The strong Philippine economy, the robust real estate market (an article in The Inquirer describes 2014 as “the unprecedented year for real estate investments in the country”), and good interest rates. All these factors point to the fact that there is no better time for yuppies and young couples to invest in their first home. Of course, the first question they have to ask is what type of property will they buy: land, a house and lot, or a condo unit?
Land may be a good long-term investment, but unless you are willing and ready to shell out even more money to build a home, it will “sit” in your hands for decades. A house and lot is ideal, but expensive, especially in prime urban areas. A condo unit, on the other hand, offers many financial and practical advantages.A house and lot is ideal, but expensive, especially in prime urban areas.
The price of a condo unit
The monthly mortgage that you will pay on a condo is equal to the amount you will need to shell out for renting an apartment of similar size. You will need to save for a down payment, or take out a bank loan to cover some of the costs, but as this infographic from the NYTimes shows, if you plan to stay in a home for at least six years, you save equivalent of over half a million pesos.
Someone helps you with the maintenance
A house and lot requires maintenance, which means time and money that most yuppies and young couples don’t have. Can you imagine waking up an hour earlier every day to water your garden and sweep your driveway? Do you want to spend your weekends mopping, dusting, and washing windows? And with everything you have to worry about—your work deadlines, your kids, and how to squeeze in the work you brought home with the weekly visit to the grandparents—do you want to add worrying over a roof that needs repairs to your to-do list?
Condo owners can rely on their property management team to take care of maintaining the outdoor areas, public areas, and issues with water and electricity. This is one reason why condo owners need to pay condo dues—they go to a well-trained, efficient staff who take care of problems you normally would deal with on your own.
Condos come with fantastic amenities
Premium condos, especially those run by well-known property developers such as Megaworld, offer world-class amenities including a swimming pool, a gym, a sauna, tennis courts, terraces for barbecues, and more. As proof of how much fun it is to live in a well-planned development, the Megaworld at the Fort Facebook page shows many photos of residents enjoying the gym, kids’ play room, and the shaded pool area. So in a way, buying a condo unit is like buying into a membership in a very exclusive club, where you get to enjoy a lifestyle that most people only get to experience when they book a hotel on a special weekend.
Freedom to renovate
Apartment renters have little control over the design of the unit. Many landlords do not allow big changes, and renters themselves feel hesitant to spend on a property they don’t own.
When you buy a condo unit, you can do many things with the space, as this Youtube video on different Megaworld Uptown Residence units show. And don’t think that a small space limits your creativity. The “Wikipedia of Classy Design”, houzz.com, has over 184,779 photos of ways to decorate a condo.
Living in a condo ensures a great deal of privacy and security, but it also presents many opportunities to make friends. You’ll meet your neighbors in shared areas like the pool or the gym—many young couples will discover that there’s a family down the hall that has kids the same age as theirs. Megaworld’s township projects also have the component of commercial, recreational and dining areas clustered around the residential units, so it’s like living in a small town where everything you need is a street down, and you’re bound to see a familiar face at the nearby restaurant.Living in a condo ensures a great deal of privacy and security, but it also presents many opportunities to make friends.
Condos in business areas like The Fort are a lifesaver for yuppies or young couples who work in nearby areas like Ortigas and Makati. This website on Metro Manila Directions show how accessible it is, via car or even public transportation like bus, FX, or MRT. The website also adds that The Fort is so well known that you just tell any cab driver to go to “The Fort” and he will know where to go!Condos in business areas like The Fort are a lifesaver for yuppies or young couples who work in nearby areas like Ortigas and Makati.
Peace of Mind
Yuppies often spend most of their day at the office; many of them even enjoy using the weekends to take a quick out-of-town trip, go out with friends, or visit family. Understandably, there’s the concern of someone breaking into their home while they are away. One of the advantages of living in a condo is that there is extra security: front entrances are locked, guests and visitors are only allowed with the owner’s permission and are logged in, there are CCTV cameras, and neighbors are likely to hear and report loud, suspicious noises. These are just some of the great benefits of owning a condo. For more information, contact Megaworld at the Fort.