As society changes and progresses, so do our attitudes towards condo ownership. With the rise of the millennial and Gen Z generations, we are seeing a shift in the way we view owning particularly when it comes to older condos. Many myths and misconceptions have been perpetuated over the years about the challenges and drawbacks of owning an older condo. However, the progressive mindset of younger generations is debunking these myths and paving the way for a new era of property ownership. In this article, we will explore the ways in which younger generations are challenging the myths about purchasing a condo and paving the way for a new perspective.
Condominiums will be demolished after 50 years
You’ve just finished organizing your financial documents and have your sights set on purchasing a condominium. However, you come to learn that according to Philippine law, condos are considered corporations with an average lifespan of 50 years. While this may seem like a concern, your parents have a different perspective. They remind you that they are an important part of your story and that their presence in your life is priceless, even if the condo itself will eventually be demolished. It’s important to note, however, that this information pertains only to condos and not homes that have been condemned.
The Condominium Act, your condo ownership does not expire even though the condominium corporation has a lifespan of 50 years. The corporation has the option to either renew for another 50 years or sell the building. In case of the latter, as a unit owner/shareholder, you will receive a share of the profit.
Condominiums are expensive
Are you curious about the high prices of condominium? While condominiums can be more expensive than apartments, buyers often prefer them for their luxurious amenities and spacious floor plans. However, the cost of a condominium can vary greatly depending on its area and other factors. In fact, buying a condominium in the same area can sometimes save you money compared to purchasing an apartment.
Plus, in the long run, the total of owning a condo can be smaller. So, if you’re considering investing a condo property, don’t overlook the potential advantages of purchasing a condo.
Condos are way too expensive
The high cost of condo is a common complaint among young professionals who are looking to own a place of their own. While there are many common myths surrounding the costs of condo, such as the notion that they are a more affordable option for buyers, the reality is that they often come with hefty assessment fees that can quickly add up.
These fees cover the cost of building maintenance, repairs, and improvements, and can be a significant financial burden for condo owners. As a result, many young professionals are forced to either delay their home ownership dreams or turn to other, more affordable housing options.
Buying a condo is a risky investment
Condo buying can be a double-edged sword. On one hand, their prime area may seem like the perfect opportunity. On the other hand, there are many risks involved, one of which is the real estate developer’s primary focus on profits, often at the expense of the building’s quality. This could lead to unexpected maintenance costs and even safety issues for unit owners.
Moreover, condos are susceptible to external factors such as market fluctuations and changes in the surrounding neighborhood. This means that the value could decrease unexpectedly, leaving you with a loss.
Despite these potential risks, many individuals still choose to invest in condos. However, it is critical for potential buyers to weigh the risks and advantages carefully before making a decision, to ensure that their investment is a sound only ones.
Condos invite accidents
Living in a condominium offers a lifestyle that is both convenient and luxurious, but it is not without risks. One common concern among tenants, residents, and condo communities is the possibility of accidents. However, with the proper precautions in place, enjoy peace of mind knowing that blackouts won’t be a concern for homeowners, thanks to reliable backup generators, smoke detectors, fire detectors and fire alarms, the risks can be greatly reduced.
And when it comes to safety and security, Thanks to the strict safety policies and guidelines that condominium associations implement for homeowners to follow, condominiums are a lot safer.
Century Properties’ condominiums take it to the next level with round-the-clock security personnel, intercoms for easy communication, and an attentive concierge ready to assist during emergencies.
Living in a prime location also means being prepared for natural calamities, and implementing safety measures can provide a sense of peace. It is crucial for unit owners and management to prioritize safety and take proactive measures to ensure the well-being of all residents. By doing so, worry about unnecessary can give a peace of mind and everyone can enjoy the benefits of condo living.
Paying condo fees is useless
Paying condo fees may seem like a useless expense for some homeowners, especially in older buildings where the rental yields may not be as high. However, skipping out on these fees can lead to legal and financial consequences.
Condo associations rely on these fees to maintain the upkeep and repair of common areas, such as elevators, hallways, and pools. In turn, this can help increase the value of the property and potentially attract higher rent from tenants. It is important for homeowners to understand the importance of paying their condo fees to avoid any legal issues and to ensure the overall well-being of the property.
The Age Factor
Age is a crucial factor that most people consider when buying a condominium unit. As real estate developers build more condominiums in the city, buyers are becoming more selective in choosing a unit that suits their needs.
Condominium units that are relatively new have the advantage of having modern features and require less remodeling compared to older units. Families also consider the age of the condominium since common area maintenance is crucial for their kids to have a safe and clean space to play.
In contrast, some people prefer older units that offer more space and have unique features that are not found in newer condos. Ultimately, the age factor plays a significant role in the decision-making process when it comes to buying a unit.
Millennials and Gen Z are overturning misconceptions
- Investment opportunity
- Flexibility and Mobility
- Sustainable lifestyle
- Urban lifestyle
Reasons why progressive generation is attracted to condo unit ownership
Are old condos good investment?
The answer is yes. Condo buildings typically retain their value well over time, making them a sound investment choice. This holds true for all types of properties, regardless of whether they are mobile or not. While buying a house may seem like the simpler choice, purchasing a condo can be just as straightforward and offers a range of benefits.
Do condos lose value over time?
Condos may not experience the same rapid appreciation as single-family homes, but they still offer an opportunity for growth over time. One critical factor in this appreciation is location, with walkability being a particularly important consideration. By carefully evaluating these key factors, potential condo buyers can make informed investment decisions and maximize their potential return on investment.
Are condos worth flipping?
Looking to start your real estate investment journey? Flipping condominiums can be a great option. With lower purchase and renovation costs, it’s a lower-risk compared to buying a house. Plus, the chances of dealing with structural damage are significantly reduced. Start your path to financial freedom with a smart move in condominium flipping.
Do condo fees go up every year?
Unfortunately, condo fees are incredibly costly as is the majority of other expenses and often rise. These figures reflect the inflation of the building and the cost associated with its operation. Condo fees are determined from the projected cost for the next year and should also include additional cash for larger repair work.
Written by: Cristine Antonio