Apartments and condominiums are some of the most popular forms of housing in the Philippines today. Compared to houses, Filipinos find it more affordable to buy or rent a condominium or an apartment. But what is an apartment and a condominium? And what are its differences?
Other than the usual house, there have also been other forms of housing which has become very popular among many Filipinos. These are the apartments and condominiums. Apartments have already been a popular type of housing for many Filipinos, particularly with those without the right amount of money to buy their own house. Condominiums, on the other hand, have only been introduced a couple of years ago in the Philippine market, yet it became one of the most popular forms of housing for many Filipinos. So what are these types of housing and what are their differences?
Apartments
According to many Philippines property experts, apartments are a type of multi-unit dwellings in which a unit in a building is rented to the public. Such buildings are commonly known as apartment buildings. There are many types of apartments available in the Philippines, one of which is the studio type apartments.
Studio type apartments, or commonly known across the world as efficiency apartment or bachelor/bachelorette style apartment, is a type of apartment which combines the living room, bedroom and kitchenette, while the the bathroom has its own room. Studio, efficiency, and bachelor style apartments all tend to be the smallest apartments with the lowest rents in a given area, usually ranging around 300 to 600 square feet. This is the reason why many Filipinos have come to rent an apartment rather than buy a whole house.
Other types of apartments include the one-bedroom, two-bedroom, and three-bedroom apartments in which bedrooms are separated from the rest of the unit. Another is the garden apartment complex which consists of low-rise apartment buildings built with landscaped grounds surrounding them.
Condominium
Condominium is also a type of multi-unit dwellings in which a unit in a building is sold to individual owners. Similar to apartment buildings, condominium buildings commonly consists of multiple units. According to Philippines property specialists, condominium units are individually owned while areas such as hallways and recreational facilities like gyms, gardens, and swimming pools, are jointly owned by all the unit owners in the building.
The advantage of buying a condominium from buying a house is the cost. Although there are a few condominiums which are said to cost more than the worth houses, there are still some that could be bought for around P500,000 to P800,000 Philippine Pesos.
Differences of apartments and condominiums
The main difference of apartments from condominiums is its legal binding. According to many Philippines property experts, there is no way to know a condo from an apartment simply by looking at or visiting the building. The same building developed as a condominium could actually be built someplace else as an apartment building. However, the difference is that apartments are commonly rented by tenants while condominiums are sold to individual owners.
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