Purchasing a condo is peak adulting, so we get that it’s not something you decide on lightly. Investing in real estate property warrants serious deliberation, extensive research, and careful thought. You need to consider a lot of factors when you’re making a decision this big.
Perhaps you’re on the fence about buying a condo in Manila because you’ve come across these four myths. If these are all that’s stopping you from making your real estate investment dreams come true, get ready to apply for that housing loan because we’ve busted these myths for you.
Myth 1: A condo will only last 50 years.
This myth is a widely-held misconception. The Condominium Act of the Philippines qualifies a condominium as a corporation with you, the unit owner, as a shareholder in that corporation. And it basically states that, like all corporations in the Philippines, a condo’s lifespan is only limited to 50 years.
Now before you hit the panic button, please note that this law is only applicable to condemned buildings. And these days, because buildings are better constructed and the materials used are far more superior, real estate properties need not be considered “obsolete and uneconomical” after 50 years.
There’s also a provision that states that you, as a stockholder, gets to vote whether or not to renovate, restore, modernize, or remodel the project before it is considered obsolete. Only if more than 50 percent of shareholders (i.e. unit owners) oppose any of the above, will the building be eligible for demolition.
What’s more, the Act states that although the condominium corporation expires in 50 years, your condo ownership does not. The corporation can either renew for another 50 years or sell the building, in which case, you as the unit owner/shareholder, gets a share of the profit.
Myth 2: Condos are unsafe.
On the contrary, thanks to the strict safety policies and guidelines that condominium associations implement for homeowners to follow, condominiums are a lot safer. Smoke detectors, fire alarms, and fire detectors are standard requirements in every unit and are checked regularly, and fire and earthquake drills are held routinely as well.
Homeowners also don’t need to worry about blackouts thanks to backup generators. Of course, there’s also the round-the-clock security, and in Century Properties condominiums, intercoms are provided and an attentive concierge is present in case of emergencies.
As for safety from natural calamities, these days any trustworthy and conscientious property builder complies with the standards set by the National Building Code of the Philippines (which for one, requires that properties be able to withstand an intensity 8 earthquake). In fact, many real estate developers go above and beyond what is required.
Myth 3: Condos are not family-friendly.
For the most part, millennials are native condo-dwellers, choosing vertical living for the convenience, amenities, and location. While older generations of Filipinos are looking for homes, a report on CNN Philippines has shown that more and more millennials are choosing to live in condominiums.
So it’s safe to assume that as millennials are finally settling down and having children of their own, many are choosing to live with their families in condominiums as well, especially since developers are now designing condos with families in mind, creating more open and green spaces and family-friendly amenities.
The Residences at Commonwealth by Century is one prime example. The condominium is built for singles, couples, and yes, families: It has a nursery and kindergarten, playground, kiddie pool, arts and crafts studio, rock and roll studio, and sprawling gardens where kids can run around and play.
Myth 4: Condos are unattainable.
Condos are now more affordable than you think especially if you buy pre-selling. Thanks to flexible payment plans, real estate in the Philippines does not have to be too big a financial burden. You can now buy your dream home without cashing out your entire savings.
Century Properties offers flexible payment terms either for pre-selling properties or for ready for occupancy (RFO). To learn more, check out their official website.
For Quezon City dwellers, The Residences at Commonwealth by Century, centrally located and a mere five-minute walk from Commonwealth Avenue and the Don Antonio Station of the upcoming MRT Line 7, is convenient, accessible, and family-friendly. Plus, like the other Century Properties projects, flexible payment terms are available.
The property boasts of extensive and one-of-a-kind amenities that are designed to help residents pursue their passions: There’s a show kitchen, arts and crafts studio, rock and roll studio, gym and dance studio, and screening room. There’s also a basketball court, yoga garden, lap pool, and kiddie pool, among other unique amenities.
Vertical living offers safety, security, and a sense of community. If you are thinking of living in a condo, help build a safe and tight-knit community for you and your family by being a model resident and a good homeowner’s association member.
If you’re keen on experiencing what the Century Properties lifestyle is like, you can check in and enjoy a staycation at Siglo Suites. Properties available for Siglo are The Gramercy Residences, The Knightsbridge Residences, The Milano Residences, Azure Urban Resort Residences, and Acqua Private Residences.