Apartments and condominiums have become some of the most popular types of housing in the Philippines. But many have asked, what is the differences between an apartment and a condominium?
Apartments and condominiums are some of the most popular forms or types of housing in the Philippines. There have been several advantages to its use which is why many Filipinos have come to prefer living in an apartment or a condominium unit rather than buying a whole house. But many have asked, what is the differences between an apartment and a condominium?
Apartments and Condominiums
In terms of building and structures, apartments and condominiums are practically the same. According to many Philippines property experts, a building to be used as a condominium could also be used as an apartment and vice versa. The difference of apartments from condominiums is purely with its ownership.
Condominiums
Condominiums are a type of multi-unit dwellings in which a unit is individually owned by separate owners and the common areas, such as hallways and recreational facilities, are jointly owned (usually as "tenants in common") by all the unit owners in the building. Technically, a condominium is a collection of individual home units along with the land upon which they sit.
Condominiums became popular for many Filipinos because of its affordability compared to buying a whole house. Another is that condominiums are known for their recreational facilities which are usually not included in buying a house such as swimming pools, gyms, spas, and exclusive recreational parts.
Apartments
Apartments, like condominiums, are also a type of multi-unit dwellings in which a unit is leased or rented to lessees or tenants. Rents are usually on a monthly basis or by yearly. Apartments are some of the most popular types of housing in the Philippines, particularly the Studio type apartments. Studio type apartments tend to be the smallest apartments with the cheapest rents in a given area. According to many Philippines property experts, these kinds of apartment usually consist mainly of a large room which is the living, dining, and bedroom combined which makes up for its affordability.
However, the disadvantage is that apartments can provide the same sense of permanence that condominiums have been known about. But because of its affordability, Filipinos could easily start with their lives by renting an apartment.
Difference
The difference of apartments from condominiums are its legal binding. Condominiums involve an individual buying and owning a unit in a building, whereas apartments are usually rented or leased to tenants or lessees. According to many Philippines property experts, although condominiums may seem more expensive than apartments, condominiums does provide a sense of permanence towards its residence.
Apartments and condominiums are some of the most popular forms or types of housing in the Philippines. There have been several advantages to its use which is why many Filipinos have come to prefer living in an apartment or a condominium unit rather than buying a whole house. But many have asked, what is the differences between an apartment and a condominium?
Apartments and Condominiums
In terms of building and structures, apartments and condominiums are practically the same. According to many Philippines property experts, a building to be used as a condominium could also be used as an apartment and vice versa. The difference of apartments from condominiums is purely with its ownership.
Condominiums
Condominiums are a type of multi-unit dwellings in which a unit is individually owned by separate owners and the common areas, such as hallways and recreational facilities, are jointly owned (usually as "tenants in common") by all the unit owners in the building. Technically, a condominium is a collection of individual home units along with the land upon which they sit.
Condominiums became popular for many Filipinos because of its affordability compared to buying a whole house. Another is that condominiums are known for their recreational facilities which are usually not included in buying a house such as swimming pools, gyms, spas, and exclusive recreational parts.
Apartments
Apartments, like condominiums, are also a type of multi-unit dwellings in which a unit is leased or rented to lessees or tenants. Rents are usually on a monthly basis or by yearly. Apartments are some of the most popular types of housing in the Philippines, particularly the Studio type apartments. Studio type apartments tend to be the smallest apartments with the cheapest rents in a given area. According to many Philippines property experts, these kinds of apartment usually consist mainly of a large room which is the living, dining, and bedroom combined which makes up for its affordability.
However, the disadvantage is that apartments can provide the same sense of permanence that condominiums have been known about. But because of its affordability, Filipinos could easily start with their lives by renting an apartment.
Difference
The difference of apartments from condominiums are its legal binding. Condominiums involve an individual buying and owning a unit in a building, whereas apartments are usually rented or leased to tenants or lessees. According to many Philippines property experts, although condominiums may seem more expensive than apartments, condominiums does provide a sense of permanence towards its residence.
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