Is Condominiums for Sale in the Philippines better than apartment renting?

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What is the difference between a condo and an apartment? Hmmm… it is mainly a legal distinction but in many communities, apartment and condo living is different. To know the difference between a condo and an apartment and which one will suite you best, check out the list below.

What is a condominium?

Condominium is the form of housing tenure and other real property where a specified part of a piece of real estate is individually owned. The use of land access to common facilities in the piece such as hallways, heating system, elevators, and exterior areas are executed under the legal rights associated with the individual ownership. These are rights re controlled by the association of the owners. Simply, it is type of shred property which contains individually owned units.

Condos for sale offer the services and facilities to owners such as maintenance repairs. Condo owners have to abide by the regulations and policies of the association which often include: annual condo membership fees, maintaining a specific type of appearance outside of the condo restriction.

What is an Apartment?

An apartment is a self-contained housing unit that occupies only part of a building. It is a term that is usually applied to a unit in a building that is rented. While purchased apartment can legally be called a condo many apartment for sale do not fit the traditional idea of condo ownership.

Condos usually refer to units that are within a shared community while an apartment owner resides in a building that also has apartments for rent or which does not have any type of owner’s association or extra services provided to tenants or owners.

Costs

Apartment and condo rentals are often priced similarly but there are some benefits of renting a condo in term of what you will receive as part of your monthly payment. In condo communities, most of the utilities are included which will help you to save a lot as you renter some cash. The only downside of renting a condo is that you will likely have to pay some fees upon moving in that you may not pay when renting an apartment. However, most condominiums have nicer finishes and higher-end appliances than most apartments.

In deciding between renting a condo or an apartment, it is important to look on costs of each over both the long and short term of rental to see what will makes the best for you.

Management

Apartment building are commonly managed by individual taxpayers or sometimes by professional companies in which can offer you the peace of mind regarding issues that may rise, which can be handled in a timely and professional manner. Condos are commonly managed too by the professional developers which may serve you the same thing as apartment owners. You can take advantage of all the benefits of a condo rental while enjoying the peace of mind having a professional company being your landlord. But the thing that makes your rent difficult is that if the condo unit is being managed by its individual owner. If the owner live or on out of town trips or generally unavailable, it may be very difficult to reach them when issues arise.

Amenities

Condominiums nowadays have amenities better than apartments. Amenities make condos more sellable than apartments. These amenities can give the building a luxury feel with all of the benefits of condo living.

See The Benefits of Condominium Living in the Philippines

What’s your choice?

With at least a little knowledge you can decide which renting suites you. You may want to see these considerations.

What can you afford?

What is your desired lifestyle?

What do you want to deal with?

Or you may check out - Self- Check: Is Condominium living right for you?



Who do You Want to Deal With? Are you more comfortable with a reputable apartment leasing company, or are you OK with individual condo owners? Your answer could very well make your decision.

Hopefully the information provided in this blog can help you decide what renting options you will purchase. Just a quick reminder that the right place will fit into your budget and make you feels at home.



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