In the Philippines, condominiums have long been favored by the people as they offer a variety of characteristics that are uncommon in other property types. These includes superior building materials, desirable locations and top-notch facilities. Condo units also require less maintenance.
Many condo buildings have completely established neighborhoods where residents may easily access goods or services. Additionally, you receive access to the clubhouse’s pool, gym, and function room as a member, plus you get to take advantage of the 24-hour security. A condominium could seem like a good choice for people who wish to live in the city close to their workplaces. Your daily commute will be feasible if you live in a condo near or in the midst of a business or commercial district. If you own a car, you can buy or rent a parking space on one of the apartment floors. Additionally, the proximity to shopping centers and other establishments makes it simple to get to if you need anything. On top of that, living in a condominium is simpler than in a house and lot that requires upkeep of the exterior and backyard. Condo owners often pay their monthly condo fees to the condo association and board for the maintenance of the complex which is perfect for busy persons who is likely doesn’t much time for cleaning and other chores. Living in a condo enables you to make the most of your time. It offers a sophisticated lifestyle that gives condo owners a pleasant experience. In terms of insurance, you are solely liable for your condo unit and not the entire structure. The demand for condominiums is fast growing nowadays for their benefits.
Owning a condo can coincides with one’s significant milestone in life! Perhaps you’ve attained a financial breakthrough to make your first solo move conceivable. Purchasing a condo may also be the first step in your Philippine real estate investment career. Choosing a condo in the early years of starting a family is also likely. Indeed, owning a condominium is a smart choice. However, just like procuring any other property, it’s important to conduct your homework of careful preparation before taking that decision.
One of the first things to consider when buying a condo is financing. The good news is that you can get the apartment of your dreams through various flexible payment options and easily accessible financing options. If you’re wanting to buy a condo or real estate in the Philippines, there are four ways to do so: spot cash, internal finance, bank loan, and Pag-IBIG loan. Each of these financing alternatives has different loan terms and conditions, interest rates, and loan amounts. Another thing to consider when buying a condo is the type of ownership of how you would wish to have it. Here are the different types of condo ownership in the Philippines to guide you for choosing the best fit for your needs.
Leasehold Ownership
As the name suggests, leasehold ownership is a lease. With leasehold ownership, you can occupy the condo unit for a predetermined period of time. Normally, the agreement lasts for 25 to 50 years. The length of your stay is limited by the terms of the contract. When the contract expires, you can either extend the lease to stay longer or return the unit to the landlord at the end of it.
Leasehold ownership is ideal for the people who only want to live in the condo for a limited time. However, this type of ownership may be frustrating for people who now live in condos given how difficult it can be to renew a lease. When the contracts expire, they must renew them; whether the landowner agrees to an extension is up to him/her. Additionally, condos under leasehold ownership mean that you are constrained by laws and regulations outlined in the lease contract, preventing you from using the condo for investment purposes, so this type of ownership is not suited for people looking to buy a condo as an investment.
Freehold ownership
The second type of condo ownership is the freehold ownership. With this type, you can have the condo in perpetuity or with no specific end date. The condo is always yours. You are free to occupy it for as long as you like, and your children or other legal successors will take ownership of it after your passing.
The majority of developers in the Philippines provide condos with freehold ownership. A Condominium Certificate of Title, or CCT for short, attests to a condominium’s freehold ownership. This will be registered in the province’s or city’s Register of Deeds where the condo unit is located. It includes details such as the address of the unit, its floor number and unit number, its size, and its owner. Once the condo possessor has paid the full amount due for the condo CCT is issued to them. If the condo is purchased through a bank loan, CCT is used as the collateral.
Freehold ownership offers condo owners a more fulfilling and rewarding experience as they have total control over their condominiums and are free to do whatever they desire. They can stay in their condos for as long as they like, pursuing their objectives and agendas in life.
Leasehold Ownership Vs Freehold Ownership
Leasehold or freehold ownership are both options for condo ownership. Your preferences will be the lone determinant of the sort of ownership. Depending on your needs and objectives, both leasehold and perpetual ownership have their advantages.
You might want to think about leasehold ownership if you don’t mind renting out a condo. Some people only want to live in a condo for a set amount of time, in which case leasehold ownership is the best option.
On the other hand, you should consider freehold ownership if you plan to reside in your condo for a long time, having it as an investment on an asset of yours, or use it to generate passive income through rentals. Given that you have full ownership as demonstrated by the condominium certificate of title (CCT), freehold ownership allows you the ability to accomplish anything you choose in the condo unit. You can live in the condo for as long as you choose, and it’s a good thing your family could inherit it in the event of your passing.
Getting the condo of your dreams with Bria Homes
Condominiums continue to be a wise investment with their numerous advantages. Bria Homes, one of the top home developers in the Philippines and known for their affordable house and lot, is now offering high-quality, sleek and modern style condos across the country – located at Cavite, Laguna, Cagayan de Oro and Cebu! BRIA Homes’ affordable condominium developments are perfect for young professionals and working adults looking for a place that will cater to their needs.
You can live the luxurious lifestyle that many people nowadays, particularly city dwellers, prefer. You can easily access the malls, businesses, restaurants, coffee shops, and other retail stores thanks to the favorable locations of Bria Homes condominiums.
Thanks to Bria Homes, getting your desired condo is now simpler. From their first introduction of their condominium brand, Bria Homes continue to develop high-quality yet affordable homes that are perfect for your individual needs. In actual fact, Bria Condo is now hailed as the Most Reliable Condo Developer of the Year in Asia’s Pinnacle Awards 2022. Living in Bria Condos makes life more enjoyable and convenient for you.
