4 Things You Should Know Before Buying a Condominium

Reasons why I loved living in a condominium? Well, it’s more convenient, economical and just a hop and skip away from the Supermarket, Restaurants, Schools, Malls and Hardware. Most of the condominiums nowadays are structured in an urban area where facilities and conveniences are just around the vicinity and always within your reach.

I just remembered how my husband and I decided to move in a condominium in Quezon City when my eldest child was 10, my baby girl was 9 and my youngest son was 4. It was so functional and well-designed. It has two small bedrooms with laundry cum maid’s room. I liked the ambiance and look of the interior and exterior design of that condominiun in Quezon City. We managed to live for fourtheen months  with just one all-around helper  considering that the children were still young back then. I also had that experience of having minimal electric bills because that condominium in Quezon City has a just an efficient space..

Once you’re a unit owner,  you’ll also have the rights to use the amenities and services like
Swimming pool, Gym, Mini-resto, Hall and the playground area. We don’t need to go out of town just to relax because most of the time, we spend our weekends in these highly-equipped and accessible facilities in Quezon City.

When you have visitors or guests, there are options of whether you’ll let them inside your unit or just accommodate them in the lobby. Security guards are very watchful and alert. You can find them at the lobby, securing the whole area. They will call you if in case you’ll have a visitor and will let you know beforehand so that no one can go up without any permission coming from you. Surely, you’ll love the privacy and security in a condominium.

To sum it up, it was a practical and very economical years for us.

There are lots of perks in living in a   condominium. However, there are four important things you have to understand before owning a condominium.

1.      Your proof of ownership will be a Condominium Certificate of Title or CCT

The moment you buy a townhouse in Quezon City or House and Lot in Bulacan, you will have the  absolute right over the property   ( the inside and the outside area as long as it’s in the bounds of the lot stated in the TCT and an airspace). You’ll also be given the Transfer Certificate Title of TCT as proof of ownership. On the other hand, Condominium only gives you the ownership of the unit that you purchased ( only the inside of the unit ).

2.      Condominium project has an enabling act or Master Deed

Before a developer can put up a condominium on a parcel of land, a Master Deed has to be annotated to the TCT of the lot. It usually contains information about the lot and purpose of the project.  I think, what matters most is your awareness and understanding about your rights as a “unit owner” to the use of the common areas of the condominium project and the rules stipulated through declaration of restrictions. There are also times that a declaration of restriction is a separate document from the master deed. Take time to read and understand it before you make that reservation fee.

3.      Every condominium project has a Condominium Corporation

The condominium corporation holds the “Title” to the common areas which is also co-owned by all other unit owners. Therefore, a unit owner is also considered as a stockholder to a condominium corporation. A majority vote in the condominium corporation can impart certain changes in the condominium project as long as it will not be contradicting with the Master Deed or the enabling act. Very often, the condominium corporation also manages the condominium project.

4.      Your ownership of the condominium unit is co-existent with the life of the Building

A building usually has an economic life of 50 years. Once a building becomes uneconomical and obsolete and more than 50% interest in the corporation opposed repair or renovation of the building, the building can be condemned, and what would be left will be  is only your interest in the lot as a co-owner similar with other unit owners.

Generally, a condominium is a good choice for a home because of its convenience and affordability. If chosen wisely, it can be a good investment for a family or young adult and professionals who want to start putting in their money for their future. Most of us think that condo ownership is just for the beginners and young professionals. Nevertheless, owning a condo for life is so common as this will be suitable for many families nowadays.

Is owning a condo good for you? Make sure that the condominium lifestyle is a perfect fit for you. 

Photo Credit:Land Mark
Photo Credit: To Condominiums
Photo Credit: SBLCFBC