People usually think that buying a condo is the only thing they need to worry about. They tend to forget that there are still Association Dues that they need to start paying. People who rent out condos do not forget this as this is part of their concerns. But with regards to people who are purchasing a condo, they need to know when they will need to start paying for these fees.
According to the Philippine Law Real Estate Acquisition and Disposition, once the condominium building is substantially accomplished, the developers can already start operating the building. It is the task of the developer to obtain and purchase an insurance policy so that the building and the condominium association can be covered.
The question though, of when it is the right time condo unit owners should start paying for the Association fees is when the unit has been turned over to them. The reason for this is because this is the part of the deal when the condo unit has been completed and the owner has sole responsibility for his unit.
This means that he will be in charge of paying for his Association Dues by this time. So if you are only worried about how much buying a condo is worth, you should also consider how much money you will need to keep paying for your Association fees every month. There are even some unit owners who have forgotten the fact that they need to pay this fee. When this happens, the unit owner will face arrears and some financial problems with their purchased. As such, it is important to pay your Association fees on time.
Check out Philippines Real Estate for condo units that you might be interested in investing in.
This was a simple yet informative post. Most of the people who opt to buy a condo unit doesn’t know that they have to pay for this what we call “monthly dues” covering the electricity in the hallway, security, elevators, parking lot (of course, on if you have an automobile), etc. almost 80% of the individuals who are planning to have their own condo unit was not aware that they have to pay these dues. So, if ever they found out about this additional fees, some had turn their back and look for a simple apartment without the need to pay for this “dues” ( real estate fallback). It’s a good thing Philippine Law Real Estate Acquisition and Disposition, released certain law about this condo owners extra responsibilities to protect the companies.