There are a lot of hard truths about condo living. Rent can be a pain to deal with every month. The space you move into might be smaller than you want it to be. Living with other tenants in a single building can be a challenge, especially if you’re not used to that sort of lifestyle.
But there are a lot of misconceptions that need to be addressed too, especially if it makes you hesitant to invest in a new DMCI Homes unit. In real estate, it’s important to know what’s true or not because you’d want to be making factual, informed decisions throughout this crucial investment process.
It’s time to dispel all the misconceptions surrounding modern condo life today. Check out this guide to the real-life renting experience, and the most common fallacies about living in a condo this year.
What it’s like to live in a condo building
As mentioned before, it can be tough to move into a single building on your own, with other tenants who might be total strangers to you and your family. But there are tons of benefits to this kind of lifestyle, whether you’re a solo renter, a young couple, or even first-time parents today.
By choosing to live in a condominium development, you get to situate yourself closer to essential services like hospitals, schools, workplaces, groceries, and shopping malls. You get 24/7 security and support from your building’s management team, and you even gain access to amenities like swimming pools, garden areas, gyms, function rooms, and more.
So before you dismiss the idea of short-term condo living, consider the benefits of such a convenient lifestyle first. Then, make sure to assess your beliefs to ensure you’re not falling for the most common misconceptions about this way of living today.
10 misconceptions about condo-style living
Know if you’re fit for condo living when you dispel top fallacies about the lifestyle today. Here are the 10 of the most common misconceptions about this way of life, for your informed decision-making this year:
Misconception #1: Renting rules are hard to follow
It can be easy for you to follow renting rules if you know exactly what they are. Before you commit to any lease, ask for a copy of your chosen building’s rules, so that you know what regulations you’re meant to follow ahead of time.
For example, some buildings prohibit pets, rule out renting rights for certain units, and limit the number of visitors a renter can have at a given time. These rules exist in property developments to protect the interests of all tenants - so by knowing and following these guidelines, you can ensure an easier and happier renting experience for everyone, not just yourself.
Misconception #2: Condo unit design cannot be customized
Contrary to popular belief, most condo unit designs can actually be customized. But much like the advice in the first entry of this list, remember to take note of your building’s rules when it comes to personalizing your unit so that you don’t make the mistake of renovating when it’s not allowed.
Rules and regulations will vary from developer to developer. There may be some restrictions when it comes to installing colored curtains, drilling out holes in your unit, or doing repainting jobs. But these don’t mean that you can’t put color to your home with furniture or other accents. As long as building management permits it, customizing your unit should be totally okay.
Misconception #3: A small condo is not pet-friendly
If having pets is permitted in your building’s rules, then your small condo can definitely be pet-friendly. In fact, pets such as dogs, cats, fish, hamsters, rabbits, birds, and more, are usually allowed inside your unit.
However, condo associations often require these pets to be vaccinated and well-groomed to avoid certain airborne diseases from spreading. Most also have size restrictions for pets such as dogs. Owners should be responsible for their pets, as stated in your building’s rules for owning pets. As long as these pets don’t poop or pee in the hallways or aren’t aggressive, then you and your furry friends can definitely enjoy the condo life today.
Misconception #4: Condo living is limited to staying inside your unit
Most condominiums have facilities like swimming pools, gyms, garden areas, and function rooms to encourage residents to step outside their units. This kind of setup is designed to ensure tenants enjoy a convenient, secure, and healthy lifestyle while living in the city today.
In fact, your building’s maintenance fees for the swimming pool, gym, and other amenities are usually covered by your rent or association dues. Since you’re paying for them, make sure to use these excellent amenities to the fullest, too.
Misconception #5: Condominium units have steep association fees
As a tenant, you are bound to pay your share of association dues. These dues cover the expenses of maintaining the amenities made available for the residents, and the salaries of your helpful building staff. As such, it is important for you to take your fair share of the fees in order to ensure everyone’s safe and happy rental experience.
Your association fees should not cost much since these are divided among all the tenants living in the building. If there’s a sudden increase in fees, your association should also be able to transparently explain and show the computations for such an increase.
Misconception #6: There’s limited parking space
More often than not, this fallacy flourishes because renters forget to request for parking when they negotiate a lease with their landlord. Parking slots are usually rented, so if you intend to move into a new building and you have a car that requires parking space, then remember to request one from the property manager to ensure your slot in your contract today.
But this begs the question - why don’t all tenants automatically get parking slots when they move in? There’s a simple answer to this: not all tenants own cars. This is why you need to specifically request for a slot from your building management, to secure your space and avoid parking problems in the long run.
Misconception #7: There’s no privacy for tenants
Your unit is your own, and it’s your renter’s right to have and maintain your privacy as a tenant. However, if noise from your neighbors is a problem, then you can actually report this disturbance to management since it should be in the rules that too much noise is prohibited in a communal living set-up.
Misconception #8: OFWs and foreigners are at a disadvantage
It's a common fear for foreigners or OFWs who aren't present to actually see their units, that they get fooled by their future landlords. While this has happened with other companies in the past, this will not happen if you're working with a trusted agent or developer today.
If you're not in the country and you're making an investment like this one, then you should always have someone to liaise with on your unit in the Philippines. By working with representatives from premier, quadruple A real estate developers, you'll always assure yourself of the safety and security of your property even as a foreigner or OFW.
Misconception #9: Turnover takes forever
This usually only happens when there's no clear communication between you and your future landlord or property manager. Turnover should happen on the date indicated in your contract, or else your lessor will be in breach of said agreement. So make sure to clarify this detail before signing your lease, so that you can enjoy a smooth and timely unit turnover.
Misconception #10: It’s no longer a good investment
This misconception came up a lot over the last few years, due to the pandemic situation that negatively affected all industries - real estate included. Yes, there were times when renting was not cost-efficient to do due to the high cost and low returns that came with said investment. However, what some people may not know is that condos are once again a smart investment to make today.
By renting, you get to live in a home that's compact, accessible, and less expensive than normal home buying prices. With the right developers, you get to live with a great condo community and excellent amenities to boot, all in one go. As long as you pick the right properties to rent, you'll get the best living experience ever in your future unit, today.
The bottom line
Common misconceptions are just that: misconceptions. Even if condos have their cons, a unit can still be a smart investment for the right buyer, at the right place and time. Just make sure to do your research before settling on a lease, so that you can make a confident and well-informed decision for your renting future.
Not sure about your future investment? Find a unit through a real estate agent or a loan officer with a lot of expertise, to guide your path towards an enjoyable condo experience today.
Dispel the disbelief and get excited about your next property investment today. Here are some final tips to take with you as you make informed decisions about your real estate future today:
- Familiarize yourself with the rules. Know exactly what you can or can’t do so that you can enjoy your renting experience and avoid conflict with your landlord - especially when it comes to repairs, renovations, pets, and more.
- Don’t let fees scare you off. While it’s true that you’re bound to pay association dues, know that these additional expenses are not as impossible as you might think. These dues are divided among all tenants, and are there to improve your renting lifestyle - not ruin it.
- Always ask questions. Don’t be afraid to clarify beliefs or misconceptions about this new lifestyle. Always ask questions from the property experts at DMCI Homes to enjoy your rental experience to the fullest today.