Self- Check: Is Manila Condo right for you?

Condominium living is not always the perfect option for everyone. Before being a condo unit owner, make sure that you understand the regulations, fees, rules and responsibilities.

Below are simple questions that will help you decide whether or not living in a Manila condo for sale is right for you.

1. I like that a condominium is an instant community and there are neighbors on both sides
2. I want to participate in the running of the community with the other owners
3. I don’t want the hassle of mowing the front yard, cutting grass and other outdoor chores
4. I love the amenities of the condominium, I’ll use it most of the time
5. I understand that I have a monthly bill for maintenance and repairs
6. I understand that there are restrictions on the number of occupants per unit, regulations on pets, parking, noise and other stuffs.
7. I understand that the board of directors can make any decision on my behalf, which will surely uplift the comfort and security of each unit owners 

If your answers were mostly “Yes”, I’m glad to say that buying a condo unit is perfect for you!

In order to help you further, I have here a list of what you can consider before buying a condo unit.

1. You don’t have a concrete plan yet

It requires commitment to be a home owner. If you are not have a solid plan yet and your mind changes mostly all the time then forget about owning a house. Investing in a house is a long-term one and you don’t want to spend thousands of dollars just to sell it away in the next five to ten years. Renting a condo unit is the best option for you, until you make up your mind.

One of the benefits of renting a condo is that you can easily change jobs or move city to city without the hassles of reselling. And let’s say that if you bought already a unit, then earn money from it. How? You can turn to a landlord and rent the unit out!

2. You’re not good at maintenance

Another luxury of condo living is that there is someone who can do the maintenance for you, right away. When the bulb blinks, just call the building supervisor and the new bulb is on the way. Unlike in owning your own house, when something breaks, you need to fixed it yourself or pay the services of repairman considering that repairs will be done not on your preferred time but based on the repairman’s schedule.

3. You love the City

Nowadays, the home choice of the professionals living in the city, or any business districts is the Condominiums. Why? Simply because these buildings are strategically located near schools, offices, businesses, malls, parks and others. This is the very reason why condos for sale in the Philippines are the latest home trends in the capital region.

After these questions and considerations, I bet you already have a decision in your mind whether or not to buy a condo unit. If you are now really decided to buy a condominium, do only if:

• You can afford the maintenance fee
• At least 90% of the condo units are occupied
• The annual increase of monthly maintenance for the past years has not exceeded the general rate of inflation
• 90% of the owners are current in their monthly payments. Take note that it’s the other owners who make ups the shortfall when other owners doesn’t pay the fees.
• At least 10% of the home owner’s association budget goes to the reserve fund.
• The condo’s major mechanical systems are closer to five years old than 15 or 20. Take this into consideration that if the development requires a big upgrades, special assessment charge will be costly. That’s not good for you

Applying these will help you make the right decide which surely the best for you. You can also ask your friends, or the residents for reviews and opinions. You can also browse the internet.

Do you have any questions? Why not comment it below?