Living in a high rise condominiums within the city is one of the best choice you can make in your life. But before you decide whether you’re going to buy your own condominium unit or rent an apartment, here are some of the factors you need to remember.
As more people opt to live in the city, house and lot suburban lifestyle. Having your own condominium unit is one of the hardest thing to achieve in today’s generation. Buying a property of any kind is a significant financial and life decision that you can do for yourself and your family also. There’s always that nagging doubt that you’re taking the wrong course of action. You might be looking for a condo right now but worried a house would be a better choice, or maybe a villa. But at some point, having your own space give you peace of mind and that what makes it fulfilling.
Property developers within the city builds high rise condominiums that have top-notch amenities and incredible landscaping. Landscaping usually involves planting things like trees, flowering plants, as well as maintaining and installing features like paths, walls, fences and patios.
Factors to Remember
Condos offer many buyers an opportunity to be on its maximum convenience and preferred lifestyle in favor of homeownership. Owning a condo can be a viable alternative to renting an apartment, especially considering that as a condo owner, you can build equity and often take advantage of tax deductions on the mortgage interest.
Those who prefer to buy a condo will want to consider top reasons and relevant factors in the purchase, including whether you plan to use the condo as your primary residence or if you intend to use it as an investment property in the long run. The list below are some of the things you need to consider before owning and buying a condo unit.
1. How much it Cost
Condominium units are also easier to maintain than houses, making them an excellent choice for investments to those who live overseas or out of the country and have busy lifestyles. You have to check how much money you have in the bank first before deciding which unit to buy. Another advantage of investing and buying a condom is that it can be rented out a higher rate than apartment, giving investors the benefit to generate significant rental income. Properties with good qualities and affordable price can generate your income in the future. You just have to choose carefully where your money will be use in a sense that can benefits you in the receiving end.
2. Enhanced Security features
Among the advantages of living in a condo community security perks is what you need to know too. Condominiums have secured entry and exit points, 24/7 security guards on duty, and security cameras everywhere. Management is strict with who comes up your door especially for safety reasons whenever parcel and packages are being delivered in your doorsteps. There are monitors and intercoms to ensure safety of condo dwellers. No need to spend for all those fancy and expensive security systems because the condo will take care of that. You don’t have to worry about your family all the time because of the controlled access you have in your hands. If you live alone or security is a concern for you, this can be reassuring because it might reduce the risk of home break-ins. In addition, you live in close proximity to many other people, which means that in emergency, you’ll have plenty of people to turn to for help.
3. Condo Board and Homeowners association
Another unique features of condo living is that most condos will have a governing board that oversees how the condominium community operates and is maintained. The condo association manage the complex and handle any rules or guidelines for the community. They are also responsible for the upkeep of the common areas that are owned by all the residents of the building. Rules are set by the condo association, the governing board made up of people who own units within the complex. On the other hand, homeowner association are entities that enforce the rules for living in a community that chooses to be governed. They are common to planned developments wherein you join them and agreed to their terms and fees when you close on condo units in a community with an homeowners association.
4. Equity
When you buy a condo, you can build equity. Home equity refers to. the value of your homeownership. It is basically the market value of the property at the time of purchase less the current mortgage balance. Equity can increase over time as you pay down your mortgage. Equity can also increase if the property values increase. Then, if you decide to sell the condo, you can use the equity you’ve built to help you buy your new home. You don’t have to worry where will your money goes in the future.
5. Convenient to Life
It has everything you need. Convenient living arrangement with easy access to transportation, food establishments, and entertainment venues. Aside from the location, new condo developments have business and commercial centers to cater to condo residents. It’s like having a mall at your doorstep for. If you need some repairs done, property management is just a phone call away. If you need help in house cleaning, there’s always easy access for everything.
6. Proximity to City life and Access to Business Districts
Condo owners need to know what establishments and buildings located near you that can access easily. Primary institutions and establishments like church, market, schools, hospitals, malls, restaurants and even banks should be in place. Many condos are located close to vibrant downtown areas, which makes it appealing for many reasons. Some people wants to be able to walk or take public transportation to their job, instead of spending hours sitting in rush hour traffic. Living close to your job can save you from spending in fuel and car maintenance costs. Condos located in prime neighborhoods might increase in value faster than condos in the suburbs which can make them a worthy investment.
7.Amenities
Many condo communities offer residents amenities that are out of reach for the average homeowners. Most condominium units that are located in Metro city have better features than those in downtown areas. Most condos have community spaces like swimming pools, clubhouse, rooftop terraces, or a fitness center, which you can use without worrying the charges. Some condos even have tennis and basketball courts and even guest suites and entertaining units that you can use whenever you wish. These amenities can also make it much easier to get to know your neighbors. If you’re living alone or love to socialize, this can be great perks.
8. Maintenance
An additional cost of owning a condo is their monthly maintenance fee. Homeowners or condominiums association is also responsible for the maintenance and repair of common space which includes upkeep of the buildings, grounds, trash removal, roof cleaning, and exterior maintenance. You can clean your house too if you don’t want to spend fees. Condo owners becomes members of the association, which meets to decide on projects or improvements for the property. Those who purchase a condominium pay the association the monthly maintenance fee, which is distributed to pay the necessary expenses. The association also maintains a reserve fund to pay for unexpected expenses. In other words, by paying the monthly fee, each condo owner is saving money that will go to repairs and amenities in the complex.
9. Storage and Parking
Since condos are typically smaller than houses, you will likely to have much less space for storing items and furnitures has a growing preference in a condominium compared to a house. Some units come with a designated storage but may not be able to hold larger items. On the other hand, getting a parking space requires a separate acquisition cost. Since it is paid separately from the condo unit, each condo parking space also comes with a separate title.
10. Child friendly
The community in a condominium is an ideal neighborhood. It’s quiet and people respect everyone’s privacy.It is perfect to raise a child in a condominium. It is quiet, secure, and convenient. Nowadays, an increasing number of developers are competing to create “themed” projects and programs with more nuanced amenities such as parks and playgrounds where kids can interact with each other in a controlled environment. Developers and condo management also make it a point to have activities for children every now and then like Easter egg hunt or Trick or Treat. Weekends are made more fun with world-class amenities like a swimming pool too.
As more people in the country look into home ownership, the real estate business sees a blooming rise in its industry. It is therefore an investment worth considering. Why do people choose condominiums is that properties located in Metro cities can be affordable entry point to homeownership than a single family home. And as a homeowner, you’ll build equity over time and have access to tax benefits that a renter wouldn’t.
In conclusion, if you can afford the price, costs and plan to stay put for a while, a condo is usually a good investment. And when you’re ready to move on, you might be able to rent it out for extra income. On the other hand,
As the above-mentioned list comes in your mind, condominiums with these kinds of perks are one of a kind in the world. Asterra condominiums is one of the sought-after affordable condominium building that you may consider investing. As of now Asterra condominium have three branches in the country that offers unique amenities and life-changing opportunity comes that is perfect for all.
Written by: Clariz Legaspi
