldn’t need public transit to go to your office buildings anymore.
Has great amenities
One of the many benefits condo owners have is the amenities that you can enjoy. If before, you’re driving or commuting just to go to the nearest gym; if you have a condominium, it’ll be easier to reach those places because it’s just there! Depending on the real estate contractor who designed the condo buildings, you may be likely to appreciate a 5-minute stroll to the condo communities’ amenities: swimming pools, volleyball and racquetball fields, sauna, and gymnasium. Some even have tennis courts if you look hard enough.
It is a great investment
One of the advantages of acquiring a condominium in the Philippines is the general area growth. The Philippines is often regarded as a developing country. Despite the fact that many parts of the country are well developed, others are still in their infancy. After all, it’s not such a bad thing. On the contrary, it is one of the most significant elements to consider when considering the advantages and disadvantages of purchasing a condo in the Philippines, because a developing location may show to be a rewarding investment in the future. Condos offer not only a living space but a great investment as well where you could possibly make passive income along the way.
You will be safe and secured
One of the many things condo residents shouldn’t have to worry about is security. Many condos provide homeowners with gated or secured entrances, doorkeepers, and perhaps even security officers. If you live alone or are concerned about safety, this might be relieving because it may lessen the chance of house break-ins. Furthermore, you live in close proximity to several individuals, which implies that if an incident occurs, you will have a large number of people to resort to for assistance.
It is affordable
Most condos tend to be less expensive than single-family homes. Depending on the place and locality, the initial offer might be significantly less than that of a single-family home. So, if you really desire to enter into property ownership but have a limited budget, a condo might be an excellent place to start. The monthly Homeowners Association or HOA fees, while substantial in certain condo units, are often less than the cost of managing a house and property. There is no reason to bear the cost of constructing and keeping a gate and surrounding wall oneself. When a condominium unit owner needs repair work done, there’s no need to hunt for a repairman.
CONS OF CONDO LIVING
You won’t have enough privacy
A disadvantage of buying a condo and living in one is that it is highly identical to renting an apartment. And, as you may recall from your adolescence, apartment life isn’t always what it’s talked up to be. In a condominium, you get neighbors on the opposite side of your borders, as well as maybe behind and in front of you. At all moments during the day and night time, you have other residents walking up and down the hall or across the grounds. You will probably hear their celebrations, fights, and infant sobbing. If you’re seeking serenity and tranquility, a condominium might not be the best option, unless you invest well in soundproofing your condo unit.
You may feel awkward by the size
With the absence of huge luxurious housing complexes, most purchasers are concerned about the size of the flat proper, which is often relatively tiny. The bare apartment, as pictured or viewed by several customers, appears to be spacious enough just to reside in until they begin to arrange more furnishings and items in the bedroom and kitchen area. The restroom is also occasionally quite tiny, with the shower being barely over the toilet in certain apartments. Those who are accustomed to residing in a huge house with a wide outdoor space would have to change their assumptions and enthusiasm about living in a condominium. Given the budgetary reality, most purchasers would tailor their aspirations and behavior to the extent of their condominium. The majority of them might choose simpler and much more functional furnishings, restrict the number of people that visit their home, and so on. Other residential units, on the other side, make the most of their room by possessing as many stuff, individuals, and pets as their unit can accommodate.
You have to live by the rules
Living in a condo requires you to follow the guidelines set out by the administration. Assume you wish to conserve natural resources and electricity by installing green power technologies, such as a solar panel on your roof. Rather than merely breaking ground, you must first obtain approval from the condominium organization. You’re out of luck if they refuse your request. HOA management might have a long list of regulations that homeowners must follow. Living by anyone’s standards may be good for some, but it may be suffocating for someone else.
In conjunction with external appearance, the purchaser cannot simply remodel or redecorate as they want because there must be some consistency for all units, as defined in the existing rules and deed of limitations. Many condos will only approve particular color tones for the unit tenants’ drapes and shades. This is done to keep the unit looking clean externally. The administration and security officers frequently give up on reciting the home regulations to some obstinate inhabitants, and they begin to allow small breaches by the tenants.
Read more: Everything To Know About Condo For Sale in Philippines
