Modern Living
Most people spend most of their waking time at work. They spend eight to ten hours a day outside their homes and working somewhere else. Spending precious hours on long commutes is not very desirable especially if you have kids at home waiting for you. This explains the popularity of condominiums in real estate Philippines.
Many young working professionals set their sights on condominiums as their Philippines property. Condominiums also popularly known as condos usually consist of a large complex whose individual units are sold. However the term condominium does not actually refer to the property but to the legal ownership arrangement. Anything can be turned into a condominium: buildings townhouses apartments sometimes even commercial warehouses. In a condominium each unit is individually owned. The owner of each individual unit technically owns everything from their walls inward. All of the individual unit owners share rights to the common areas like the elevators hallways pools and other facilities.
One of the advantages of owning a Makati condo is the convenience. Aside from the usual convenience of being minutes away from your office building maintenance of the common areas is the responsibility of the condominium association. Owners get to enjoy the facilities without the hassle of maintaining them although they are usually obliged to pay monthly condominium association fees. Also condominiums make owning a property in a good location relatively more affordable.
There are also disadvantages though. One of these is the lack of privacy in using the facilities. Since all the unit owners share the rights to the facilities any of them can also use the facilities at anytime. Another disadvantage is that unit owners dont own the land that the structure stands on. They only just own their individual units.
Acquiring a property should never be rushed. It should take careful consideration of many things like the family size and lifestyle. Despite some disadvantages of owning a condominium unit the market for this kind of property is bigger than ever. Some are even just buying as an investment to be sold later. Whatever reason there may be for the popularity of condominiums they are here to stay.
About the writer: Deirdre Gonzales is a business entrepreneur from Cebu City Philippines. She’s now based in Florida and writes in her spare time for various websites including Atayala.com
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