Apartments vs. Condos: Which One is Best for You?

[myht]

Apartments and c0nd0miniums are one of the most common properties for lease in the Philippines. Know how they differ from one another and decide which one is more suitable for you with our tips below.

What is an apartment?
An apartment is the most common type of housing unit in the Philippines. According to merriam-webster, an apartment is defined as a room or set of rooms fitted especially with housekeeping facilities and usually leased as a dwelling. On the other hand, Wikipedia describes an apartment as a self-contained housing unit that occupies only a part of a building, generally on a single story.

Apartments are usually older structures compared to other types of housing units. They are typically rented out by homeowners when they have extra or vacant rooms available.

The main difference between apartments and c0nd0miniums lies in the type of ownership. A c0nd0minium building has several units with more than one owner, unlike an apartment which usually only has one owner. Apartment owners typically own the housing unit and lot. On the other hand, c0nd0minium owners own their respective units and share ownership with the lot and common areas as stated in the master deed.

Accessibility
Most apartments are usually found on interior roads. More often than not, these apartments have signs in structures advertising “Rooms for Rent” or “Apartment for Rent.”

Price range and lease duration
Apartments are easy to find and are very affordable. Apartments are typically rented out at PhP1,500 per month or higher. Lease terms are usually less strict as compared to c0nd0miniums. This is because they are managed by individual owners, unlike c0nd0miniums which are maintained by their respective Homeowners Association (HOA). Compared to c0nd0minium unit rentals, apartments have faster turnover with tenants.

Types of apartments and c0nd0miniums
The standard apartment types in the Philippines are studio type apartments, one-bedroom apartments, and two-bedroom apartments. Although there are other types, they are not as common. These apartments do not have the furnishings or luxurious amenities found in c0nd0miniums. This bare or minimal furnishing makes them more affordable, which is why renting an apartment is an attractive option for budget-conscious individuals. In contrast, c0nd0miniums generally use better furnishing and materials than apartments.

Payment terms
Payments for apartments and c0nd0miniums have similar payment schemes. Both require an advance payment to protect the lessee in case of default from the lessor. Also, lessees are required to pay a security deposit in case of a breach of contract. This security deposit acts to cover the lessee from any damage to the property. Lastly, the lessee charges the lessor the monthly rental on for the use of the property.

However, apartments and c0nd0miniums differ in payment length. Apartment owners usually ask for two months deposit and two months advance payment. In contrast, c0nd0minium owners ask advance post-dated checks over the whole contract tenure. Moreover, c0nd0minium monthly rentals are generally more expensive than apartment rentals.

Finding an apartment or c0nd0minium
Apartments are ideal for people who are unsure about how long they will stay in an area or for people who plan to stay there only for the short term. For people who plan to stay long term or have the ability to put up some equity, c0nd0miniums might be the better fit.
Looking for a c0nd0minium or apartment for rent in the Philippines? Click here to search for available properties in your area.

 

[armz71]

para sa akin kung mag iinvest ka for business okay pareho kung afford mo pero kung long term para upahan waste money.
mas mainam kumuha ng residential house or housing loan pagdating ng panahon mawalan ka man ng trabaho o tumanda ka at di na kaya ay may sarili ka . sa condo pagkaka alam ko dami dues at may mga policies.

 

[baet]

Di ko alam kung totoo.
Pero ang Condo Unit daw, mag-a-avail ka ng Milyon pero good for 10-15 years lang.
Kahit gusto mo pang tirhan at may pambayad ka pa, basta kapag natapos na ang kontrata, kailangan ng layasan, gigibain at patatayuan ulit ng bago.
Ganun nga ba?