There are a number of reasons people choose to live in condos in the Philippines. For one, the kind of lifestyle that modern culture dictates is very suitable for condo living. For those who prefer to socialize or enjoy the company of others, condo-living provides a convenient condition for getting to know other people because condos in the Philippines usually hosts plenty of activities where people can meet and socialize with other residents. In addition to this, most condos provide certain amenities (swimming pool, tennis courts, etc.) that you probably would not find in single family residences (SFR).
Second, condo in Philippines is very similar to apartment living. A condo is an investment because it will eventually appreciate just like an SFR. Compared to other real estate companies, Condo Philippines will usually give you more living area for your money in terms of price per square foot than an SFR. Most of the time, the interior amenities are also superior to those in an SFR. Plus, due to the fact that condo Philippines rates change more slowly than those of SFRs, one can still find bargains in both new and resale condos even when single family residential prices are increasing rapidly.
Third, Condo in Philippines is ideal for a person who wants low maintenance living and a lower budget.
Fourth, because most condos are constructed near business districts, condo-living offers convenience and relief from long travels. Condo Philippines’ proximity to a series of important establishments makes it an ideal choice. The condo is within minutes of the Ninoy Aquino International Airport. It is near shopping areas like the Ayala Shopping Center and the Rockwell Center. It is also just minutes away from recreational grounds like the Wack Wack Golf Club and a horde of foreign and local restaurants and bars in Makati.
There are, however, a few disadvantages to owning a condo. First, owning a condo is not the same as owning a land. When you purchase a condo, the only property you own and have a limited right to alter would be the space inside your unit. This consequently prohibits you from building structures outside your living area such as a private yard.
Second, depending on where your unit is situated, you may share one or more of your outer walls with your neighbors – those that might be located above you, below you, and/or to the left and right of your unit. So if you’re planning on buying a condo in Philippines, consider the location of the unit first.
Third, another significant factor to consider when buying a condo is the regime fee, especially because regime fees are steadily increasing in certain areas more than in others. In Metro Manila, fees can be anywhere from 6000php to 12,000php a month. This additional expense can greatly influence the affordability of your home, so be sure to determine what the regime fees cost and what the fee covers when you compare different condos.