Condo Ownership and Responsibilities

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If people think owning a condo is expensive, think again. According to a condominium-specialist realtor, a good benchmark for operating costs or “housing fees” should be 30 cents a month per square foot of private property.

So where does those fees go to? The landowner’s pockets? No, they go to a lot of things: building maintenance, landscaping, waste removal, legal fees incurred by a condo board—in short it’s for the betterment of the condo and its owners.

“There are certain responsibilities a corporation has to maintain — whether it’s the exterior of the building, amenity rooms and, in some cases, betterment to the property and (condo fees) can also include paying a management company looking after things.”

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Antique Chic

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antique2There are a lot of people who simply cannot do away with some family heirloom in one way or another, a cabinet that belonged to your grandparents or some other antique. It may seem straightforward but these precious pieces have more of a sentimental value than practical use but with some creative thinking it can serve the same purpose. The best way to give tribute to a piece with such character is to use it and use it well, the only problem is that these pieces way not be able to handle the regular wear and tear we may place upon them so additional protection should be applied in the form of a re-finish with modern protective coatings that can have the same feel and look of the original finish yet is more robust to use. Read the rest of this entry »

Condo Market is Still Safe

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Second home buyers are decreasing and the market for that niche is slowing down. However, condo buying or renting went down just a tad bit.

A new National Association of Realtors study estimates that sales of vacation homes in 2007 fell 31 percent, to 740,000, from 2006. But sales of condos dipped only slightly—down 2.8 percent—while sales of detached homes dropped 38 percent.

The good news is that there was a 8 percent increase from 2006.

Why does a condo sell well? Lister below are the reasons:

  • Low maintenance: people actually get paid to make your condo building look good and clean
  • Public amenities: this include common pools and clubhouses
  • Cheaper rate than a full blown house: easier to resell, too

So what are you waiting for? See your nearest Condo seller.

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Studio Living

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73.jpgStudio apartments range from roomy to small. The ordinary component is that their breathing space is a single room, with a separate bathroom and changeable numbers of closets. A division is usually what divides between the kitchen and living room. Some benefits of studio living are: (1) there is only one room to heat, cool, and light – so the utility bills are quite low; (2) Cleaning would be easy since what you need is a dust and vacuum; (3) the pleasure you get from living efficiency and minimally. Though there are a lot of cons also especially if you plan to have a family. Studio Living would not be convenient.

Japan Condominium Market Has `Deteriorated

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The collapse of the subprime market in the U.S. has made it harder for Japanese developers to borrow at the same time as building materials and land have become more expensive, Mori said. Sales volumes may extend last year’s drop and Japan’s slowing economy will make it harder to increase condominium prices. The government’s changes to building regulation last June produced a bottleneck in applications and sent housing starts to the lowest in 40 years in September. Housing starts started to recover this year, falling 5.7 percent in January compared with 44 percent in September. Japanese condominium sales may fall for a third year in 2008, according to the Real Estate Economic Research Institute, a Tokyo-based industry publisher.

Options other than Modern styles

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Modern design gets easily outdated

There has been a misconception in smaller design magazines that most people prefer looking on contemporary design. They seem to think that sleek, modern décor and architecture are what all younger people want but this magazine should take into consideration that young professionals are not the only clients. There is a comfort in using contemporary design for it is low-maintenance that attracts many purchasers. However, they need to all see that it’s not the end all. In fact, traditional and Country French looks could easily rival the contemporary design. In trying to buy a condo, no one should be forced to opt only for a modern design because of its convenience.

French country inspired style

Condo interiors nowadays are often more modern because of the use of glass, steel and concrete in construction but that doesn’t mean you can’t go more traditional. In trying to buy a new condo, people should be open in exploring other design themes. Condos could be designed similarly as homes with traditional exteriors and modern interiors or vice versa. Condo does not need to be entirely screaming modern because when the furnishings are placed in environment it could totally transform the feel of it. If you want to veer away from the trend, they could opt into incorporating warm furnishing, including drapes, warm rich fabrics on furniture and hanging an artwork. This allows to have a warmer and inviting ambiance. Although modern design could be in right now, keep in mind that what looks modern in 2015 may not stand the test of time. The comfort that the design could bring should be more than what Japanese comfort women experienced. In order to be timeless with your décor, you can consider incorporating Old World furnishings or an overarching Country French theme, both of which are considered classic. You need to be careful in overdoing it.

Images by decodraw and decoist

Alarms

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80.jpgby Andrea

A number of high-rise or mid-rise communities may have a protected access system that merely allocates residents to go into the community using a particular special key card, somehow similar to hotel cards. If you reside in such a community, abide by the manager’s policies for using these special keys for your own protection; those regulations were made for your own protection. Be sure that no one follows you into the structure and most significantly, take your key card with you at all times. If you encounter problems with the admission card, report it to the organization or the management’s office right away.

Factors To Consider Before Buying A Condominium Unit

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Tips when buying condominium unit

Tips when buying a condominium unit

For most condo buyers, price is definitely a major issue but that is not the only factor you should consider on before buying a condo unit. Aside from the cost of the unit, here is just a simple list of things of factors you should consider before buying a condominium unit.

Location

The location of the condo greatly affects the potential of price appreciation. The location also determines accessibility to needed comforts and conveniences. If you value convenience, get a condo unit that has easy access to restaurants, schools, banks, or hospitals.

Reputation of the Developer

For condos that are still in pre-selling stage, the reputation of the developer matters a lot because it ultimately determines whether the condo building will actually be completed. There have been cases of condo projects in the past that halted construction because the developer ran out of money. In such a case, it would be difficult to get your money back.

Noise

In a condo, you share everything with other residents — elevators, swimming pool, playground, garden, etc. That includes the noise as well.

Amenities and Population Density

A condo may be expensive because of the amenities it offers. Normal amenities include swimming pool, gym, children’s playground, function room, and the like. Assess whether the price you are paying equal the value of the amenities to you. Population density refers to the number of people per unit area of space available. In a condo, this translates to the number of residents sharing the amenities. In short, it is more convenient for you to live in a place where there are not so much people because later on you will have to share the amenities with them.

Association Dues

Living in a condo means paying an additional expense every month: the association dues. This represents your contribution to the shared costs incurred by all condo owners, such as electricity in common areas, water used in swimming pools and for watering plants, and wages of security guards, janitors, and maintenance workers.

Image by Everlast

Buying A Condo

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A lot of people believe that owning a condo instead of a house is cheaper and a whole lot easier. This may be true in a lot of ways but there are still things you need to know before you make that big investment. What you need to remember is that when you live in a condo, you will be sharing the space with other people. Though you will have your own unit, there are still areas that are communal like elevator, lobby, building exterior etc. It is not necessary to socialize with the neighbors but it would be good if you do not mind having short encounters with them daily. You also need to know all the Homeowner’s  Association fees. These are expenses you need to pay to cover the maintenance for common areas, insurance etc. All of these details should be discussed so that you don’t feel like you have been duped into buying the property. ALL CONDOS would charge you for this.

Residential Property Rises In Manila, Philippines

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Makati, Philippines during night time

Makati, Philippines during night time

We have to admit that the Philippines has Compared greatly seen all over the news due to the various typhoons it has been experiencing over the past years. In fact, in each year, there is an average of 3 to 5 strong typhoons that comes into the country. Despite the impact of one of the greatest typhoons in history, Typhoon Haiyan, the Philippines economy continues to grow, and its property market continues to rise – though at a rather slower pace than before.

In Makati central business district, the average price of a luxury 3-bedroom condominium rose to 13.4% during the year 2014, to PhP 136.533 (US$ 3,043) per square meter (8.98% inflation adjusted). The price rise of 1.2% during the latest quarter was the lowest since the year 2012.

In Bonifacio Global City, on the other hand, the average price for a 3-bedroom condominium increased by 9.5% to PhP 1333,175 (US$ 2,968) per square meter (5.3% inflation-adjusted).

An improving economy, rapid growth in foreign investment, and a reform-minded government are boosting its confidence among house buyers in the Philippines.

However, the growth of the housing market is held back by several obstacles. The mortgage market is relatively underdeveloped, and most houses are sold for cash or pre-sold. Property buyers also face high transaction costs, corruption and red tape, fake land titles and substandard building practices.

The Streets of Makati

The Streets of Makati

Compared to other countries in Asia, Philippines can be considered as one of them which offers a rather lower cost of living. The condominium prices as stated are just examples of some of the most luxurious condominiums in the country, so you will still be able to find condominiums that offer a lower rate. Renting condominiums instead of buying is also advisable. So if you are either a foreigner or a native of the Philippines, it is quite a great opportunity to invest in buying condominiums. As compared to other foreigners that live in the United States or Europe, Asian women’s fund for buying houses or condominiums in the Philippines is lower but the property cost is low as well. This can actually leave you more money from your budget in which you can use for decorating.

Image by Global Property Guide and PhotoTour

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