Condominiums have become a popular choice in the housing market as various locations have openly embraced urbanization. Cebu City, for example, is one place where numerous condominium projects are rising at present.
Indeed, Cebu condominiums make a great option for individuals desiring a home in the metro. However, there are a number of misconceptions about condo living that make people skeptical about buying a unit.
In this post, we share and dispel some of the biggest misconceptions about condominiums.
#1. Owning a condo is just like owning a house.
While you are technically the owner of your condo unit, it’s not exactly the same as owning a house. Condominiums involve shared ownership. You’ll be living in a community with other unit owners so rules have to be followed. As an owner, you have all the right to do anything with your unit. However, there may be some restrictions when it comes to shared or common areas like balconies, hallways, and windows –making changes to electrical wiring or plumbing may not be allowed.
#2. Owners are not allowed to personalize their units.
Some people may be under the impression that owners are not allowed to make any changes to their unit but it’s not entirely true. The condo unit is yours so you have the freedom to tweak things a bit to make it feel more like home. You may decorate the place according to your personal style. However, you must be aware of certain limitations. Drilling holes on the wall may be restricted to avoid causing damage to the unit’s physical structure.
#3. Condos are not pet friendly.
Not all condos restrict pets in the building. This notion makes potential buyers who have pets lose interest. But the truth is, different condominiums have their own policies on pets. Additionally, not all interested buyers like pets. Some people prefer not to have animals around. Whether you have pets or not, the best thing you can do is ask about pet policies beforehand just so everything is clear.
#4. Condo fees are a nightmare.
Condo fees are there for a reason. If you owned a house, think of these fees as the money you pay the electrician or plumber when something goes wrong. Condo fees are necessary to keep the units and the building in general fully maintained. To ensure proper maintenance, professionals would have to be hired to do some repairs to the plumbing, electrical wiring, and for general maintenance.
#5. Fees are not supposed to go up.
Condominium fees tend to rise just like most of today’s expenses. The reason for this is that the fees are based on the costs of maintaining and running the building. Such costs may inflate over time. Included in the fees are amounts budgeted for large-scale repairs. If these fees aren’t collected or if they are not appropriate to the building’s requirements, it will all come back to the owners when they decide to sell their unit. Remember, nobody would be attracted to a poorly-maintained condo. Buyers are likely to ask for discounts for such type of unit.
#6. Condos are all buildings.
As opposed to what most people may think, not all condominiums are plain buildings. There are also high-end amenities in the property to ensure convenient living for owners. In most cases, condo buildings have their own pools, bars, cafes, and other recreational areas where owners can relax, have fun, and mingle with other residents.
Misconceptions can easily influence one’s mind. When looking for condominiums, not doing your research will leave you frustrated once you’re actually living in your unit. It’s wise to gather substantial information beforehand to know what you’re going to be in for. Understanding condo ownership can help you come up with a sound decision.
Are you considering a condo unit? Or simply looking for a condo for rent in Mactan, Cebu? Get in touch with us and we’ll be happy to address your concerns.