Owning a DMCI Homes condo can offer numerous benefits, from the convenience of city living to the peace of mind of living in a secure and well-maintained community. From an investment standpoint, you also have the opportunity to make profits from your condo purchase.

But like with any investment, there are costs that come with owning a condo that can add up over time. From the monthly association dues to insurance premiums, these expenses can take a toll on your finances if they aren’t managed properly.

In this article, we’ll go over the various costs of owning a DMCI Homes condo and share expert tips on how to manage them effectively to get the most out of your condo investment.

Expenses to expect with condo ownership

A condo investment can yield good profits for you and offer your tenants numerous benefits such as convenience, security, and access to a wide range of amenities.

However, owning a condo comes with a share of expenses that you should consider before finalizing your investment. Here are some common fees to expect:

Monthly association dues

As a condo owner, you’ll need to pay monthly dues to maintain the building and its common areas. Fees vary depending on the condo project and the services provided, but they typically include the expenses for landscaping, security, and maintenance of the amenities.

If you plan to rent out your condo long-term, you can also opt to include the condo dues in the monthly rent.

Property taxes

Property taxes are assessed based on the value of your condo and the local tax rates. They are typically paid annually or semi-annually and can vary depending on your property’s location and assessed value.

Pro-tip: Real property taxes are normally due by the beginning of the year, but you can also pay yours the month prior (in December) for a 10 to 20% discount. This may vary on the LGU where your condo is located.

Insurance premiums

Condo insurance premiums cover the cost of insuring the structure of the building and the common areas, as well as your personal belongings and liability. Insurance costs can vary depending on the type of coverage you choose and the location of your condo.

Repairs and maintenance

While many condos are well-maintained by the building management, there are still costs associated with repairs and maintenance that may fall on the owner. These expenses include replacing appliances, fixing plumbing issues, or repairing damage caused by natural disasters.

Tips to maximize your condo investment

It’s important to understand the costs of owning a condo and how to manage them effectively to maximize your profits. Here are some tips to help you get started:

Set aside a budget for repairs

If you rent out your unit, you’re responsible for its upkeep. While DMCI Homes is well-known for its well-maintained buildings, there will still be occasions when maintenance is needed. Be sure to have a separate budget allotted to avoid inconveniences for yourself and/or your tenants.

Maximize your rental income

With the high demand for rental properties in the city, you can earn significant rental income to help cover your monthly expenses and boost your investment profits. Be sure to follow the guidelines and restrictions of your condo association when renting out your unit.

Check out your investment options with the property pros

Owning a DMCI Homes condo can be a great way to generate income and build wealth over time. By being aware of the costs of ownership and taking steps to manage them effectively, you can make your condo work for you and enjoy the many benefits of owning property in a vibrant and thriving community.

Find out what your investment options are with our Property Advisors. Get in touch with us here.

Make Your DMCI Homes Condo Work For You

elderly couple calculating the financial benefits of investing in dmci homes

Owning a DMCI Homes condo can offer numerous benefits, from the convenience of city living to the peace of mind of living in a secure and well-maintained community. From an investment standpoint, you also have the opportunity to make profits from your condo purchase.

But like with any investment, there are costs that come with owning a condo that can add up over time. From the monthly association dues to insurance premiums, these expenses can take a toll on your finances if they aren’t managed properly.

In this article, we’ll go over the various costs of owning a DMCI Homes condo and share expert tips on how to manage them effectively to get the most out of your condo investment.

Expenses to expect with condo ownership

A condo investment can yield good profits for you and offer your tenants numerous benefits such as convenience, security, and access to a wide range of amenities.

However, owning a condo comes with a share of expenses that you should consider before finalizing your investment. Here are some common fees to expect:

Monthly association dues

As a condo owner, you’ll need to pay monthly dues to maintain the building and its common areas. Fees vary depending on the condo project and the services provided, but they typically include the expenses for landscaping, security, and maintenance of the amenities.

If you plan to rent out your condo long-term, you can also opt to include the condo dues in the monthly rent.

Property taxes

Property taxes are assessed based on the value of your condo and the local tax rates. They are typically paid annually or semi-annually and can vary depending on your property’s location and assessed value.

Pro-tip: Real property taxes are normally due by the beginning of the year, but you can also pay yours the month prior (in December) for a 10 to 20% discount. This may vary on the LGU where your condo is located.

Insurance premiums

Condo insurance premiums cover the cost of insuring the structure of the building and the common areas, as well as your personal belongings and liability. Insurance costs can vary depending on the type of coverage you choose and the location of your condo.

Repairs and maintenance

While many condos are well-maintained by the building management, there are still costs associated with repairs and maintenance that may fall on the owner. These expenses include replacing appliances, fixing plumbing issues, or repairing damage caused by natural disasters.

Tips to maximize your condo investment

It’s important to understand the costs of owning a condo and how to manage them effectively to maximize your profits. Here are some tips to help you get started:

Set aside a budget for repairs

If you rent out your unit, you’re responsible for its upkeep. While DMCI Homes is well-known for its well-maintained buildings, there will still be occasions when maintenance is needed. Be sure to have a separate budget allotted to avoid inconveniences for yourself and/or your tenants.

Maximize your rental income

With the high demand for rental properties in the city, you can earn significant rental income to help cover your monthly expenses and boost your investment profits. Be sure to follow the guidelines and restrictions of your condo association when renting out your unit.

Check out your investment options with the property pros

Owning a DMCI Homes condo can be a great way to generate income and build wealth over time. By being aware of the costs of ownership and taking steps to manage them effectively, you can make your condo work for you and enjoy the many benefits of owning property in a vibrant and thriving community.

Find out what your investment options are with our Property Advisors. Get in touch with us here.