8 Reasons Why a Condo is a Perfect Choice for a First Home
Buying a condo unit is such an orthodox path towards homeownership. And for good reasons, especially in the Philippines, where the prices of a house and lot and townhome are generally more expensive than a studio or one-bedroom condo. Not just the cheaper costs, but also because of the lesser responsibilities or liabilities attached to owning an affordable condo in Nuvali, for example, wherein the condo management takes care of everything.
No wonder millennials and Gen Zs regard condos as perfect for first-time homebuyers like them. Below is a rundown of the said reasons. For some of them, the prospects of owning a home in the Philippines can be an overwhelming experience. The total expenses could be over the expected amount, blowing off the budget altogether, leaving with no or less money for other household needs such as new furniture pieces.
Not to mention the tedious process of homeownership—from the documentary requirements to the length of the entire process that could take months. The latter can be a hassle if the person needs to move in somewhere in Laguna immediately because he acquired a new job at a BPO in Nuvali, for instance.
For emphasis, several reasons contribute to the decision to buy a condo instead of other property types. Below are some of these reasons.
1) Condo ownership entails fewer responsibilities.
When you have a house and lot, you are responsible for absolutely everything within the perimeter since you are the owner. Compared with a condo, owners have fewer responsibilities. For example, you won’t be responsible for maintaining the garden, the lobby, or any of the facilities because the condo management and the condo association will be responsible for this.
Basically, the condo management refers to the administrative staff, while the condo association is composed of owners like you, much like a homeowners association (HOA). They both manage your community. Everything that pertains to the exterior of the condo building is their responsibility, not yours.
2) A condo unit is generally more affordable.
Condominium units are generally more affordable if you are going to purchase a single-family home. It comes with a territory because all those are mostly compact, and it is up to the owner to maximize the living space. This doesn’t go against what you want with the area because even a studio unit can have all the space you will need. Anyhow, there are many hacks on how to make your condo unit appear bigger.
The affordability of condo living extends to certain things, such as not wanting to buy bulky appliances because you won’t have a place for them. Also, you don’t have to invest in a bigger air conditioning system and other electrical appliances, which could also translate to lower monthly electricity bills. Condo developers today also prioritize sustainability features such as expansive windows that can be left open throughout the day to let the natural light in. As such, the condo lifestyle follows the philosophy of less is more.
3) Condos offer ultimate comfort and luxury.
Anything else you will need is probably right outside your door condos usually offer top-rate facilities and amenities and other incredible building features that dwellers will surely need and use one time or another. These are the perks that come with owning a condo.
To an extent, this contributes to the overall affordability of a condo lifestyle. For example, you need not pay for a gym membership because the condo has fitness rooms and swimming pools. Condo owners, renters, and guests may use these facilities whenever they want.
4) The condo building and its dwellers cultivate a community vibe.
You probably didn’t think of this as essential but living in a condo also cultivates a sense of community. That is, even the condo association holds events and gatherings so that owners like you can meet other owners, socialize, and make new friends. Building a community connects condo owners to larger purposes.
Regardless of whether you stay out most of the day to work, it is highly recommended that you get to know your closest neighbors. Life can get indeed busy, though, this is not an excuse to put real-life connections aside. You need not be best friends with your neighbors, but wouldn’t it be nice to exchange his, hellos, and smiles each time you pass by each other on the corridor?
5) Living in a condo prepares owners for owning their first home.
If you’re not ready to face the pressures of homeownership from the get-go then, buying a condo can help prepare you for such in the future when you are ready. This is especially advisable if you are living solo or a starting or young family who are in the process of incubating the idea of acquiring your first home in the next few years.
While living in the condo, you will learn how to take care of your living space and manage your finances better. In here also, you may understand what you really
want for a dwelling. You may choose to live in the same condo or upsize whenever the needs arise. Or, you can always decide to buy a house and lot in the province as a second home, so you have someplace to come home to during the weekends. Whichever you choose, living in the condo prepares you for this big-ticket purchase in the future.
6) Condos are typically located or near the city.
Residential buildings are highly accessible and in close proximity to the city. It also means living nearby modern conveniences. Some property developers prioritize constructing buildings with near-transit orientation or close to terminal hubs, considering the traffic situation in the Philippines. The daily long travel can get the best of everyone, zapping one’s energy and negatively affecting the day’s performance and productivity.
If you live in a condo located within the city, there would be no need to travel for long to get to your workplace. As such, there are no compromises here due to the practicality and security. Commuting at night can be very dangerous, but you have to if you need to stay at your workplace to do overtime work. You don’t need to subject yourself to these circumstances if your condo is a few meters away or one ride away from your place of work. Then again, if you leave too far from your job, you won’t be able to work overtime. All these make condo living a win-win situation definitely.
Some Filipinos, particularly those that come from the province and want to work or study in select universities in the Philippines, choose to live in a condominium because of its strategic location. The condo usually offers easy access to shopping malls, hospitals, entertainment and recreation areas, and other such establishments, making living more hassle-free.
7) Condominium units resell more quickly than a house.
If you finally decide to sell your condo unit, you don’t have to wait for long to do so. A condo unit tends to sell quicker than a house and lot. It’s because of the same reasons that gravitate you toward buying the condo unit in the first place: amenities, facilities, and location.
House and lots are usually developed far from the city. Compared with condo buildings which are typically near business centers, increasing the accessibility to major commercial and leisure hubs. In actual fact, some condominium buildings are built with commercial establishments on the lower floors. This can definitely make a big difference when deciding to resell your condo unit.
8) A condo unit is a wise investment.
Investing in a condo unit offers greater returns. Did you know that the average appreciation rate of a condominium unit in the Philippines is almost 6% per annum? Yes, that means reselling your condo unit at a higher amount than you the amount you acquired it for. Worrying about equities is next to impossible, more so that there is a high demand even for second-hand yet ready-for-occupancy (RFO) condo units.
There are also at least two ways to recuperate your investment. First is by turning it into a passive income such as short-term and long-term rental, and second, by selling it. If the residential building is near the university or a technohub, chances are, there is a high demand for rental or even ownership. As such, if you need to choose between a condo and anna house and lot for investment purposes and not necessarily for occupancy, a condo unit is a more practical option returns-wise.
All in all
Living in a condo makes the most financial sense— these are some of the most affordable options for a dwelling. Condo units appreciate in value faster than a house and lot. Condominium buildings are strategically located, maximizing the affordances of the city or anywhere else they are located. The condo units are in suitable sizes and configurations, so there is always a unit that fits your needs, preferences, and lifestyle. Minimal maintenance demands are involved, yet there are robust facilities and amenities for all the owners and even renters to enjoy.