Have you ever thought about what would happen to condos if you owned them for a hundred years? Like, do your investments stick around, or do they just disappear over time? And what about your rights to the property? Do they still stand, or do they fade away after so long?
The Quick answer is you still own the condo even after 100 years, but how does that work out? Let me explain.
Condos become an excellent option when people choose to live in more metropolitan areas and look for suitable sites that can accommodate their various needs. Let's discuss why and how this can be the best option for you, and why condos remain the best option even after a century has passed:
Hang in there because you aren't just looking for a home to live in but you can also use this as your long-term investment. Other than investing in a house, condos are typically a more cost-effective option. In comparison to the size, houses of the same size cost even more. The longer you have ownership in these condominiums, the higher your return on investment is likely to become.
Owning one of these, are tangible assets, it is less likely to experience economic downturns and it has a greater stability compared to single-family houses. Since people are in the trend of having an urbanized lifestyle, it is getting more in demand and a possible increase in value. With that, other than living in it you can also use it along with rentals, long-term or even short-term rentals. Also, I would just like to mention staycations wherein people get a place for an overnight stay to at least refresh away from their usual home.
Moreover, another idea is to resell it at a higher cost. You may or may not also customize, or renovate it to look more appealing and more justifiable to resell at a higher value.
If you’re accustomed to residing in a single-detached house and have yet to explore condominium living, the contrast in maintenance could be a little different. The maintenance is a little more convenient because there are no continuous repairs or upkeep, both inside and outside since it is already included in the condominium fees. This offers a distinct advantage for condo owners, it allows them to dedicate more time to their lifestyle.
Also, people are embracing a lifestyle that is increasingly active and thinking about not just a living space. But also thinking about a place where you can sit back and relax after work. Most condominiums offer a lot of amenities like fitness gyms, swimming pools, jogging paths, function rooms, clubhouses, and even a playground if you have little ones. There is no need to pay extra since it is close to your home. These features would be one thing to consider.
Moreover, everyone desires a secure living environment to alleviate concerns. Condominiums provide a 24/7 security system, including CCTV cameras to monitor any potential incidents.
Consequently, condominiums are typically situated in strategic locations, close to schools, hospitals, churches, commercial establishments, and markets. This can result in significant savings in both time and transportation expenses.
You might also think about the condominium's future as it gets closer to becoming 50 or 100 years old? When choosing a condominium developer, it is important to take the long-term viability of your investment into account. Choosing reputable developers that have a track record of maintaining properties for a lengthy period of time is crucial.
As the building approaches the end of its useful life, questions could be raised about what will happen to it. But fear not—I have inquired for clarification on this for you. According to a lawyer who focuses on real property acquisitions and estate planning and settlement, Attorney Jojo V. Mejia, who is also currently a Senior partner in Ligon Solis Mejia Florendo Law Firm, claims that since the condominium functions like a company, both the landowner and the condo owners have the power to decide how it will develop in the future.
Since we are concerned that our acquired property would just disappear after a few years, this is not the case, and you will probably still be entitled to your share of the landed property, divided by the number of unit owners in the condo of course. In simple words, you're still the owner of the land where your property is built on, as part of the condo corporation.
You are still the owner of your condominium, and if it ever reached its lifespan, you would still be able to vote and choose, together with the other owners, what would happen to it.
Thus, condominiums prove to be a highly advantageous investment. Considering its strategic locations, convenient amenities, and big potential for value appreciation, this is a bright opportunity for people who are looking for a profitable and rewarding real estate investment. Offering a modern lifestyle, the chance to earn rental income, and overall convenience, condos are a great choice for real estate investments.
Consulting with professionals can also be a valuable step in confirming the authenticity of a title. Reputable brokers specialize in verifying the legitimacy of property sellers and titles, drawing on their extensive experience to identify any potential fakes. At Presello, our real estate agents are dedicated to conducting thorough checks on all documentation, ensuring that property listings on our website are from genuine sources. Take the first step and consult with Presello today so we can connect you with the experts to get your dream property.
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