For first-time prospective condominium owners, there are a lot of different issues to consider. A condominium represents a more elevated way of living. In addition, its proximity to business districts makes it ideal to live in. Understanding the differences between living in a condo versus a single-family home is crucial. In addition, you have to decide if the condo lifestyle is for you.
Before you make the final decision, don’t be shy – you have to take the time to understand the repercussions of condo living and careful considerations if you will pursue that lifestyle. In addition, you may also want to rethink your current priorities in life so you can discern if they align with the condo lifestyle.
What is A Condo?
Investopedia states that a condo, short for a condominium, is a large-scale property complex. The condominium is composed of individual units, which are usually owned or rented. Furthermore, a board of unit owners oversees the daily operation of the complex, such as lawn maintenance comprises the management of the condominium.
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Why Should I Get A Condo?
Owning and living in a condominium unit has many reasons and benefits.
Benefits Of A Condo
The benefits of living in a condominium may include the following:
- Affordability – Compared to a traditional house, condominiums are generally less expensive than houses and lots in the same area, particularly in prime locations. The exceptions, of course, are upscale condos in business districts like BGC and Rockwell. The median house price range in Metro Manila is up to PHP 14.5 million, more than double the median list price of condos in the metro (PHP 5.9 million).
A house, on the other hand, takes up more space than a condo unit. As a result, they cost higher.
- Location – Most condos are built and located nearby business districts. They are also near malls, convenience stores, laundry shops, and transportation hubs. Usually, hospitals are just a few minutes walk or drive away from condominium locations. Living in a condo nearby the workplace can help you save time and money considerably.
- Amenities – Condominium properties generally have plenty of amenities. The staple amenities are swimming pools, basketball, tennis courts, and clubhouses. There may also be communal spaces such as gyms and lounge areas. Condos also have concierges who assist residents during emergencies, verifying residents and accepting deliveries on behalf of the residents.
- Open spaces – Furthermore, a condominium property has a lot of open space. These usually make it incredible for walking and running in safety. Open spaces are also great for younger kids and those who are health-conscious to get their steps in and spend time trying to hit their fitness goals.
- Security – Lastly, one great benefit a condo offers is security. With condo security, you do not need to worry about the state of your home. In addition, security runs on shifts, so every day, there is someone who will watch out for the safety of the condo.
There are plenty of these considerations to consider when deciding if the condo life is meant for you.
- Fees – The fees make a condo more expensive to own than a house. These fees are used to pay for the maintenance of the condo amenities.
- Privacy – Privacy is another crucial concern if you want to live a condo life. In a condo unit, you have plenty of neighbors all over the unit. If it is noisy on one side, then you won’t be able to get your share of peace.
A condo life means an elevated way of living. In addition, it is also a life where you can easily live more healthily, safely – and nearer to your workplace. However, it comes with plenty of considerations. If you can afford to, then take the chance.