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Myths About Living In A Condo

January 15, 2020
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Myths, beliefs, pamahiin, and chismis, are bound to be debunked at some point, right? And since there are many misleading beliefs about condos, here are 7 myths about condo living that you might have heard of.

It’s Like Living in a Shoebox

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Yes, generally speaking, condos are rooms place on top and alongside each other. Although, the term “shoebox” might also be misleading. Why? The idea of “living in a shoebox” gives the impression that it is small, crowded, and suffocating—just like barracks in military bases.

Condo is more of like a building, community-owned by different individuals. And community means exclusive amenities, security, maintenance, and complete building features. Living in a condo is more of like hotel living complete with pools, gym, courts, and other features and facilities as such.

Expensive

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Which is cheaper, a cake bought by you alone or a cake shared with a friend? Of course the latter, right? Because you and your friend divided the price of one cake into two. The point is, if you buy a house and lot in the same location as a condo, a condo unit in a condo would be priced lower because the land is divided by a bunch of people.

Put in mind that land value in one place costs differently from another. A land in Makati, for instance, values higher than that in Cavite. And I think most people think that condos cost more than house and lots, when in fact, they are comparing apples from oranges. And the thing about condo is they are located in primer locations.

Improvements Are Not Allowed

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Some people think that there is less freedom when it comes to customizing condo units

False.

Most condos allow occasional repainting and drilling. Rules differ from one condominium to another.

Demolished After 50 Years

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You have probably heard this a lot. Someone told me that she doesn’t want condominiums because after paying for it for years, it’s just doomed to be demolished by the government or the developer after 50 years because of safety issues. Well, that is just flat out wrong. R.A. 4727, known as the Condominium Act of the Philippines requires 3 conditions before declaring it gone for good. First, it should be existing for more than 50 years (perhaps, this is where the myth came from). Second, the building should be deemed obsolete and economical (a.k.a it is old and useless). Third, the owners who are holding more than 50 percent interest in the common areas oppose efforts to repair, restore, or remodel the project. So unless these conditions are met, it is unlikely that modern condos today would be demolished. It’s better to consult with a trusted broker of which developer offers perpetual or lifetime ownership.

Condos Are Unsafe

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Many, including myself, are afraid that natural calamity might strike hard when living in a house meters above the ground. They are afraid that the building might collapse or it is impossible to escape during a fire. And I get where they’re coming from. But the good thing is that technology today allows us to predict, prepare, and take action during such calamities. And so, the National Building Code of the Philippines requires all buildings in the Philippines to have smoke detectors, fire alarms, fire exit, training for the staff, and drills.

Pets Are Not Allowed

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Modern condos today have pet-friendly facilities. So if you have a pet or plans to own a pet, nothing is stopping you. Just make sure to be a responsible pet owner.

Difficult To Sell

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As compared to landed houses, a condo might be harder to sell because of the smaller market. Although, this is changing. Studies from The Washington Post last 2017 shows that condo values in New York are “now at 138 percent of median single-family detached house values,” having a 38.4% rise in condo value as compared to the 27.9% of a single-family house in just a 5-year span. While in the Philippines both condo and landed house are in constant appreciation. Although in Davao alone, the annual growth rate for condos (8.1%) is much higher than that of landed houses (0.7%).

In conclusion, condos are no threat. Filipinos have shunned away from these investments because of myths and prejudices. But if you look at the big picture, it’s not so bad after all. And after you weigh the pros and cons, condo living might just be for you.

Want to know if you’re ready for the milestone of owning a condo? Message us here.


By: Jel Vinculado

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