The Philippines is on the rise when it comes to condominium developments. When you are in the mall, there are lots of agents spreading out to the entrance gate, giving you Davao condominiums for sale flyers or brochures. The mark that a lot of developments are around the Metro! But not all Filipino understand what a condo or condo living is all about. So to help you guys, I compiled here a couple of frequently asked questions regarding condominiums.
What is a Condo?
The "condominium" is the term used for legal ownership of an individual unit in a condominium corporation or development. Ownership covers both the legal title to all the space inside the individual unit as well as an interest in the common areas of the condominium complex.Just to make it clear, condominium is the legal ownership of a unit, not the place it self.
What are condo fees?
Condo fees are sometimes called maintenance fees. These are the charges for your share of the upkeep and maintenance of common areas and reserve fund contributions of the condominium development complex.Why are some condo fees are high?
Higher fees are based on property’s location and amenities offered to residents. 24-hour concierge desk, elevators, swimming pools, work-out facilities, a club house and security services increase the fees. This may vary from developments to developments.What are the typical items covered by condo fees?
Here are the common items covered by the fees- Maintenance of common areas
- Reserve fund contributions
- Amenities
- Utilities
- Insurance policies
- Property Management fees
How fees are determined?
Fees are based on the annual operating costs for the entire development and divided by each owner’s individual contribution to the common expense per condominium association rules and regulations, as well as contributions to a reserve fund. Each unit owner has a say in the decision on whether fees should be increased.What is a reserved fund?
The reserved fund is an account established by the condo association to anticipate extraordinary costs and major repairs of the common areas and common elements of a condominium community such as driveway resurfacing and roof replacement,What are the duties of the Condominium Association?
A condo association's board of directors is a government in miniature. The board members are elected by the condo owners to run the association and manage condominium property, which the board may do directly or by hiring a manager. Condo owners rely on the board to resolve community problems ranging from building damage to unruly residents.They are the ones responsible for the day to day basis of the community. They are supposed to oversee what is happening in the community and make sure that the owners follow the rules and regulations.
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