Real estate can be tricky. You have to make sure that you know how to buy condominiums in the Philippines properly.
Different types of condominiums
There are different types of condominiums available to consumers and business owners in the Philippines.
The property types are:
- Retail stores
- Office buildings
- Government-owned property
- Alternative rental
The types of condominiums depend on the purpose and context. For instance, many residential condominiums are reserved for rent. With that, residential properties can be set up for just the residential purpose, or for an apartment or a condominium building that can be rented. This means that you can buy condos without even paying for the condominium right.
Some condominiums are meant to be bought by residents. These are the only condominiums which come with resident’s fees or association dues. Condo fee or association dues is the money that residents pay to enjoy the facilities that the condominium has. This is to enable them use the swimming pool, library, gated parking, gymnasium, and other facilities.
For some, buying a condominium is a necessity rather than an option. Others buy condominiums as investment. Buying a condominium is a smart decision because it gives your family the convenience of owning a property, while not being tied to property expenses.
Buying a condo is the best idea when you don’t have to buy the land itself. Most of the condo buildings built nowadays are built with the idea of making income
When you own a condominium, you get free amenities. This is a huge benefit that a lot of people miss out on. But if you are seeking for a high-end life with great facilities, then it is best to go for a condo. You get all the amenities and more in one place. Many people cannot go for luxury apartment because they don’t want to waste so much time and go out for basic necessities
One of the reasons for buying a condo is to feel like you are living in a community. This is one benefit of condo living that a lot of people overlook. You have neighbours that have built the same unit as you, and that they are like family members. This is one advantage that will help in keeping the property in the family. This can make it much easier for elderly people to be able to stay in their property. It is also an advantage for the less financially well off to be able to get into a home. The whole family can share in the investment. It also makes it easier for young families to be able to be in the community as well. This is where things start to get serious as well. Many seniors find it much easier to maintain their property if they live in the community.
Another benefit of living at home is tax efficiency. If you can work out the optimal way to treat your rental property as a business and factor in the impact of long term capital gains tax, you will enjoy the benefits of sheltered, regular income.
Are you ready to make the jump?
Before you take the leap and move home, be aware that you could be taking a risk, especially if you are reliant on your partner’s income to support you. If your income falls, or you become ill or disabled, you will be forced to leave your home at a vulnerable time and this could have a negative impact on your relationship.
The decision to stay where you are can feel like a massive risk – a big financial one, but equally a big risk of the future. If your partner becomes ill, it can be an emotionally draining and frustrating situation.
As a couple, you need to be extremely aware of what the future might hold for you both – and how this could affect your future decisions. If you are single, it might even be harder. You need to be prepared for any emergency.
With all of those in mind, do you think you are now ready to buy a condo in metro manila?