The Condo Consciousness

by Steve Van Derodar

The Scala Condominium, Singapore | Photo via Wikimedia Commons

Why condo? We can count the ways.

Do you like having all the living space on one floor, so you don’t have to run up and down the stairs? Do you want a lifestyle that does not require spending your free time and money doing yard work, maintaining the pool and landscaping, doing outside painting, and other exterior maintenance? Do you like getting in and out of your property without the hassle of closing gates as you park your car, or don’t even need one? You are most likely a condo person.

More than ever, today, more and more Filipinos understand the concept of condominium living and are attracted to it. Who wouldn’t like living in a condo when your private residence is part of a larger building or complex, having to enjoy its amenities and services? In Manila, constructions are made massively, which follows where traffic is. Many of these communities are relatively proximate to schools, malls, transport centers, etc.

In 2021, the total number of condominium units completed in Metro Manila in the Philippines reached 8,731 units, up by 159 percent from the previous year’s total. Metro Manila comprises several cities in the National Capital Region, including the country’s capital of Manila.

One can say that condo living is the way of the future. People are inclined to easy manageability and stress-free living. Besides, living in a condo offers several advantages. Many of us feel safer living in a close community that offers utmost protection – a reflection on our society. Paramount to us all is our safety as we enjoy the comfort of our homes.

While it is true that condo spaces can be limiting, their size can be just about what you need and scale down to what are considered essentials. Also, with a condo, we can do everything we want regarding design, use, and residency.

Among the several quite diversified reasons for condos’ popularity include:

Manageable Space

Condos offer a manageable space they can maintain that likely requires less expense to live in. Busy working professionals, entrepreneurs, parents, or empty nesters are likely preferring for manageable spaces without having to spend time maintaining a bigger space.

Independence

Condos offer significantly greater independence, especially for singles or couples who want to be alone and not with their nuclear family. Of course, families are also the biggest market for condominium buildings, which means that family members can rightfully enjoy their space.

Less Effort

Condo residents typically pay HOA (Homeowners’ Association) fees each month. While this can seem like a disadvantage to owning a condo, these payments go towards maintaining the complex and its amenities which means less work for you. Particularly if you are downsizing, maintenance-free living probably sounds pretty appealing.

Security

Living in a condominium or apartment complex can give residents a great sense of security, and typically for a good reason – many community complexes feature a secure access control that carefully manages authorized entry. Typically, you don’t see this level of access control in single-family properties unless you live in a gated community.

Flexibility

Condo properties are easy to rent out and can be used for short stays and long-term. Say you rent it out when not needing the space. Similarly, many foreign-based owners use their units only when they are vacationing in the Philippines and rent them out when not using them. For investment, consider the location and the demand for rental properties in the area. It would help if you also looked into the amenities and overall service on the property.

Sense of Community

Condo owners join the rest of the tenants in enjoying the community’s amenities. Using swimming pools, roof decks, garden trails, and function rooms offers a sense of community to tenants and socialization to residents.

Owning a condo comes with a price tag depending on the lifestyle choices. With the advantages that come with ownership, Condo consciousness should include the understanding of sharing communal amenities and adherence to rules and guidelines set by the building. Condo living is also a source of passive income that generates higher value in the long run. In the end, your lifestyle choice is what matters, or profitability is your intention.


(Stevenson’s experience in Philippine Real Estate spans more than 15 years. He has been involved in horizontal, vertical, vacation, and commercial properties. He has worked as an International Property Specialist in markets in Asia, Europe, and North America with Ayala Land, Federal Land, and Century Properties. Through PhilHouseHunters, he offers real estate investment opportunities, marketing, and consultancy with a key focus on Metro Manila and Mega Cebu areas. Visit www.philhousehunters.com. Email at derodarsales@gmail.com.)

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