Friday, May 9, 2014
One of the most coveted aspects of a home in Metro Manila is being part of a good residential community. Many top developers have taken advantage of this fact and have catered for this need.
Buying a property in a residential community offers many advantages. However, there are also some trade-offs and disadvantages. Here’s what to consider when investing in residential communities.
Most residential communities have homeowners associations. The role of the homeowners association is to handle day-to-day operations of the subdivision or condominium building, from security to maintenance of various facilities. However, these perks also come at a price. Monthly dues are charged per unit. The amount usually depends on the size of the unit or property. When buying into a residential community with a homeowners association, check the monthly fee rates to see if you can afford them.
Homeowners associations also come with rules and restrictions to establish order, safety and cleanliness in the community. Some associations are stricter than others. For condominium buildings, there may be restrictions on renovation work and curtain colors, while subdivisions typically have rules on the number of cars and house colors. Most associations also have restrictions on pets and rules for use of common areas.
Some residential communities are designed to cater for particular markets. For example, condominium buildings in business districts cater for the fast-paced lifestyle of yuppies or young professionals, whereas townhouse subdivisions in the city outskirts cater for families. Investing in a residential community also means living in a specific neighborhood profile. Homeowners looking to buy condos and townhouses would be closer to and have more interaction with neighbors. Consider the type of neighbors you’ll potentially have when buying into a residential community.
Safety and security are top concerns for most Metro Manila residents. Residential communities offer the advantage of security. Condos have security guards, a reception desk and CCTV cameras, while subdivisions have guardhouses and roaming patrols. Gated communities also mean fewer cars pass through your neighborhood, making it a safer environment for children.