Condominium communities are becoming popular nowadays especially in places where there is a surge of development like business districts. You can see a lot of high-rise condos. The trend now is going vertically and not so much horizontally in land development because land is becoming scarce in developed places.
Condominiums are once the realm of singles but many retirees and empty nesters have struck gold in their golden years by settling in condominium communities. If you were to choose, which one will you prefer: a home in a condominium or subdivision?
Let’s view some of the pros and cons of a condo:
Convenience. A lot of people invest in a condo because of its location. It may be near their work or in shopping malls. Because of it, condos provide convenience. You don’t have to wake up early in the morning to go to work because it may be near your work place or you can save up on transportation costs in going to your work.
Amenities. A lot of condos have their own set of amenities. It may be a swimming pool, gym, hot tub, tennis court, sometimes even a golf course. Although some of residential subdivisions have these amenities as well, condo owners in general usually enjoy a lot of amenities than village homeowners.
Someone else does the work. As a condo unit owner, you are part of the management of the whole condo building. The management hires groundskeepers and maintenance crews for you if you need some repairs and maintenance. No more fixing your own roof, trimming the hedges, or cleaning the pool.
Security. Condo offers many protections in terms of security. The condo management, aside from hiring security guards, oftentimes, installs security cameras in different locations within the whole condo building.
No flood. Unlike in subdivisions where there is sometimes a flood every time there is a heavy downpour, condos are rarely, if not totally, being affected by floods. This is of course due to their high-rise in nature.
No Lot. In a residential village, you are buying house and lot. In a condo, you are just buying the condo itself and not the lot. This is one of the main issues if you are to choose between a home in a condo as against a home in a residential subdivision. What happens then if the whole building collapse or gets into fire? I do think that condo unit owners have their own share of the insurance for the condo building.
High Condo Fees: Of course, the amenities provided above have corresponding condo fees. The higher the number of amenities provided by these condos, the higher the fees you need to pay for the condo fees. So be sure to maximize the use of these amenities if you are in a condo.
So if you were to choose, which one would you prefer? Is it a home in a condo unit or a home in a residential subdivision? In answering this question, it is very important to understand yourself – your needs, and of course your budget.
Personally, I would still choose the traditional home in a residential subdivision simply because it is ideal for persons planning to have their own families in the future.
Incoming search terms:
- pros and cons of renting out a condo
- pros and cons of buying a condo in the philippines
- pros and cons of condo living philippines
- investing in condominiums pros and cons
- pros and cons buying a condo im manila
- buying a condo pros and cons in the philippines
- pros and cons of buying a condo for investment in Philippines
- condo pros and cons
- condominium acts - rights of owner philippines retirement period
- condo vs apartment pros and cons phils
Follow me at Instagram @millionaireacts
Latest posts by Tyrone Solee (see all)
- An Interesting View on Why “Less is More” - June 11, 2016
- 7 Steps To My First Million - April 15, 2016
- 6 Financial Rules of Thumb in Saving and Investing - March 7, 2016
What To Read Next