PH Real Estate - Pros and Cons of Purchasing a Condo Unit

If you have problems deciding what real estate property to purchase, you may want to learn the pros and cons of purchasing a condo unit.

Here are the pros and cons of purchasing a condo unit :

PROS :

1. Round-the-clock security

Condos are gated communities with roving security guards, 24/7. There are fewer crimes committed in condos because the gates are manned dutifully, and there are other warning systems that would turn on the alarm in cases of burglary. In addition, CCTV cameras are installed in general places where an intruder would most likely choose to trespass. The perimeters are also walled and sometimes electrified to make sure no one enters through illegal entrances.

2. Good amenities

When you purchase a condo unit it typically comes with great amenities, such as the following:

• Swimming pools
• Playgrounds
• Picnic grounds
• Social function rooms
• Gazebos
• Sky parks
• Lawns
• Basketball courts
• Gym
• Recreational rooms

Of course, not all condos offer all of these amenities. Before buying the property, you will have to inquire from the info desk. The amenities also depend on what type of condo it is. Posh condos have golf courses and badminton courts, as well.

3. Transportation Access

Most of the time, the condos are near transportation stations, such as buses, tricycles and jeeps. There are some condos that are proximal to the airport; thus, you could easily go from one point to another.

Condo residents with their own vehicles, usually have swift access to national roads or highways, where they can drive without the trouble of being caught in the middle of a traffic jam.

4. Strategically Located

Condos could also be strategically located near malls, schools, hospitals, and other significant institutions. The builders of condos have chosen a location that would make the condo a prime property. 

Obviously, you have to inquire from the admin, because there are differences in the condos’ locations. It’s up to you to find out.

5. Profitable Investment

You can rent out the condo unit or resell it at a higher price. It’s a good investment that would provide you a steady monthly income. 

You can also sell it at a higher price than the purchase price and derive a good profit from the sale of the property. 

Whatever you choose, you can profit both ways, so there’s no need to worry. 

6. High class living

When you own a condo, most people would think you have the money. It’s considered high class living when you live in a condo unit. They can be quite expensive, which not many can afford. It’s high class living too because it’s like you’re on a holiday vacation, and staying in a 5-star hotel with the superb amenities around you.

CONS :

1. It is expensive 

It’s usually more expensive than a typical house with the same floor area. The price can range from Php 1 million to Php 25 million per condo unit. A few, classy condo units could go beyond Php 25 million.

Obviously, if you have the money to pay for a condo unit, you must have the financial capacity appropriately.

2. You should follow the rules of the residents in the condo

There would be policies that you have to follow as one of the condo unit owners. There can be stricter than the rules established by detached houses. 

These rules are necessary to allow harmony within the condominium. This is because living in a condo is essentially living in a community.

3.There are condos that prohibit washing and cooking

Most condos won’t allow you to wash your clothes, or cook your own food. Hence, you would be forced to eat out or buy food. If you’re trying to scrimp by doing these tasks yourself, then you won’t be able to.

You have to take your laundry to the laundry station and buy your food from nearby restaurants. 

4. Visitors and visiting hours are limited

Many condos would allow only 1 visitor to stay for three days. You cannot allow several people to stay with you forever. This is one disadvantage that you could suffer from. 

It’s natural that you would like to stay longer with your visiting family, but this cannot be done in most condos. Your alternative would be to let your family stay in a hotel. 

5. Your unit has no front and back yard

Inevitably, your condo unit would not have any yards. Well, you can go to the gazebo or playground to be outdoors, but it would be great if the condo unit has its own front and back yard.

It would be awesome to cultivate your own plants in your yard, which you can do in single, detached houses with yards. There are lots of things you can do that you cannot in a condo unit.

6. You can feel claustrophobic

There are persons who could feel that they are in a small enclosed space when living in condo units. The fact that they can’t escape quickly when natural disasters happen can cause this feeling.

In the event that this is not the case, then you’re lucky. You won’t have any problem living in a condo unit. However, be prepared and alert for any of these eventualities.

7. There are many people living in close quarters with you

When you walk along the corridor, there would be rows of units and people who live next to you. You may not find tranquility or peace. 

Perhaps their chatter cannot reach you, but smells and noise can most certainly find their way to you. 

If you’re an introvert unwilling to socialize, then living in a condo unit is not for you. Better think twice.

CONCLUSION :

These are the pros and cons of living in a condo unit. There can be advantages and disadvantages but in the end, it’s you who will be deciding. It boils down to what your preferences are because it would be you living in the abode of your choice.

When you live with your family, you can ask for their suggestions. As the cliché goes, “Two heads are better than one.”

Select wisely and consider your priorities before coming to a final decision.

Tags:    condos for sale, pros and cons of condo, condos for investments