Philippines: All About Condos
Posted on | June 4, 2009 |
Nowadays, it is common to hear the word condo. The word ‘condominium’ has Latin roots – con, which means together, and dominium, which means property. According to Wikipedia, condos usually consist of a large complex whose individual units are sold. It can be an apartment, house, townhouse, or a unit in an apartment house in which the units are individually sold. The owner of each individual unit technically owns everything from their walls inward and all of the individual unit owners share rights to the common areas like the elevators, hallways, pools, and other facilities.
Living in a makati condo is not the same as living in a townhouse, apartment, or a single house. The dual nature of a condo in Philippines or anywhere else makes it different from other dwelling units. Aside from holding title to their units, condominium owners also share responsibility for the operating costs of the common areas of the condominium. All condominium owners agree by a set of Rules and Regulations particularly made for their condominium.
However, it may still be a good idea to look for a condo for sale Philippines because owning and living in a condominium may still be less expensive than other types of home ownership especially when you consider the amenities and facilities that come with it. On the other hand, condominium corporations may set restrictions on such things as owning pets, or having an outdoor barbeque. Conduct in the common areas can be strictly regulated through the condo board amending, changing and/or redrafting the Rules and Regulations. Most of the time, the monthly maintenance fee is charged. This covers water, a portion for maintaining and up keeping the building and grounds, and building insurance. Because of these additional responsibilities, it is important to carefully read everything if you are planning to buy a condominium.
There is a growing trend towards owning and living in a condo. This is particularly popular among single parent families and single young professionals because living in a condo eliminates the worry of lawn mowing, maintaining plants, yard maintenance, maintenance of the exterior of a house like paint, roof, and many more.
About the author… Deirdre Gonzales is a business entrepreneur from Cebu City Philippines. She’s now based in Florida and writes in her spare time for various websites including Atayala.com
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