13/03/2023
๐๐ก๐๐ญ ๐๐๐ฉ๐ฉ๐๐ง๐ฌ ๐ญ๐จ ๐๐จ๐ฎ๐ซ ๐๐จ๐ง๐๐จ ๐๐๐ญ๐๐ซ ๐๐ ๐๐๐๐ซ๐ฌ? ๐๐ฌ ๐ข๐ญ ๐ญ๐ซ๐ฎ๐ ๐ญ๐ก๐๐ญ ๐ฒ๐จ๐ฎ๐ซ ๐๐จ๐ง๐๐จ๐ฆ๐ข๐ง๐ข๐ฎ๐ฆ'๐ฌ ๐ฅ๐ข๐๐๐ฌ๐ฉ๐๐ง ๐ข๐ฌ ๐ฌ๐๐ญ ๐๐ญ ๐๐ ๐ฒ๐๐๐ซ๐ฌ?
One of the most common myths surrounding buying condos is that every condominium in the Philippines only has a lifespan of 50 years. After that, the building will be demolished, putting your investment to waste.
Letโs take a look at RA 4726:
1๏ธโฃ When you buy a condominium unit, you become part of a corporation.
A condominium corporation owns the land where your condominium is built. As a unit homeowner, you can think of yourself as a shareholder of that corporation. You can vote on issues like repainting common areas, changing the swimming pool tiles, or upgrading the facilities in the in-house gym.
Similarly, you can also vote on issues surrounding the fate of your condominium after 50 years. '
2๏ธโฃ A corporationโs lifespan is 50 years, but it can be renewed.
YOUR CONDOMINIUM DOES NOT HAVE A LIFE SPAN, but the corporation managing it has one. However, the corporation can still be renewed for another 50 years, so your condominium ownership does not necessarily end at that point.
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3๏ธโฃ Three factors need to be fulfilled to declare a condominium uninhabitable.
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First, it should exist for at least 50 years.
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Second, it should already be obsolete and uneconomical.
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Third, the owners should be opposed to any repair or restoration that can be done in the condominium.
It means that even if the condominium is already 50 years old, it doesnโt necessarily have to be obsolete and uneconomical.
THE GOOD NEWS is that majority of todayโs condominium developers construct condos using high quality and durable materials so modern condos will likely still be in good shape even after 50 years.
So, if this 50-year fallacy is the only thing thatโs holding you back from investing in a condominium unit, then reading this should ease your fears and apprehensions.
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