Is it safe to live in condominium? (2024)

Is living in condominium safe?

Living in a condo complex means that you'll have security services at hand, whenever you need them. It's a huge benefit to those living in condos, as they know that there's trained staff keeping watch over the whole building, just in case.

Added Expense and HOA Fees

The price for condos per square foot can be higher than single-family homes. Often what you're paying for with a condo is convenience and location. Your mortgage payment could increase when all things are considered. Also, most condo communities have added Home Owner's Association Fees.

Condo owners can do almost anything they want with their unit, within the bounds of the association rules. In the same vein, they are also responsible for any repairs that need to be done in their unit. Apartment tenants have little say in what they can and cannot do with the unit simply because they don't own it.

Condos tend to come with lower price tags than single-family homes. They offer significantly greater independence than renting, but you aren't on your own when it comes to maintenance and repairs. Plus, owning a condo gives you the chance to build equity you can use toward a down payment on your next home.

When it comes to physical longevity, the same formula applies to condos as to other high rises, including apartment buildings. The properly funded and prudently managed buildings may have a life-span of over a hundred years, or even more.

Without a doubt, a condo is one of the smart ways to invest during the pandemic because they are stable and crisis-proof investments. They are long-term investments that can increase in value over time, and they are not going to be as unpredictable as other investment options.

Buying a condo can be a great investment if you use it as your primary residence. Rather than paying monthly rent, you'll be building equity with each mortgage payment. Condos are also relatively low-maintenance, so they are a great option for first-time homebuyers.

What to know about living in a condo?

A condo, also known as a condominium, is a housing or residential complex in which there are separate units, with each unit being owned by an individual. When someone rents a condo, they're renting directly from the condominium owner.

Everytime an earthquake strikes, condo dwellers in Metro Manila and other urban centers get shaken more, quite literally, compared to those who don't live in a high rise. The shaking is more felt in residential towers.

When the condominium is declared by the local government as habitable or safe for human use, the homeowners' association/corporation can decide to repair the destroyed portion of the building, particularly the common areas. The affected condo owner shall repair his/her own condo.

If you are indoors: “DROP, COVER AND HOLD ON”

Stay inside. Drop under heavy furniture such as a table, desk, bed or any solid furniture. Cover your head and torso to prevent being hit by falling objects. Hold on to the object that you are under so that you remain covered.

The National Association of REALTORS^® reported that the median price of an existing single-family home stood at $334,500 in March 2021. The association also said that the median price of an existing condo unit was $289,000 the same month. That's $45,500 less – a difference of more than almost 15%.

The term 'condominium' or 'condo' is used in North America and some other English speaking areas such as Australia, to refer to a building in which individual units are separately owned, but common areas are owned jointly.

Regardless, both buildings are safe — as long as they follow the National Building Code, structural engineer Ronaldo Ison told The Source. Ison added that there is nothing to worry about swaying buildings during and after an earthquake as they are designed to do that.

Are condominiums worth it?

Condos are usually less expensive than single-family homes and have lower maintenance requirements, making them good options for homebuyers on a budget or people looking to downsize. Loans can be harder to get for a condo because some lenders have strict requirements regarding owner occupancy and loan-to-value ratios.

If one has to choose between a condo and a house & lot merely because of investment and not of occupancy, condominiums are more practical investments than a house & lot since they are less expensive. In the long run, this investment type would also save the owner from stresses.

A condo, also known as a condominium, is a housing or residential complex in which there are separate units, with each unit being owned by an individual. When someone rents a condo, they're renting directly from the condominium owner.

Generally speaking, condominium owners have an individual unit within a larger complex. Townhouse owners, alternatively, may share a wall with their neighbors, but they also own the structure of the home itself and the property's surrounding land.