Condo living can be considered as the face of modern-day living. Condos have sprouted everywhere, especially in key cities around the world. This is also true in the Philippines, and some projects worth looking at are Primary Homes projects in Cebu and Bohol, some great locations in the Visayas group of islands in the Philippines.
If you are considering moving into a condo, especially if this will be your first time to do so, here are some important things that you should know about:
1. You must adhere to the condo policies
While you have freedom to live your life the way you want to, there are just some rules that you need to observe as a resident in a building where other people are living too. In order to maintain order with the condominium, policies are set by the homeowners’ association or condo corporation, and everyone is expected to abide by them.
The condo policies also include certain limitations on your freedom to remodel your unit. Generally speaking, you will need approval before doing any major refresh on your unit.
The regulations of your condo can also dictate whether or not you can offer your unit for lease, especially short-term like Airbnb.
That is why it’s important to know who built your condo as this would give you an initial understanding of what condo rules to expect. You would see that some property developers implement certain policies across all their projects. Of course, later on, the homeowner’s association can work with the property management in revisiting rules and make changes where needed so if you are the owner of the unit, you should consider playing an active part of your condo’s homeowner’s association, or at least attend the meetings that they hold.
2. You will need to pay monthly condo dues
In order to keep the building structure as well as the common areas well-maintained, the property manager needs funds. These funds come from the residents wherein they pay a proportionate amount depending on the floor area they own. Such payment is usually called condo dues or association dues, and are also used to fund the sanitation workers and the security personnel.
The condo dues allow you to keep your mind away from the hard work involved in maintenance, as well as the costs that you would otherwise need to pay all on your own as only the person in-charge of a landed property.
Because of this, you only have to think about your own unit. All the common areas and shared facilities will be the responsibility of the property manager.
If you are just renting a condo unit, then check whether this is included in your rent already, or if you will shoulder it.
3. There are special assessments that you need to prepare for
If you own the condo, aside from the regular condo dues, there are some other expenses that you should prepare for. This includes major repairs that are beyond what the monthly dues can cover, as well as other expenses that will have to be shared by all residents such as when a major plumbing work or roof work is needed.
Increase in property taxes would also be passed on to owners as not only for their own units, but also their proportionate share in the land and the common areas of the building. True enough, you would really have to be financially-prepared when you want to own a property, whether that be a landed property or a condominium unit.
4. Space in a condo may initially feel limited
If you compare your unit to a landed property with a yard, then of course it will feel smaller. But if you consider the common areas of the building that you can access, as well as all the amenities that you can use, then there isn’t really a problem. And that you don’t need to think about the upkeep of these make it even better.
5. Take advantage of the amenities
And on the note of amenities, you should maximize their use. Having amenities help differentiate a condo from a typical apartment, so you should take advantage of such facilities that really take the condo-living experience to a whole other level. You don’t know, this can even help you make new friends in your condo.
The amenities depend on what your condo deems important for the residents but some of the standard amenities include a reception area to receive guests, function rooms for events, and wellness facilities such as a swimming pool and maybe even a gym.
By moving into a condo, you now have access to all the perks of condo living. Get ready as a whole new world awaits you!
We hope you found this blog post on 5 Important Things to Know About Moving into A Condo useful. Be sure to check out our post on Apartment Hunting 101: How Much Rent Can You Afford? for more great tips!
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