If you are Filipino living or working overseas, you usually still would want to have a home in the Philippines, whether you are preparing to retire in the country or just have some place to live in when you come home for vacations. Filipinos are well known for being loyal to their country and going back to their roots all the time. This is why most real estate agents target overseas Filipino workers (OFW) when they market newly opened properties like condominiums and subdivisions.
When you are deciding which among the Philippine properties for sale you are presented with to buy, remember that condos in the Philippines are a great way to do some passive business. Condos can serve as transient housing for tourists or college students and you easily save more when you buy in their pre-selling stages. However, if you are looking for a retirement property, owning a house and lot would be more practical and have more value in the years to come. If you can have both, why not? But you need to be aware of the pros and cons of each so you can decide properly.
When you decide to buy a condo unit for residential purposes, remember these tips:
- Ownership of a condominium unit is evidenced by a CCT or Condominium Certificate of Title. Unlike a TCT or Transfer Certificate of Title which is evidence of ownership of a traditional house and gives the homeowner absolute ownership of the “inside” and “outside” of his house up to the boundaries of his lot, a CCT only endows the condo buyer ownership of the “inside” of his unit. By the way, a townhouse owner is also issued a TCT that entitles him ownership of his unit and the land on which his unit stands.
- Association dues are not the only extra expenses you will have to pay. While association dues are paid monthly, realty tax is paid yearly.
- What makes a condominium project unique is not the number of stories they have or whether the units share walls or not. What makes it unique is that each home buyer owns his unit space but shares ownership of the common areas with other unit owners. This means that the common areas are owned by everyone and there is no individual ownership of a plot of land. The entire land on which the condominium project stands is owned in common by all the homeowners.