What Happens To A Condominium After 50 years?
People who prefer living in a Condominium Unit in the Philipines are mostly Aging Empty Nesters, Young Families, Retiring OFWs and busy professionals. They are those people who find it liberating and more comfortable living in a Low-maintenance and Convenient home which suits to their comfortble lifestyle they want to experience.
This is also best for people who want to invest their hard-earned money on tangible assets, which is something that appreciates in value and generates passive rental income through Property leasing to tenants. Thus, making their Condominium Unit almost paying for itself.
Knowing all the benefits one can have by owning a Condominium Unit,
there is always one question that keeps these people indecisive and doubtful whether to buy a Condo Unit or better off not.
And if you’re reading this, you could be one of them.
So let me debunk the false beliefs that go with these questions:
1. What Happens To A Condominium After 50 years?
2. Is it really worth investing for?
Now here are the facts:
The Condominium Corporation can actually be renewed for another 50 years.
Therefore, your ownership DOES NOT END. That is why, owning a condo unit means PERPETUAL OWNERSHIP. You can transfer that ownership to your next kin.
If you own a Condominium in SMDC, it is like being in a corporation. In that case, you are considered as shareholders of that corporation.
You are involved in whatever major decisions that the corporation make such as renovation, repair of the building and future developments of the common areas. Decision are voted upon by at least 50% of the Condominium Owners.
If ever demolition of the structure will take place for example, …
The Condo Unit Owners are entitled to get a share from any income of the scrap materials or from whatever project developments that the Corporation creates in the future.
Even if a Condominium Building is already 50 years old from it’s existence, it does not mean that it is already obsolete and uneconomical.
Most Condominium Buildings like SMDC in the Philippines are now being built through “MODERN MEANS” in order to make the building endure the wear and tear.
High quality materials are used to create a RESILIENT property strong enough to withstand major calamities.
These “MODERN MEANS” is better compared to the kind of construction decades ago.
With that being said,
The Condominium Units, Buildings and it’s Amenities will be more improved, modern and durable over time because of the KEEN construction efforts, and the used HIGH QUALITY materials that have been improved THROUGH ADVANCED TECHNOLOGY.
So if a Condominium Tower is 50 years old, and if you decided to modernize and revamp the structure of the building, THE BUILDING STRUCTURE WILL REMAIN AND DEMOLITION WOULD NOT BE NECESSARY.
As an International Real Estate Broker, I scrupulously researched these facts in order to debunk your false opinions about Condominium Units.
And in order to help you and give you more information before eventually go ahead to invest for a Condominium Unit in the Philippines.
If you are someone enlightened reading this who is interested to Own a Condominium Unit in the Philippines, please feel free to go over my Social Media Accounts below to contact me and see for yourself the exclusive offers SMDC Philippines has for you:
Facebook Account: Smdc Condominiums Qa
Facebook Page: SMDC Condominiums — Rachel Aloyon
Keep posted on my next Condominium-related contents as well as Real Estate Topics that might interest you.
