Condominiums are probably one of the most popular real estate properties today, if not the most popular. However, these properties are completely different from the usual types of real estate properties. Before jumping on the bandwagon and looking for your own
makati condo, its a good idea to learn all about condominiums and some tips on buying one.
A condominium, otherwise known as a condo, is defined by Wikipedia as a form of housing tenure and other real property where a specified part of a piece of real estate is individually owned while use of and access to common facilities in the piece such as hallways, heating system, elevators, exterior areas, are executed under legal rights associated with the individual ownership and controlled by the association of owners that jointly represent ownership of the whole piece. This means that when buying a
makati condo unit, you should actually be concerned not just with your individual unit but with the whole building. You should be concerned with the whole buildings foundation, plumbing system, and other structural and mechanical items.
Also, being a condo unit owner means that you have rights to other facilities of the condominium like swimming pool and gym. Make sure that the facilities you have rights to are in proper working condition. Before looking at any
condo for sale Philippines, make sure you have a real estate attorney and a real estate broker to inform you of your legal rights and obligations.
Each condominium usually has a Condo Association By-Laws which covers all of the legal rules and regulations pertaining to a condo project. Make sure you understand what it contains. You should also learn all about renting your unit to someone else, or running a business from your condo. Although it might not be applicable to you, it would be good to know how it would apply to other owners in the building.
Other things you need to take note of are landscaping, garbage collection, recycling, emergency repairs, and use of common facilities. Also, be careful with condominium units that are still under construction because sometimes salespeople might inflate statements about facilities.
