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Top 3 Condo Myths And The Truths Behind Them

Posted On Tuesday, 31 May 2022 15:21
Top 3 Condo Myths And The Truths Behind Them

Many people are still unconvinced of the need to invest in real estate, most especially in condominium units. For them, buying a property is a serious life decision you should only make when you’re financially stable. Apart from that, most people still cling to the idea that buying, renovating, or flipping houses, in general, are dead investments. 

While these reservations are entirely understandable, considering that houses and condominium units cost millions, these shouldn’t prevent people from looking at the benefits and advantages of such an investment. 

Yes, it may cost a lot, but financing options can help you afford it. You don’t have to pay it at once. You can even treat it as an investment – you can buy a condo unit, dress it up, and post it on platforms like Airbnb so that it can generate income. You can use your earnings to pay up your monthly premium and even save some for your personal needs. 

Unfortunately, these are not the only reasons that stop people from investing in condominium units. There are many condo investing myths that people still believe in in this day and age. You're in the right place if you’re looking for points and arguments to debunk these misconceptions. Read on and be enlightened. 

Myth 1: Condominiums will be demolished after 50 years

Suppose you’ve already sorted your financial documents and are ready to buy a condominium in Las Pinas. However, your parents and friends talked you out of it because, according to them, condos will be demolished after 50 years. They have a point, but what they tell you is just a ‘small part of the story.’

Under the Condominium Act of the Philippines, a condominium is considered a corporation with its owner as the shareholder. Like any corporation in the country, the condominium’s lifespan is only 50 years. However, this provision of the law only covers condemned buildings. On top of that, there’s also another provision in the same law that states that the stockholder can vote whether or not to remodel, modernize, restore, or renovate the property before it’s tagged as obsolete. 

If you take a look at the condos sold by real estate developers in Las Pinas, you’ll realize that buildings these days are made with durable and high-quality materials. Plus, developers are also more proactive in constructing better buildings – more resilient against fortuitous events and natural wear and tear. These keep new condominium units from being uneconomical or obsolete even after 50 years. 

The same Act also explicitly states that your ownership of the condominium unit doesn’t expire with the 50-year lifespan of the condominium corporation. The corporation is also given the option to sell or renew the use of the building for another 50 years. If more than 50% of the stakeholders vote to sell the building, you will still get your fair share of the profit as the shareholder and unit owner. 

Myth 2: Condos invite accidents 

This is another myth that hinders people from investing in condominium units. While condominium-related accidents still happen, they’re exceptions instead of the general rule. This can be attributed to how condominium associations implement strict safety rules and guidelines. Even the affordable condo in Las Pinas and other key cities consider implementing these rules mandatory. 

Apart from that, fire detectors, fire alarms, and smoke detectors are non-negotiables in every condominium unit. Implementation of these standard requirements is also regularly checked. As added security, earthquake and fire drills are also routinely held to ensure that every homeowner knows how to respond to these events. 

Blackouts are also not a concern for homeowners because backup generators are already installed in the building. One’s physical safety is also not a concern because it’s a standard operating procedure (SOP) for these buildings to have round-the-clock security. There are also CCTV cameras placed in conspicuous and common areas of the building, making sure that the entry and exit of homeowners and guests are monitored. 

Some high-end buildings and condominium in Las Pinas City provide an attentive concierge and individual intercom units to make coordination easy in case of emergencies. 

You won’t even have to worry about your safety during natural calamities. These buildings are taken care of by conscientious and trustworthy builders who comply with the Philippines' National Building Code. One of the requirements under this code is to ensure that all buildings can withstand earthquakes as strong as Intensity 8. The even better news is that modern-day developers work hard to go beyond the minimum requirement. 

Myth 3: Don’t live in condos if you have kids 

Most people also believe that condos are not ideal for having kids living with you. The truth is condo is perfect for everyone – yuppies, couples, and even families. 

Millennials are condo dwellers, most opting for vertical living for location, amenities, and convenience. While the older Filipino generations still prefer to live in a traditional home, most millennials choose condominiums as their homes. This makes it easy for them to go to work, send the kids to school, and relax over the weekend. With most of these condominiums located in strategic locations within the city, going around and shifting between work and personal life becomes more manageable. 

Since most of these millennials are also in the settling phase of their lives, it’s safe to assume that they’re also choosing condos as their growing family’s dwelling place. Developers are aware of this trend, so they’ve been designing new condos with kids and the whole family in mind. This explains why it’s common to see family-friendly amenities, gardens, and open spaces in these newly developed condos. 

For example, check out a pre-selling condo in Las Pinas. You’ll see that developers also include rock and roll studios, arts and crafts centers, kiddie pools, playgrounds, kindergarten, nursery, and even sprawling gardens where these kids can play with each other. 

It’s a smart decision to invest in condominium units 

Whether you’re single, married, or raising kids, condo living can be ideal. You need to choose a property suitable for your needs and lifestyle. You also have to be keen on the payment schemes and other contract details. It’s important to also perform the diligence required from a prospective condo owner. 

If you’re still in doubt after these common myths are debunked, it’s best to speak with a licensed real estate broker. Throw the hard questions at them and let them guide you in your entire condo-buying journey. If you have pros pointing you in the right direction, you can never be wrong with your choices. 

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