Condo-Buying Myths Vs Facts You Need To Know

Posted March 25, 2021

a person opening a door of condo unit

You’re excited to buy your very own condo unit. You’ve already started talking with agents/representatives of the property’s developer. You’ve started working on the financial documents needed to process this purchase. However, you’re having second thoughts because of many stories on the downside of owning a condo unit. Worry no more, because we have listed down the truths and myths when you’re considering to buy a condo:

They’re not affordable – Myth

Just like when buying a car, you wouldn’t really have to pay the whole amount in one go. Condo units are offered in a way that you would have to provide a down payment. After that, you may pay the remaining amounts in the upcoming months or years, depending on your discussion and negotiation with the developer’s agents. Condos are now offered in various financial terms and promos, so it’s best to do your own research and go for the deal that would best suit your needs and budget.

It’s a good investment – Fact

Yes, they definitely are. Aside from the fact that you would be able to afford them (as mentioned in the first point), you would also be able to enjoy the amenities like the gym, recreational center, and swimming pool. We may add that this enables you to save, as you would not need to pay separately for memberships to expensive gyms and pool areas. They’re just a ride from the elevator away from your condo unit. And as the years go by, you may also sell the condo unit in a fairly decent price if ever you decide to move. Hence, you may still earn profits in the end.

A condominium is only good for 50 years, after that, it would be demolished – Myth

This is one of the most common misconceptions when it comes to condominiums. Yes, there is a law stating “that the project (condo) has been in existence in excess of 50 years; that it is obsolete and uneconomical, and that condominium owners holding in aggregate more than 50 percent interest in the common areas are opposed to repair or restoration or remodeling or modernizing of the project.” However, analyzing that would clearly state that the three factors or elements must coincide in order to declare a condominium building uninhabitable. That the building has been (1) in existence in excess of 50 years; (2) obsolete and uneconomical and that (3) owners holding in aggregate more than 50 percent interest in the common areas are opposed to repairing or restoration or remodeling or modernizing the project. Therefore, although a condominium building has been in existence for over fifty years, it does not necessarily have to be obsolete and uneconomical. Most condominium buildings are now being developed through modern means in order to endure ordinary wear and tear compared to the kind of construction which were available decades ago.

After knowing what’s fact and fiction, you may finally be ready to settle at your own condo unit. If you are looking to experience only the best when it comes to quality condos look no further than Torre Lorenzo. Feel free to contact us via 86-TORRE (86773) or visit our website at https://www.torrelorenzo.com for more information.