Condominium is a form of ownership of real estate. Also condos-for-rent in Philippines is a trend fast emerging among tourists. This is not only relatively cheap but living in condos is quite exciting experience that you would want more often. There are many communities offering condos for rent in Philippines. To help you choose the one best for you, we have gathered some tips tried by most of people looking for a condo.
1. A condominium has elected board of directors to take care of everything right from scheduling maintenance, paying common bills, and handling any disputes that arise. In case of a duplex condo, there are only two owners. So people looking for such condos may have some questions on how the governing board will be structured. Will there be a representative from each unit on the board? Check to be sure this is written in the condo documents.
2. Sometimes, condo owners, particularly duplex condo owners do not want to bear the expense of a management company. They often handle any common area repairs, insurance and landscaping between themselves. So whether you want to hire a duplex condo or a condo for rent in Philippines, it is important to check if the declaration require as a third party manage.
3. How will the two owners resolve a disagreement? In case of a large condo project, the board appointed is authorized to look at how a particular issue has been handled in the past. Or, referendum is done to decide on who will manage the property. Also check do the condo declarations say how a voting deadlock will be handled?
4. Also, ask questions like: Will there be dues collected for a common budget? With small or two-unit condos, there is less chances of a common budget for the project. Each owner is to handle all maintenance required and land that he occupies or uses. If this is the case, look at how major structural repairs will be handled, should they arise.
5. Whether you are looking for condos in Metro Manila or anywhere in Philippines, you should be clear on how repairs and maintenance will be divided between the individual owners and the common budget. Generally, common budget is meant for all exterior parts of the building, decks, pools, sidewalks, and driveways of both units. In some cases, individual owners are also responsible for certain kinds of exterior maintenance of their units. So go through that carefully before you decide to rent the condo.
6. There may be possibility that you and the other owner may have very different views on maintenance of the building and grounds. What about differences in temperament and lifestyle? If there are any such differences, get them sorted out before you move ahead and decide to hire a condo in Metro Manila, Philippines.