Is it true that the lifespan of a condo in the Philippines is only 50 years?

What happen to condo after 50 years?

What the law refers to in the 50-year rule is the lifespan of a corporation which is essentially the same to unit owners who make up the condominium project. However, the condominium corporation can actually be renewed for another fifty years so the ownership does not necessarily end.

What will happen to condo after 50 years Philippines?

What protects your ownership of a condo unit is The Condominium Act of the Philippines (Republic Act 4726) passed in 1966. In summary, it stipulates that if a project has been obsolete or uneconomic after 50 years, the majority owners of the common area reserve the right to stop any restoration or remodelling.

Can a condo be yours forever?

While a landlord can clear out a rental building at any time, assuming there are no complicating rent control regulations, a condo is yours forever.

Is it worth it to buy condo in the Philippines?

In a nutshell, a condominium unit is a perfect choice if you value convenience and accessibility over a bigger space and a peaceful neighborhood. If you’re eyeing a property at a business district in any of the developed cities, it would make financial sense to go for a condominium unit.

How long do concrete condos last?

The house should easily last 70 to a 100 years if maintained properly, so it’s not a question if you want to live there your whole life or not, the large condo building built with concrete should last much longer, but at the end of the day everything has a life span, and once this is over you have no value left.

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Do condominiums depreciate?

Except for a few notable offerings, the costs of owning condominium units drag down the resale value. Physical depreciation of units, monthly membership and maintenance dues plus real estate taxes imposed on condominium owners can be quite substantial over the economic life of the unit.