The real estate industry is an industry that continues to thrive over time. In fact, today, the real estate sector is regarded as one of the fastest-developing (if not the fastest) sectors as it continues to flourish each year.

Majority of the Filipino people today still live in rented homes, which is probably caused by one’s fear of renting or owning a condo unit because of all the miscellaneous and other hidden fees. While most people dream of owning and living in a house on the ground, some still prefer an apartment or condo lifestyle, which is totally acceptable, considering one’s lifestyle and today’s fast-paced society.

Typically, people who are always on-the-go opt for condominium living because it tends to be a lot more manageable. Also, maintenance and upkeep are a no brainer since the Homeowners Association or HOA pays monthly dues for the management to keep an eye and work on such things. However, while condo living appears to be the best option, especially for millennials who live alone or are just starting to have a family, it also has its downsides. With that, here’s a list of all the highs and lows of condominium living for when you want to weigh in details first before investing in that condo unit:

The Lows of Condominium Living

You might be wondering why the “negative” side of owning a condo came in first. Well, better to start off with the disadvantages of condo living, so we end in a lighter note later on.

Homeowners Association Fees

You got that right! The HOA fees come in first when it comes to enumerating all the downsides of condominium living. Oftentimes, this is what most condo owners have to deal with.

The pool, the gym and fitness center, the clubhouse and events center, the security system, and maintenance crew – all these will cost you money. Buying a condo only means you’re automatically a new business partner of that specific community. Not only will you be paying for the unit itself, but also for all the facilities and amenities it comes with. On top of your [expected] mortgage, you also have to pay your monthly HOA fees, which already include the upkeep and maintenance of the building and the entire community and investment opportunities on a parking lot or any other additional amenities, like a dog park, perhaps.

In turn, not only will you pay a significant number of monthly fees, but you can also count on all these fees to rise over the years. If you don’t budget what’s yet to come, you may have a hard time maintaining your unit, or worse, you may or may not have to move out and choose a cheaper [home] option.

Lack of Privacy

Structurally, condominiums are just like apartments. So, basically, living in a condominium unit only means you get to share space with other homeowners, who are practically living just right next door, with a wall in between the two of you. For some, this may not be a big deal. However, other homeowners don’t actually like the idea of other people watching what they do and get on their business in such proximity.

Also, in such a large establishment, a lot of things can happen. And, unfortunately, culprits can easily get away with it. Creepy stares and stalking attempts from the elevator to the stairs, sharing a space at the gym with someone you don’t like, and so much more. So if you’re sensitive to these things, I advise you to opt for an actual house instead.

Possible Mishandling of Funds

By now, you might think that paying your monthly HOA dues will lead to all facilities and amenities getting taken care of in an instant, but that’s not usually the case.

Some HOAs may not be responsible enough to disseminate all fees and address most residents’ concerns within the establishment or community in general. Instead of actually seeing and witnessing the fruit of your monthly expenses, you tend to get a little bit more disappointed than expected.

But, pushing all those aside, you can trust that Megaworld knows how to handle fees such as this, while also performing and delivering what is expected of them. Being in the business for over 30 years, the management definitely does not disappoint, especially when it comes to maintenance and upkeep of their condominium properties.

The Highs of Condominium Living

Now it’s time to write down all the possible and proven benefits of condo living. Let’s end on a much lighter note, shall we?

Less Maintenance Work

This has got to be one of the most significant benefits of condo living–less maintenance work. Instead of you doing the work, other people do it for you! You can stop worrying about uncut grass on your lawn or your garden from now on because that’s actually what you’re paying the HOA for! The management cuts the grass and maintains the ground for you, they shovel the snow during winter or sweep the leaves during fall, they fix the roof, clean the pool, and so much more.

If you’re a first-time homeowner, or you have deteriorating health, or you could probably always be busy with work, you need not worry about these things for a second because help is definitely on its way even before you ask for it.

Close Proximity To The Metro

Many condos today are placed just right at the heart of the city, which is good, considering that everything you will need is available just right around the corner.

I’m pretty sure some – or most – people would want to be able to walk, bike, or take the public transportation to nearby conveniences and their jobs, and are sick of spending too much time stuck in traffic. This is why condo living is advisable for the busier people or for those who want less time on the road because condo establishments today are placed right next to the metro. Living close to your job and all the other conveniences around the area can definitely save you so much time and added expenses on transportation, fuel, and maintenance.

Security

You don’t have to worry about security anymore because many condos today now come in forms of gated communities with strict, round-the-clock security. Living alone in a condo unit can be very concerning for most people, but not for those in condominiums because 1) you live close to many other residents, who you can definitely count on should circumstances arise, and 2) as mentioned, condo establishments have professional security monitoring the area. On top of that, this helps reduce the risk of home break-ins, which is also a top concern amongst homeowners nowadays.

Unlimited Access to Amenities

Want to swim every afternoon? Or maybe hit the gym? Or perhaps take a stroll down the park as you breathe the fresh air?

Condo living enables you to live a balanced life because not only will you get a unit for sleeping and staying in, but you also get to enjoy unlimited access to its surrounding amenities such as pools, playgrounds, parks, fitness centers, cafe, bars, restaurants, and so much more. Plus, with these amenities, you can easily get to know your neighbors. So if you love to socialize, that’s an ultimate benefit.

Wrapping Up

Being in the year 2019 and almost going into 2020, condo living is not something new to most homebuyers and homeowners, which is why so many people (millennials, more specifically) now opt for condo units instead of houses on the ground. For those who are always on-the-go, condominiums are probably the best options because it requires less maintenance and upkeep as compared to actual homes.

 

Planning to own a condo anytime soon? Make sure you read through the highs and lows of condominium living listed above, so you don’t end up asking a lot of questions or regretting!