Nov 122012
 

The Advantages Of Condominium Ownership

Condominium ownership is best described as owning a property where each homeowner owns their individual unit space, and all the dwelling share ownership of areas of common use.

Usually, the exterior maintenance is paid for out of homeowner dues collected and managed under strict rules. The exterior walls and roof are insured by the condominium association, while all interior walls and items are insured by the homeowner.

The individual units normally share walls but  there is no individual ownership of a plot of land. All the land in the condominium project is owned in common by all the homeowners. An individual who purchases a unit in a condominium receives title to such unit in fee simple, owning it outright. The owner has all legal rights incident to ownership, including the right to sell.

Here are some advantages in owning a condominium unit :

  • ownership interest in the premises, enjoying all the amenities and features of the building.
  • sharing maintenance cost, Income Tax deductions for the interest and taxes paid by individual owners
  • decreased risk of personal liability of the various members
  • increased choice of location

Aside from the advantages of condominium ownership above, below are detailed explanation why owning a condo unit has advantages over owning a separate individual house.

24×7 Security patrols and a guardhouse

Fire safety features

– Security Guard (One Shift / day = 8hrs):
P6,000 to P10,000 / month
– 24hr security = 3 Shifts of Guards / day:
P18,000 to P30,000 / month!

Gardener
= Salary + Food + Benefits
Helper
= Salary + Food + Benefits

Condominiums are less prone to..
– BURGLARIES and GRAFFITI

Condominiums have numerous amenities:
– Swimming pools
– Playgrounds
– Clubhouse
– Function rooms
– Fitness gyms, etc.
– Concierge
– meticulously designed lobbies and manicured gardens
– Plus: a standby generator system that provides 100%
backup power generation

Lifestyle Alternatives
Potential Investment

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The Advantages Of Condominium Ownership