The Pros and Cons of Buying a Condo Unit For Your Family


Modern Family Living in a Condo

Image courtesy of arztsamui / FreeDigitalPhotos.net.

The Filipino dream has changed

There was a time when a Filipino family’s ultimate dream was to own a house and lot. However coping with the fast-paced developments in the modern world also necessitated a change in priorities for many people and what they considered a good investment.

While there will always be a market for those who aspire for a house, there is an ever-increasing demand for vertical residences or condominiums due to convenience and affordability. If you have a growing family, it is worthwhile to consider the potential benefits as well as the drawbacks of living in a condo.

 

What is good about condo living?

Ease and convenience are among the primary reasons why many people are choosing to acquire a condo unit over a house. They are typically built in strategic locations where families can be closer to their places of work, study, recreation, and even worship. It minimizes the stress from dealing with city traffic and the rising cost of transportation.

Living in a condo also means that you do not have to think about maintenance work and the attendant costs. There is a crew hired by the building management who look after the exterior upkeep. Electrical problems in your unit? All you need to do is call for the building technician or the supervisor to look into your concerns.

Another upside to condo living is the provision of security features, from doormen and roving guards to locked entries with personal codes. Well-planned condominiums are also equipped with proper safety provisions in case of emergencies such as fire and earthquake. Then there are amenities which your family can enjoy like indoor pools, clubhouses, fitness centers, and play areas for those with young children. Some condominiums even arrange social functions and gatherings to create a sense of community among owners and tenants.

 

What are the cons of living in a condo?

If you feel constricted living with a set of rules and guidelines then condo living could prove to be a challenge for you and your family. Some policies could be things that may not be to your liking such as not being able to hang things out on the porch or outside your doorway, or being forbidden to keep pets in the condo unit. There is also the matter of increasing dues collected by the condominium association as time goes on. From time to time, the association may also vote to levy additional fees for the repair and maintenance of the building.

And while you may enjoy some level of security, you need to consider compromising a little of your privacy – you are practically separated from your neighbors by mere walls. This also means that there will be times when you may have to forget having the peace and quiet in your surroundings, especially when your neighbor has company.
But generally these “disadvantages” are relatively minor and are easily outweighed by the huge benefits that you and your family get from living in a condo unit.

 

Can a growing family live comfortably in a condo?

Condominiums are usually thought of as suitable living spaces for retired couples, the “empty-nesters,” or the young and single professionals always on the go. But families with growing needs can also benefit from living in a condo. In fact, developers are becoming more conscious of this growing segment of their market. One of the things that they are doing to make condo living more attractive to families is the creation of an environment that essentially offers a complete community – where practically everything that individual members of the family would need is within easy access. Schools, churches, banks, malls, restaurants, hospitals, and places of work are conveniently situated near and around well-developed properties. Think of the amount of money you can save from the daily trips you have to make if you were living somewhere outside the city and far from these types of establishments.

Dreaming of having parks with wide open spaces and lush greenery for your family to enjoy? There are properties that do take this into consideration as well. Space limitations are also a thing of the past. With properties that occupy hectares of land, prospective condo buyers are afforded more options on the amount of space that would suit their lifestyle. All these reasons certainly point to the viability of a condo unit as a valuable investment.

 

What are some important factors to consider when looking for a condo?

It’s natural to think of the price on top of everything else when it comes to acquiring a condo unit – after all, comfort and convenience do not come cheaply. Sure, there are bargain condos that can be bought, but the adage that “you get what you pay for” applies to real estate as well. There’s more to it than the actual bottom line figure. Of course, you should consider individual preferences and the needs of family members. But to make a smart property investment, it also pays to look into the profile of the developer and the projects they undertake. How long have they been in the business and what is their development philosophy?

More than the reputation, the properties they have built stand as testimonies to their reliability and integrity. After all, you are staking your family’s future on the line and you should make sure that you are engaging a trustworthy partner in the process. Megaworld, for instance, has a proven track record in consistently creating well-planned, well-designed, and well-developed cosmopolitan communities that are responsive to the ever-changing needs of Filipino families.

Among their proud line-up of projects are the stellar Megaworld properties at Fort Bonifacio that embody the “live-work-play-learn-shop” concept: the sprawling McKinley Hill; and the soon-to-be-completed Uptown Bonifacio and McKinley West. These are examples of prime condominium properties that are worth the investment. The built-in community that Megaworld properties develop is a huge advantage over other developments – you won’t have to worry about convenience at all. All your family needs are within easy reach — and any parent can tell you that convenience is a top priority when raising a family especially in a double-income household where both parents need to go to work every day.

For most modern families, a condo is fast becoming a suitable alternative to owning a home especially with all the comfort and convenience it affords. If you are thinking of buying a property for your family, seek the help of a real estate professional and take the time to know the developer behind the projects. Not only is a condo a long-term investment, it should also serve you and your family well and provide you with a good quality of life that you deserve.

Author: Megaworld at The Fort

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