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Since 2011, 49% of the total Philippine population has embraced urbanization, and this number ontinues to rise at a high rate. With this rapid urbanization brought by the soaring real estate prices, more and more people are discovering the perks of urban lifestyle through condo living. At best, Condo living is like living in a five-star hotel, where everything is at your reach. The internet could offer a whole lot of frugal solutions to set up your condo unit, too. In reality, owning a condominium in the Philippines is not a picnic, even renting in a condominium does not get you a step closer to a picnic as well. As such, choosing the right condominium is rather important, especially if it is your first home or if you deem it as an investment.
For small condo owners, the biggest challenge is to maximize what little space they have for their needs. Space-saving ideas are essential to keep small condo living functional and attractive at the same time. The lack of space is not bad, actually. Creating a modern minimalist look for your small condo can actually become a fun challenge for you.
Common misconceptions about condo living have spread like wildfire over the internet. Though some of these cases may be true, you should always find time to consider the pros and cons of owning your own condominium. That begs the question, then: Should you listen to these misconceptions? Sure it’s just a guide for first-time renters to make sure that fulfilling your dream of owning your very first unit would not turn into a nightmare, but it should not hold you back. Read on and find outc!
Misconception #1: Condo rules are taxing to follow
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Purchasing a condominium is a specific form of ownership of your unit while sharing it with other residents in a building. As an owner and resident, rules and regulations are set to keep the tenants secured along with their property, which is a corporation’s asset. Before choosing a condo, you should ask for the rules and regulations to know what type of lifestyle to expect when moving into your new abode. Some condominiums prohibit pets, and bicycles, rule out renting rights for your unit and limit the visitors and even the visiting hours, among others. Like it or not, rules will always be present in condominiums, but knowing your condo house rules prior to buying the unit prepares you for a good future in a condo.
Misconception #2: Condo units cannot be customized
So you’ve chosen your unit, what’s next? Personalize! Contrary to this condo misconception, condo units can be personalized. The only thing that's stopping you from doing this is yourself. Rules and regulations may have some restrictions when it comes to installing colored curtains and drilling out holes in your unit, and these are true to achieve uniformity as seen from the outside and avoid pipes from being broken. But other than that, you are good to go and add your flavor to your home.
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In picking out the right condo house design, you should play with your budget and creativity to efficiently personalize your unit, without ending empty-handed. Plan your design preference. Having a style in mind will help you buy the necessary things and avoid wasting money. Pick your color and play with your furniture. Some condominiums may not allow repainting jobs, but it doesn’t mean that you cannot put color to your house with your furniture and other accents.
It is a challenge to keep things minimal in the kitchen since most of us use a lot of stuff for dining and cooking. If it’s not possible for you to get rid of the little pieces that you use in the kitchen, what you can just do is to hide them in cupboards and drawers with a clean-looking design. You can kick things up a notch by making use of pull-out furniture that will eliminate the need for space-consuming furniture.
Accentuate and set the mood of your unit by replacing the light fixtures in the living room. Since condominiums usually come with limited space, do not over-decorate. Opt for large mirrors on the wall to create a wider space illusion. Though condo house plans are alike in both color and floor plan, you could add your touch using your available pieces at hand, from centerpieces to paintings on the wall. You should take note that condo house rentals may have a different set of rules as to personalizing the unit. Renting rights may be limited to and not equal to that of a unit owner, depending on the condo house rules. As long as the management permits home upgrades, designing your condo unit should be permitted and affordable without breaking your budget and forcing you to sell your own kidney, so go ahead and add that magic touch of yours!
Misconception #3: Condominiums are not pet-friendly
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This misconception is definitely a mistaken belief. Pets are allowed in condominiums and there are a number of condo pets to choose from - unless you count crocodiles as pets, then that’s a different story. Numerous pets are allowed in a condo environment however, most condo associations limit the number of pets per unit to avoid the ruckus a zoo would have. Pets such as dogs, cats, fish, mouse, ferret, hamster, rabbit, bird, among others are allowed. Condo associations also require these pets to be vaccinated and well-groomed to avoid certain air-borne diseases from spreading.
Owners like you should be well aware of the responsibility you have for your pet as stated in the condo house rules set for owning pets. As long as these pets do not poop or pee along the hallways or in your neighbor’s house, then you and your pets could enjoy condo living at its finest.
Misconception #4: Condo living is limited to staying inside your unit
Apart from purchasing your own unit, condo living offers features designed for a convenient, secure, and healthy lifestyle while living in the city. Other than buying your own home where you could relax and unwind, condo amenities are available for recreational activities that can be done within your residential area. Nowadays, condominiums for sale have facilities such as swimming pools, fitness gyms, garden areas, and even laundry and retail stores. Condo living is specially designed for every resident’s convenience, with a high level of security for your lifestyle. Fire alarms, sprinklers, intercoms, working door locks, and a 24-hour security guard should all be present in your condominium. Whoever said condo facilities are limited to just owning your unit has definitely no idea of what he’s missing in living the condo life.
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Part of the rent usually covers the condominium maintenance fees for the swimming pool, and gym, among other amenities offered to every condominium owner. Condominiums in the Philippines compared to other real estates in the Philippines offer these amenities to provide comfort and a different lifestyle to every unit owner. Since you are paying for this, make sure you use their amenities to the full! Instead of staying in your unit, watching the TV, and increasing your electric bill, why don’t you go to the swimming pool or workout? This way, you are enjoying the amenities you are paying for and lessening your bill at the same time.
Misconception #5: Association fee woes
You might have probably heard this a million times and yes, it’s always at the top of every saving-tips list you’ve ever seen. Where the budget stands draws the power of saving. A budget list must have a run-down of all the monthly expenses that you had and will be having in the future. It should clearly state a savings part and a free-spending part. The savings part should be at least 10% of your total income while the free spending part should be about 5% of your income.
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Having a budget up your sleeve keeps you disciplined but make sure to stick to it! If you are the type who keeps on breaking his budget list, then stop. Start again. Practice makes perfect and so does budgeting.
As an owner, you are bound to pay your share of association dues. These dues cover the expenses of maintaining the amenities made available for the residents. Before purchasing the condo unit, you should be aware of the expenses and the proportion it would be divided. The coverage of the Association fees includes the water bill for the swimming pool, exercise facilities, security personnel, cleaners, and in-house carpenters, among others. As such, it is important for you to take your fair share of the amenities made available for you. However, it should not cost much since it would be divided among the tenants already living in the building. Also, a sudden or irrelevant increase of fees is also a mistaken belief, as there should be an association of tenants separate from the developer’s administration that checks and balances these expenses. If there are a sudden increase in fees, the association should be able to explain and transparently show the computation for such an increase.
Misconception #6: Limited parking space
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More often than not, parking spaces take a toll on unit owners. For most condominiums, parking spaces are sold for hundreds of thousands, with a down payment depending on the deal you made, which allows you a permanent parking space. High-rise condominiums have an allocated parking space for guests. However, most low-rise condominiums require a parking fee for visitors or a leeway of 30 minutes to park within the property. Though it may seem unreasonable, having your parking space is a choice you have to make before purchasing your condo unit. If you cannot afford the permanent parking space, you are given the option to rent a space within the property pursuant to the condo house rules and regulations.
Misconception #7: No more privacy
Understanding that a condo unit is only divided by walls alone should give you a hint that you may hear your neighbors screaming, or maybe it’s just the movie they’re watching. However, you could actually report this to your administration since it should be specified in the condo house rules that too much noise is prohibited in a communal living set-up.
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Owning and choosing a condominium is not an easy task. These misconceptions have long been regarded as true, but if you would think about it, they are not entirely true, as there are rules and regulations specifically laid out to help a lot in achieving a communal and livable environment. With the right amount of research and time, these things to consider will get you to think twice before embracing the condominium lifestyle.
Bottomline
Common misconceptions are just that: Misconceptions. Even though they might be more difficult to acquire and sell than a detached property, condominiums can be a smart investment for the right buyer in the appropriate location during difficult economic times. Do your research and review the CC&Rs, the HOA, and any tax and insurance concerns before making a condo purchase.
The challenges involved in such a transaction are more complex than those with a standard single-family house, so make sure you hire a real estate agent and a loan officer with a lot of expertise in condo sales.
Key takeaways
- Do not be on the fence about buying a condominium unit because of the association dues expenses. These are not as high as they seem. While it is true that you are bound to pay association dues, it is important to know that these association dues are not as “nightmarish” as some purport them to be. This is because the association dues are divided among the tenants already living in the building. Also, these association dues do not cover everything; they only cover water bills for the swimming pool, exercise facilities, security personnel, cleaners, in-house carpenters, etc.,
- Always know what is and what is not allowed, especially when it comes to personalizing your condominium unit. As a matter of fact, depending on the condo house regulations, renting privileges may be restricted to and not equivalent to those of a unit owner. Feel free to add that special touch of yours as long as the management authorizes home renovations.
- Pick the perfect condominium, whether it's your first home or you view it as an investment. Do not be discouraged by common misconceptions on the internet, common misunderstandings about condo living have taken off like wildfire. Always take the time to weigh the benefits and drawbacks of condo ownership. If you are still in doubt as to what course of action you should take you can always do your research here at www.dmcihomes.com.
To learn more about DMCI Homes pre-selling and ready for occupancy projects, units for lease, and special promos, log on to www.dmcihomes.com or call (632) 5324-8888. You can also check out https://leasing.dmcihomes.com/ for currently available condos for rent.
News and other updates are also posted on the company’s official website and its social media accounts on Facebook, Twitter, Instagram, and YouTube.
