Why buy a condominium unit? Condominiums have become a very popular type of Philippine homes in the market today. Aside from it being attractive to those who are interested in investing their hard-earned money in real estate, they are often built on prime property or near business districts, commercial areas and tourist destinations.
Having a condo unit is the new type of real estate investment which shows tremendous potential for the future. Aside from it being easier to manage, condos can be used as vacation homes and can generate rental income. When you are not using your condo unit, you can allow it to go back into rental program and your condo management company may even rent it out for you. Part of the beauty of condo unit ownership is that you never have to bother of finding tenants or dealing with them.
Condominiums are easier to maintain as it has full-time security and it offers services and options beneficial to those who do not regularly stay there. There are condominium units that can also provide individuals or even families good options to live near commercial areas and getting fully serviced amenities beneficial to regular urban dwellers.
Furthermore, you can enjoy luxury accommodations since most of the condo are operated by the best and most respected names in the industry. When you own a condo unit, you almost never have to worry about repairs and maintenance. The management company handles it all for you. You enjoy all the fun without any maintenance headaches.
Condo units can be your second home, vacation home, retirement and investment. So get your condo unit now!
Foreigners are allowed to buy and own a condominium unit, but not land and house.
Under the Condominium Act of the Philippines, foreign nationals can acquire condominium units and shares in condominium corporations of not more than 40% of the total and outstanding capital stock of a Filipino-owned or controlled condominium corporation. However, the condominium corporation must own the land on which the condominium building stands. When a person buys a condominium unit, he automatically becomes a member of the condominium corporation that owns the land.