04/01/2024
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In this modern times, condominium properties are on the rise in terms of popularity when it comes to property investments. Condominium is an ownership regime where the building is divided into different units to be owned by different individuals, and it is quite different from traditional house and lot property, which makes some hesitant when it comes to purchasing their first condominium unit. With different developers to choose from, it is important for you to find the perfect kind of condo unit fit for your needs, especially if you are just beginning to acquire properties for investment.
Below are the four pillars as to why you should choose Verida Towers.
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Verida Towers will rise at the heart of the 2023 Most Business-Friendly Province β Balanga City, Bataan. Balanga City is the only city in the said province that houses a spectrum of developments, industries, and businesses like Petron Bataan Refinery, Philippine National Oil Company, Sumi Philippines Wiring Systems Corporation, Freeport Area of Bataan, Genpact, and many more. These industries and the many local and small businesses are what make Bataan one of the key contributors to the region's overall economic productivity.
The geographical location of the province is one of the reasons for its success, considering it is in the center of the βgrowth triad corridorβ of Subic Special Economic and Freeport Zone, Clark Freeport and Special Economic Zone, and Metro Manila ---- hailing Bataan as the third highest locally sourced income among all the provinces in the Philippines as certified by the Department of Finance - Bureau of Local Government Finance (BLGF).
Not to mention that Verida Towers is a residential component of Verida β a Prime Development by Vista Land. Verida Estate is a βcity within a cityβ with its complete consolidation of residential, commercial, leisure, and institutional complexes within the said estate. Thus being said, the developments around Verida Towersβmay it be inside its estate, in its city, or even in its whole provinceβare expected and ensure not only the stability of the value of the property but also the convenience it will bring to anyone who will live inside Verida Towers.
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Verida Towers offers luxurious and spacious exclusive amenities that make it one of the best stay-cation places in Bataan. Considering all the tourist spots here in Bataan, like the Five Finger Cove and Laki Beach in Mariveles, the Mt. Samat Shrine at Pilar, and/or even the famous Las Casas Filipinas de Acuzar in Bagac, one needs a perfect place to rest and enjoy. With Verida Towers offering the best deals with its accessibility and convenience, one can enjoy Bataan at its finest without going through all the hoops and hassle of staying in different places without feeling at home.
With almost a hectare of amenities, Verida Towers has a resort-size swimming pool designated for adults and a separate pool designated for children for their safety and convenience. The amenities also include an active playground, a seating area around the swimming pool, a tree park, a pet park for your fur pets, a clubhouse and pavilion, and a jogging path around the perimeter of Verida Towers.
Also, Verida Tower 1 has its first floor dedicated for commercial use, like a convenience store, coffee shop, or laundry store, so it is more convenient for the homeowners to have these kinds of needs right beside their units.
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As such, owning a condo unit does not always mean that you yourself will use the property,y or what we call "end-use." You can always utilize your property investments in different ways, such as renting them out. Renting out your condominium property will generate what we call βpassive income,β which, if successful, can generate the monthly amortization that you are supposed to pay and even the monthly maintenance fee from the HOA. It is like making the property pay for itself.
Aside from this, as the property actively sits in the center of all of these mentioned developments and industries, the value appreciation of the property will increase in no time. Although some researchers found that the sales price of a condo was at 10%,% a tad lower than the house and lot that were recorded at 15% (Redfin, October 2020), one must not be discouraged because, with the strategic location of Verida Towers and the stability of the economic and industrial growth of the province, the rate of value appreciation can be expected to be higher than that.
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Condominium buildings have two different types of ownership. First is the Leasehold Ownership β the kind of condo ownership that is similar to a lease, as the name suggestsβwhich gives the owners the right to occupy or use the property for a predetermined period, which typically lasts for about 20 to 50 years. After this year, the developer may renew the lease or demand that you return the property, with, of course, appropriate compensation.
Verida Towers is under the other type of ownership, which is what we call Perpetual Ownership. In this type of ownership, the property is practically yours forever, and you could even have your kin inherit it. It will become like a corporation once bought, where you will be one of the stakeholders who will be a part of any decision-making regarding the whole condominium building. With this, the Philippine Law ensures the ownersβ interests under the Condominium Act of the Philippines, or the Republic Act of 4726. Under Section 8 of this Act, it states that βone or more of those people may file a lawsuit to divide the project by selling it all as if the condo owners in the project were co-owners of the entire thing in the same proportion as their interests in the common areas.β However, there are certain requirements needed for this to happen, such as if the project has been built for more than 50 years and is outdated and no longer profitable and that the owners who own more than 50% of the common areas are opposed to its repair or renovation, and many other situations.
Listed above are just some of the reasons why you should choose Verida Towers for your condominium property investment. Book an appointment now to check the area and see how the unit would look in person, or visit us in our office located at Vista Mall Bataan. Reservation starts at Php 30,000 with a AllHome Gift Check upon move-inβ-only available in this wondrous time of the year.
