Strategic locations, life-sized amenities, and minimal upkeep requirements are among the things that attract Filipinos to buy or invest in a condo for sale. These privately owned individual units within a community offer an attractive lifestyle at an affordable price, making it a good starter home or investment. Compared to detached units, price tags on condo units are usually less expensive and offer advantages to their owners such as strategic locations, proximity to key areas, and built-in security and external maintenance services. Regardless of the reason for acquiring a condo for sale, it is certainly a milestone purchase being a significant expenditure.
Choosing the right condo for you isn’t a walk in the park. Like any form of investment, real estate also comes with a set of pros and cons. This makes it important to carefully consider factors that affect its value to make sure to mitigate the risks associated with it. A great way to achieve this is to strategically pick a desirable location since the area around a property and demand are two of the most important factors that affect your property’s appreciation.
Find a condo in a city that is yet to be congested, where urbanization is fast-paced, and with promising development around the property, like areas bordering Metro Manila such as Laguna. This ensures that the city’s economy is thriving, making the location desirable for investors and homebuyers.
Once you’ve shortlisted the condos you are interested in , there are a few things you need to consider before closing off the deal.
Here are the most common things you need to ask before getting a condo for sale in Laguna.
What Are Allowed In Common Areas?
Since you share ownership of common areas such as the building’s lobbies, walkways, and lawns, a set of rules are placed to determine the proper use of these areas. Restrictions from obstructing entryways and walkways are normally enforced. An example of this is leaving your personal property such as appliances, trash bins, or bikes unattended in public spaces as these may cause great inconveniences to your neighbors.
Amenities such as designated recreational areas for kids and adults also have rules that promote the safety and maintenance of these areas. Setting the proper time for use and allocating designated spots for smoking areas, barbeque grills, and child’s play are among the rules imposed on homeowners. Don’t have your guests diving into a pool during midnight or have your children ride their bikes in parking lots if you don’t want to end up paying fines.
Are Pets Allowed?
This is a common question asked by most fur parents. Pets are defined as any domesticated dog, cat, bird, or aquatic animal kept in an aquarium. Different HOAs have various rules regarding the ownership of household pets. Some condos prohibit having pets for health reasons for other residents in the community. While most condos nowadays are pet friendly, regulations are set in the MMDR to regulate and stipulate the responsibilities of homeowners when it comes to their household pets.
Pets and animals are one of the most contentious issues in most planned developments. Most HOA rules describe what animals are allowed in buildings and common areas, and the maximum number of pets a unit owner should have. Guidelines on how to keep them are in place such as maintaining pets on a leash while outside your condo unit, cleaning up after your pet, and limitations on where you may take animals out for a walk. Most HOAs also require pets to be vaccinated.
These rules ensure that your pets do not cause harm to other residents and avoid damages to the property.
What Are The Rules And Regulations?
Due to the nature of condo units wherein there are a large number of people in a building, homeowners are subject to rules and regulations compared to other types of dwellings. Within communities of single-family homes or multiple-unit buildings, Homeowner Associations (HOA) are formed. These associations are usually composed of and run by the community’s residents whose goal is to establish rules and regulations. These rules are usually described in a document called a Master Deed and Declaration of Restrictions (MDDR). Its primary goal is to help preserve the value of the property and establish the accepted behaviors within the community. An MDDR also outlines penalties for violating guidelines which normally range from fines to temporary restrictions on amenity use or legal cases in some cases, making it mandatory to understand the nature of these rules and regulations.
As a part of the community, it is important that one ensures that they are comfortable complying with this set of rules imposed by the association. By doing so, you avoid uncomfortable situations once you move into your condo. As you will be surrounded by other members of the association, familiarizing yourself with the MDDR helps adapting to the community be smooth sailing.
There are also rules a Homeowners Association (HOA) may impose regarding the demeanor of its residents. Some communities do not allow their residents to run a business out of their condo units that add foot traffic to the premises.
Condo associations most definitely prohibit activities that cause unreasonably loud sounds or noises to come from your homes such as late-night gatherings and construction works (so long as permit is secured from the HOA) as these disturb the peace and comfort of others.
Vandalism and rude behavior are prohibited for obvious reasons. Homeowners are not allowed to engage in activities that inflict damage, destruction, or disorder to any part of the community. Putting up notices or announcements have designated areas where residents may post items for sale or other approved notices.
Ensure that moving into your new home will be smooth by familiarizing yourself with the rules and regulations before getting a condo for sale in Laguna.
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References:
- https://www.extraspace.com/blog/moving/buying-selling-renting/questions-ask-before-buying-condo/
- https://study.com/academy/lesson/property-appreciation-definition-calculation-example.html
- https://www.investopedia.com/articles/mortgages-real-estate/09/issues-purchasing-condo.asp
- https://www.condocontrol.com/condo-association-guide/rules-and-regulations/
- https://homeguides.sfgate.com/condo-association-pet-rules-71790.html