Hello Rod another great information laden TH-cam video! This in conjunction with your many informative Condominium Tours that you have done these last couple of years already should set a prospective expat off to a great start with any Real Estate related adventure! Tackling some specifics like you do here even though you're not selling any units is a very low pressure way to become more versed before shopping! Thanks as always for your time and effort! BM
Thanks BM. It took me 2 years to hear about this. Practically speaking, building anywhere can become run down and obsolete and decisions would have to be made.
the 50-year rule if I’m not mistaken is basically the estimated life span of the structure.. But it does not equivocate that when a condo has reached 50 years, it will be demolished. In other words, after 50 years, the condo is subjected for further investigation whether it is still stable or need some corrections/retrofitting or if not is condemned. If sign shows on the buildings like cracks, it will be evaluated by the assigned or accredited authority who are specialized in that field. If result shows that the building is subject for condemnation then such decision is carried out by the homeowners association... my-2-cents
Wonder how many condos r still standing and considered habitable since 1966 honestly ? even the hollow block used today is not the most durable for longevity. And certainly the plumbing back then would be considered somewhat primitive to today’s building standards. It surely was an eye opener for me back in 1974. Thanx for the informative video Rod.
I have been in a few condos 10-14 years old and while they are probably still structurally sound they were not being painted and maintained very well and yet they were asking top dollar for rentals. Thanks for watching Danny. A lot can happen in 50 years. I have found the building materials such as grout to be of poor quality also.
Also, the term condominium refers to a legal term of ownership rather than a structure type (ex. high-rise building). It could be separate bungalow residential units sitting on one property and still be a condominium development.
I am surprised it took me 2 years to hear about this John. Most of us will not be here in 50 years but it is something to think about. Thanks for watching.
I'm aming a 1 bedroom,1 kitchen condo style whit 25 1/5 k $,which is about 1350000 pesos Cebu,Bohol, Subic autskirts área.., Any chance,wat do you thinck?🤔
Deca Homes and Camella Homes are 2 developers that have properties that are lower priced so check out their websites. I did a video about Deca Homes in Mandaue City next to Cebu City and also Camella Homes near Tagbilaran City in Bohol. Here are the links. th-cam.com/video/WdHdCNs35xg/w-d-xo.html th-cam.com/video/Z5dq3n_bOX4/w-d-xo.html
Thanks for this Fun fact to add, you don’t actually own your condo you own the airspace thar the condo occupies one way you can look at it is that you own to the depth of the paint on the walls so technically you can not put a nail in to hang a picture. In practice this doesn’t matter but what about those people who have bought two small units and knocked them into one ? Also if a building collapses and you own a cube of airspace four stories up where does tthat leave you 😁🤪🤓😱
It is of more concern to most of our heirs at 50 years but I found it interesting also. Condos/apartments are more about lifestyle. In many ways, a house is a better investment if married to a Filipino. Thanks for watching.
Amazing Philippines it would seem to me the best way around this rule would be to move into a newer condo every 10 years or so. You get the advantage of newer technologies and you never have to worry about this rule.
Yeah well said, totally agree with you, if after buying a Condo, but the condo does not belongs to you, and even the lands that it is standing on it, so it shall never b yours?? There are just making money.
oh i did not know that,maybe the law has changed in my country. but me i dont like condo that is why i am building my own house in San Pablo Laguna philippines
Great video Rod, Is it your understanding that this law applies to all condos in PH or just some? I have seen many ads make this point about ownership but not all.
Thanks Mark. In reality, most 50 year old buildings in the Philippines probably are not in very good shape so a decision will be made to repair, rebuild, or re-purpose the land and/or building. I suspect many countries have similar issues and allow for the demolition of buildings that become obsolete or too costly to maintain.
@@AmazingPhilippines1 Sorry, I didn't make myself clear... So are all condos sold in PH sold with rights only or is it possible to get a clear title and full ownership?
I have visited several condos 10-14 years old and they were not being maintained very well. New paint would have worked wonders on the appearance. I know from experience in the USA that condo owners have to watch management closely to make sure fees are spent properly. Thanks for watching Robert. Much of this city needs a new coating of paint as well.
owning a condominium in Philippine does not mean that it will demolish when it reached 50 years. since owners of condominium form an association which aim is to maintain the building and elected its officers, just like a corporation. A corporation has a life span of 50 years but it can be extended for another 50 years. The demolition of the building lies upon the owners of condominium through majority vote of its members, if the building is no longer safe to maintain. Proxy in voting is part of on law in corporation, even in USA owner of condo unit are allowed to vote through proxy. I though you make your research.
Yes, in practical terms, if a condo is damaged and not worth repairing, the property would be sold and/or demolished anywhere in the world I think. The condo is a 50-year corporation that can be extended and there is much info online about it. Thanks for watching RG Hunter.
I really don't see the issue here. At my age if I were to buy a condo there I won't be around to see the 50 year mark anyway! Sure could will it, but still would me there to worry about it...
Good point. Practically speaking buildings in the USA or elsewhere can also become obsolete and uneconomical over time and decisions would be made to sell or remodel the development. Thanks for watching J. Williams.
I think there is a mix up here. Condominum lots are owned by the Corporation that built the building(s). I have never encountered any developer that are just leasing the land. The 50 year rule does not refer to the land only but it refers to the condominium itself as well- the "Condominium Act" stipulates that after 50 years, Owners can sell the condominium if they opt to. All condominium unit owners will have to cast votes. Say majority of the Unit Owners voted yes while I voted no, the condominium property will be sold but everyone will be compensated (myself included though I voted no). The rationale here is when my unit was turned over to me, I have become a part of the corporation that owns the condominium. To reiterate, the condominium act does not refer to the land only but to the building as well. Say an earthquake destroyed a condominium, regardless before or after the 50th year, then all the unit owners have the to share the land as they are all Owners of the Corporation(Condominium) but since the land may be too small for all 100 or so Owners to share, then they shall all benefit from the proceeds when the land is sold. Ownership is perpetual, it's not only good for 50 years.
Thanks for that good explanation Ron. I think that in practical terms, similar things would happen to damaged condos in many nations. It would be repaired or sold with the shares divided.
Yup it's perpetual ownership now. So whatever happens before or after 50 years, whether it's damaged by natural calamities or ordered to be demolished, unit owners would still be owed by the condo developers of their unit whether new building, transfered or compensated.
Do Dear it you that are mixing and distorting information, foreigner can buy condo but at 40% share in only the place that he or she had buy, not the building, "which cooperation are you talking about,"but u are not the owner at 40%. The law say that the remaining 60% shall b shared between 2 Filipinos, I don't see any Filipinos hanging out the corner with 2 millions pesos in his bank acc?? It's only a business, full point. It's is not really called a real estate. Some condo are like boxes. That is Okay, but what about land lease, foreigner can lease land, build houses, but after 40 - 50years the land lease comes to an end?? What shall u Do, pays another 3 - 6millions pesos again for your children??? After 50 year all the condo's owner will b kicked.
Selling your condo after 2 or 3 years, same stuffs, 1 or 3 millions just for taxes, the same way as you pay the taxes when u sell it. this is not call an investment because you will get much less than u invest in your "immovable property" It is not like a car, as soon as you take off the vendor's showroom it looses values. Have a look at other video about selling condo burden taxes.
Good point Robert. Many buildings are not maintained properly. I think one advantage with the higher end condos is that they would be maintained properly and retain more value.
I think in practical terms, a similar outcome could happen in the USA or other nations if a building becomes damaged by storm, fire, or obsolete, it may be the owners who will decide to sell the property for other uses. Thanks for watching Lillian.
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Hello Rod another great information laden TH-cam video! This in conjunction with your many informative Condominium Tours that you have done these last couple of years already should set a prospective expat off to a great start with any Real Estate related adventure! Tackling some specifics like you do here even though you're not selling any units is a very low pressure way to become more versed before shopping! Thanks as always for your time and effort!
BM
Thanks BM. It took me 2 years to hear about this. Practically speaking, building anywhere can become run down and obsolete and decisions would have to be made.
Thanks for taking the time doing the research Professor Rod. I wasn't even aware of the 50 year rule.
I am surprised it took me 2 years to hear about this. Thanks for being a good student E CABen. LOL.
the 50-year rule if I’m not mistaken is basically the estimated life span of the structure.. But it does not equivocate that when a condo has reached 50 years, it will be demolished. In other words, after 50 years, the condo is subjected for further investigation whether it is still stable or need some corrections/retrofitting or if not is condemned. If sign shows on the buildings like cracks, it will be evaluated by the assigned or accredited authority who are specialized in that field. If result shows that the building is subject for condemnation then such decision is carried out by the homeowners association... my-2-cents
Wonder how many condos r still standing and considered habitable since 1966 honestly ? even the hollow block used today is not the most durable for longevity. And certainly the plumbing back then would be considered somewhat primitive to today’s building standards. It surely was an eye opener for me back in 1974. Thanx for the informative video Rod.
I have been in a few condos 10-14 years old and while they are probably still structurally sound they were not being painted and maintained very well and yet they were asking top dollar for rentals. Thanks for watching Danny. A lot can happen in 50 years. I have found the building materials such as grout to be of poor quality also.
Rod...as always...informative and well presented. Thanks for research and sharing. Take care and safe travels.
Thankyou dlorbieski. It took 2 years before I heard about this.
Also, the term condominium refers to a legal term of ownership rather than a structure type (ex. high-rise building). It could be separate bungalow residential units sitting on one property and still be a condominium development.
Thanks for watching and sharing that Nolsp.
Many folks do not understand how maintenance and improvements work when the board decides to have them. And how these expenses are paid and how…
From what I have heard, it seems many condos do not have actual "boards" with any authority.
thanks for you offer this video,sir. this can help me a lot
Most of us will not be here in 50 years but it is something to consider for your heirs. Thanks for watching Jim.
interesting, didnt know about that. Good info
I was just asked about it recently also. Thanks for watching.
Thanks for the info rod. 😊👍👍👍
I think our heirs would be more concerned than most of us would be at that time. Thanks for watching Jane.
Thanks for this info! I didn't know this.
It may not matter to most people. I think similar things would happen around the world if a building became uneconomical or too old to repair Ervine.
Interesting. I've never owned a condo, so I had no idea these issues existed.
I am surprised it took me 2 years to hear about this John. Most of us will not be here in 50 years but it is something to think about. Thanks for watching.
Thank You for this posting!
Verry informativ)):
Thanks. It is an older condo but they offer more room than most of the newer ones.
I'm aming a 1 bedroom,1 kitchen condo style whit 25 1/5 k $,which is about 1350000 pesos Cebu,Bohol, Subic autskirts área..,
Any chance,wat do you thinck?🤔
Deca Homes and Camella Homes are 2 developers that have properties that are lower priced so check out their websites. I did a video about Deca Homes in Mandaue City next to Cebu City and also Camella Homes near Tagbilaran City in Bohol. Here are the links. th-cam.com/video/WdHdCNs35xg/w-d-xo.html th-cam.com/video/Z5dq3n_bOX4/w-d-xo.html
Thanks for this
Fun fact to add, you don’t actually own your condo you own the airspace thar the condo occupies one way you can look at it is that you own to the depth of the paint on the walls so technically you can not put a nail in to hang a picture. In practice this doesn’t matter but what about those people who have bought two small units and knocked them into one ? Also if a building collapses and you own a cube of airspace four stories up where does tthat leave you 😁🤪🤓😱
It is of more concern to most of our heirs at 50 years but I found it interesting also. Condos/apartments are more about lifestyle. In many ways, a house is a better investment if married to a Filipino. Thanks for watching.
Amazing Philippines it would seem to me the best way around this rule would be to move into a newer condo every 10 years or so. You get the advantage of newer technologies and you never have to worry about this rule.
Yeah well said, totally agree with you, if after buying a Condo, but the condo does not belongs to you, and even the lands that it is standing on it, so it shall never b yours??
There are just making money.
Very good info Rod
Thanks for watching Jojo. 50 years is a long time but good info to know.
oh i did not know that,maybe the law has changed in my country. but me i dont like condo that is why i am building my own house in San Pablo Laguna philippines
50 years is a long time but it is good to be aware of it. Thanks for watching Tsimay.
very helpful
Thanks for watching Mina.
Great info learnt alot!
Thanks for watching Takashi.
Great video Rod, Is it your understanding that this law applies to all condos in PH or just some? I have seen many ads make this point about ownership but not all.
Thanks Mark. In reality, most 50 year old buildings in the Philippines probably are not in very good shape so a decision will be made to repair, rebuild, or re-purpose the land and/or building. I suspect many countries have similar issues and allow for the demolition of buildings that become obsolete or too costly to maintain.
@@AmazingPhilippines1 Sorry, I didn't make myself clear... So are all condos sold in PH sold with rights only or is it possible to get a clear title and full ownership?
Thanks for the info
Thanks for watching Gara Tan.
Many condos can't keep the paint up 15 years. Many times the management run off with the dues.
I have visited several condos 10-14 years old and they were not being maintained very well. New paint would have worked wonders on the appearance. I know from experience in the USA that condo owners have to watch management closely to make sure fees are spent properly. Thanks for watching Robert. Much of this city needs a new coating of paint as well.
I sold my unit at La Guardia Flats 2 last so I guess to worry about it now..
Did you get a good price for it jojo? I know there are many new condos being marketed with various financing schemes so just curious.
Amazing Philippines yes Rod I sold for it 2.5M to a Canadian who stayed at my place ..cash..
Thanks, jojo.
owning a condominium in Philippine does not mean that it will demolish when it reached 50 years. since owners of condominium form an association which aim is to maintain the building and elected its officers, just like a corporation. A corporation has a life span of 50 years but it can be extended for another 50 years. The demolition of the building lies upon the owners of condominium through majority vote of its members, if the building is no longer safe to maintain. Proxy in voting is part of on law in corporation, even in USA owner of condo unit are allowed to vote through proxy. I though you make your research.
Yes, in practical terms, if a condo is damaged and not worth repairing, the property would be sold and/or demolished anywhere in the world I think. The condo is a 50-year corporation that can be extended and there is much info online about it.
Thanks for watching RG Hunter.
That building cost billion of billions pesos, 100owners after 50 years cannot repair it due to the high cost. What about the promoters???
Will I still be around at 108 years old?hmmmm
LOL. Your heirs may be more concerned than you Ralph. Thanks for watching.
you sound like Tulfo😂... This is indeed a very informative.. Thank you for sharing your insights...
I will take that as a compliment Angelito. Thanks for watching and commenting. I had to look up "Tulfo" to find out the info about him.
Very far from Tulfo's
I really don't see the issue here. At my age if I were to buy a condo there I won't be around to see the 50 year mark anyway! Sure could will it, but still would me there to worry about it...
Good point. Practically speaking buildings in the USA or elsewhere can also become obsolete and uneconomical over time and decisions would be made to sell or remodel the development. Thanks for watching J. Williams.
I think there is a mix up here. Condominum lots are owned by the Corporation that built the building(s). I have never encountered any developer that are just leasing the land. The 50 year rule does not refer to the land only but it refers to the condominium itself as well- the "Condominium Act" stipulates that after 50 years, Owners can sell the condominium if they opt to. All condominium unit owners will have to cast votes. Say majority of the Unit Owners voted yes while I voted no, the condominium property will be sold but everyone will be compensated (myself included though I voted no). The rationale here is when my unit was turned over to me, I have become a part of the corporation that owns the condominium. To reiterate, the condominium act does not refer to the land only but to the building as well. Say an earthquake destroyed a condominium, regardless before or after the 50th year, then all the unit owners have the to share the land as they are all Owners of the Corporation(Condominium) but since the land may be too small for all 100 or so Owners to share, then they shall all benefit from the proceeds when the land is sold. Ownership is perpetual, it's not only good for 50 years.
Thanks for that good explanation Ron. I think that in practical terms, similar things would happen to damaged condos in many nations. It would be repaired or sold with the shares divided.
Yup it's perpetual ownership now. So whatever happens before or after 50 years, whether it's damaged by natural calamities or ordered to be demolished, unit owners would still be owed by the condo developers of their unit whether new building, transfered or compensated.
Do Dear it you that are mixing and distorting information, foreigner can buy condo but at 40% share in only the place that he or she had buy, not the building, "which cooperation are you talking about,"but u are not the owner at 40%.
The law say that the remaining 60% shall b shared between 2 Filipinos, I don't see any Filipinos hanging out the corner with 2 millions pesos in his bank acc??
It's only a business, full point.
It's is not really called a real estate.
Some condo are like boxes.
That is Okay, but what about land lease, foreigner can lease land, build houses, but after 40 - 50years the land lease comes to an end??
What shall u Do, pays another 3 - 6millions pesos again for your children??? After 50 year all the condo's owner will b kicked.
Selling your condo after 2 or 3 years, same stuffs, 1 or 3 millions just for taxes, the same way as you pay the taxes when u sell it. this is not call an investment because you will get much less than u invest in your "immovable property"
It is not like a car, as soon as you take off the vendor's showroom it looses values.
Have a look at other video about selling condo burden taxes.
Majority of condo investor came from Singapore .
Look at some 30 year old buildings? You will be screaming to get out in less than 50 years, or your heirs will.
Good point Robert. Many buildings are not maintained properly. I think one advantage with the higher end condos is that they would be maintained properly and retain more value.
Why do like that in the Phillipines that's not good hows my money
Thanks for watching Francisco.
The law has changed now
What is the new law. This is what I was told by realtors and several sources online. I am interested if it is changed. Thanks for watching Salvador.
😭😭😭😭
Thanks for watching princess zadakoo.
So in other words, you really don't own the condo - more like renting only.
I think in practical terms, a similar outcome could happen in the USA or other nations if a building becomes damaged by storm, fire, or obsolete, it may be the owners who will decide to sell the property for other uses. Thanks for watching Lillian.
Yeah u are renting for 10 millions only for 50 years. And the even laws don't know..
Lifespan kasi bldg nyan, jan nagbase, after that need to redesign the structure again
Thanks Ferdinand.