I’m a condo owner. Just a small, beautiful studio at the Shang that I decorated with the help of Kellyn See and Rex Gapuz.
When the unit was turned over, I was extremely disappointed because of what we got versus what we expected, based on the showroom model we saw. Our condo unit was much smaller, had cheap cabinetry and bathroom fixtures.
We had to tear everything down.
After so much work, finally the wallpaper I ordered from the UK has arrived but needs to be installed. Once finished I will share with you new photos.
I’m not a condo expert, but a friend of mine who works in the industry sent me a check list of what condo owners need to know (apart from the surprise I mentioned above). Here’s what it says:
A residential condo is a most viable dwelling place nowadays in urban areas because of the convenient lifestyle it offers to unit owners. The requisites for a hassle-free living are all there—location, security, amenities, and being part of a thriving community. Indeed, condo living makes life easier.
But before deciding to live in a condo, be it a vertical or horizontal development, one should know the following before purchasing:
1. The property developer is the one who chooses the location where to build its residential condo project.
2. The developer will initiate pre-selling of the property, residential and commercial units, all throughout the construction phase.
3. The developer assigns third party property managers to oversee the interiors, security, common areas, and overall aesthetics of the residential condo before the turnover of the building. Clients may consult any concerns about their units with the assigned property management officers.
4. When the building is finished, a representative of the developer together with the client will inspect the bare unit to check for any apparent defects, which the industry refers to as punchlist. The most common defects found during punchlisting are minor detailing works.
5. Upon turnover of the unit, the unit owner signs an acceptance form signifying his conformity that the unit is in perfect condition at the time of inspection.
6. Unit owners, upon acceptance of the unit, relinquishes all the responsibilities from developer.
7. The developer usually gives at least one year warranty from hidden defects that may arise.
8. Upon full turnover of the property to unit owners, the residents should form a homeowners association that will take control of the condominium building (security, maintenance, house rules, and regulations) assigning in-house contractors and utility personnel, among others. The association is also responsible for the appointment of the property management company that will oversee the daily operations of the condominium building.
9. Remember that as a unit owner, you will be part of the association wherein you share the ownership of the common areas of the building. The association dues that each unit owner pays is used for the maintenance, security, utilities, and other expenses needed by the association to manage the property. Individual ownership only pertains to the condo units purchased.
10. The developer relinquishes its right over the operations of the building once the association is formed by the homeowners.
That said, be careful when you choose a condo. Sometimes it’s best to buy after the building is finished and units are done, so even though it’s more expensive, what you see is what you get.
Once you’ve moved in, make sure your association that collects the monthly dues spends the money wisely. You don’t want to see couches with holes and carpets with stains at the lobby. Hopefully your garbage disposal doesn’t stink and the building and its utilities are maintained. Because if shit happens, the developer is no longer liable. It’s your investment after all.