The first line in Pride and Prejudice, written in 1813, reads “It is a truth universally acknowledged, that a single man in possession of a good fortune, must be in want of a wife”. While it was a tongue-in-cheek statement, it was a widely held belief at some point. Society has come a long way since then. In this day and age, the truer sentiment could be said to be “It is a truth universally acknowledged, that a person in possession of a good fortune, must be in want of a home”.
The purchase of a property is one of the biggest financial decisions a person can make, and not much else can be more daunting or exciting. With savings in our bank accounts and attention set to the purchase of our first home, we are faced with the question: what kind of property is best for us? Do you buy a house, or a condominium unit? It really depends on your lifestyle and needs. Today, we explore the benefits of buying a condominium unit.
Convenience
The continued urbanization of Cebu, and the migration of workers into cities, has created the perfect environment for developers to find ways to address the need of the populace for affordable yet attractive places to live. Most condominium developments are smack-dab in the middle of cities, close to many important establishments such as hospitals, supermarkets, and churches. Developers and Homeowners’ Associations (HOA) also use their considerable influence in improving a lot of the surrounding areas, to make the area attractive to buyers - something that a single-homeowner may not be able to do quite as quickly.
Infrastructure
As most condominiums in Cebu have been constructed in the past decade or so, they boast of modern designs and style. They are also built in compliance with the latest building code requirements, ensuring that they are as safe as can be made. The newness of the buildings also mean that there are likely less repair costs, compared to most other single-homes built years ago. In addition, there are a number of repairs, updates or touch-ups to condominium infrastructure paid using the HOA funds, paid into by all unit owners, spreading the cost that a single-home owner would have had to shoulder alone.
Amenities and Services
Speaking of shared benefits, the monthly dues that all condo unit owners pay, affords the condominium community other services that single-home owners would have to pay a hefty price tag for, if they wanted them. For example, most condo properties have security services, whether that’s CCTV or actual security guards stationed on-site.
Also, for people who are constantly on the go, the fact that you only need to maintain your own space counts as bonus points for a condo. Since a significant portion of the property is shared (called common areas), you really only need to maintain your own personal haven. Common areas include the grounds, parking areas, hallways, stairwells and/or elevators, building exteriors, and other shared spaces. The upkeep of the common areas is taken care of by the property management team (yes, you have a management team!). Not only that, but the property management team may help you address other property concerns. Where most new homeowners don’t know who to call for carpentry, plumbing or building concerns, the property management team usually will have a network of them that they can refer, when needed.
The HOA also ensures that owners and tenants adhere to a certain set of rules that all property owners agree to, whether it be maintaining a level of cleanliness, keeping down noise-level, or the kinds of pets allowed on the property. All these are agreed upon, so that the community can maintain a standard of living that they aspire to as a group. It creates a sense of community and accountability that is much more challenging to maintain otherwise.
Living with an on-the-go lifestyle perfectly complements condo-living, especially at Bloq Residences. Easy upkeep, unique style and design, the convenience of being in the heart of the city, the safety and benefits afforded by an HOA and having a property management team - all these play into why many people love Bloq Residences. We invite you to talk with us and explore how else you can make Bloq Residences, uniquely your own.