What are the condo real estate terms?
- Appreciation
- Board of Directors or Homeowner Association (HOA)
- Association Dues or Homeowner Association Fees
- Common Area
- Unit
- Down Payment
- Interest
- Turnover Date
- Pre-selling
- Ready-for-occupancy (RFO)
Buying a condo unit in the Philippines can be an exciting and rewarding experience. It represents your hard work and offers a convenient, urban lifestyle. However, navigating the condo real estate market requires familiarity with specific terminology. Understanding these terms empowers you to make informed decisions and potentially save money in the long run.
Knowing the different condominiums terminologies will not only offer you confidence when purchasing a unit but also help save you more money in the long term. Continue reading to learn more!
Essential Condo Real Estate Terms:
Appreciation
The increase in a condo unit’s value over time. Factors like development, amenities, location, and developer reputation can influence appreciation. Megaworld Horizon’s condos, known for their quality and prime locations, are prime examples of appreciating assets.
Of course, you can also increase the appreciation value of your unit by doing several home improvements. Some of the common home improvements that are known to raise property value include kitchen remodels, bathroom upgrades, appliance upgrades, improving the balcony, and improving energy efficiency. Just think about how valuable your condo can be when you rent it out or sell it.
Board of Directors/Homeowner Association (HOA):
The elected body responsible for managing the condominium building. They establish policies, maintain common areas, manage finances, and address resident concerns.
Association Dues/HOA Fees
Monthly payments by unit owners or tenants to cover condo maintenance (garbage removal, cleaning), common area upkeep, reserve funds, and repairs.
Common Area
Areas within the condominium complex accessible to all residents, such as pools, hallways, elevators, gyms, gardens, and lobbies. Megaworld Manila’s Gentry Manor exemplifies this, offering residents a variety of shared spaces for recreation and relaxation.
Unit
Your specific portion of the property with a designated title for separate ownership and use. Condo units come in various sizes, from studios to 3-bedroom units. Remember, you’re responsible for maintaining your unit’s interior.
Down Payment
A portion of the condo’s sales price paid upfront to secure the purchase. The remaining balance is settled according to the payment plan. Megaworld Manila offers flexible schemes, like a 25% down payment spread over 48 months at 0% interest.
Interest
The cost of borrowing money to finance your condo purchase. It’s factored into your monthly mortgage payment.
Turnover Date
The date you officially take ownership of your condo unit, assuming all rights and responsibilities.
Pre-Selling
The period when condo developers sell units before construction is complete. Pre-selling offers often include lower introductory prices, flexible payment options, and a wider selection of units. Megaworld Manila’s Gentry Manor allows you to secure your dream unit with a preferred view during the pre-selling phase.
Ready-For-Occupancy (RFO)
Condo units that are fully constructed and ready for immediate move-in. RFO units offer the advantage of moving in right away, unlike pre-selling units.
Investing in Your Future with Megaworld Horizon
Understanding these condo real estate terms empowers you to make informed decisions throughout your condo buying journey. At Megaworld Horizon, we’re committed to making your dream condo a reality. We offer a wide selection of properties in prime locations, flexible payment options, and top-notch amenities.
