Differentiating Condominiums From Apartments
Condominiums and apartments are some of the most popular types of residential real estate in the Philippines
. Apartments have long been known in the industry for its affordability which allows Filipinos to have a residence without having to invest too much money. Condominiums, on the other hand, were only been recently introduced in the market yet became in demand because of its affordability compared to townhouses and houses.According to a number of philippine real estate experts, although these types of housing are different from each other, particularly with its cost, condominiums and apartments are usually similar in form and structure. This is because condominiums and apartments are both considered as a type of multi-unit dwelling in which each unit in a floor is individually occupied. However, the difference of condominiums from apartments and vice versa is its ownership.
Importance of housing tenure
In real estate, particularly with residential real estate, the term housing tenure is normally used to determine the type of ownership that a person or a group of people have over any type of residential real estate. This is popularly seen in determining the difference between a condominium and an apartment.
According to many philippine real estate experts, a building to be used as a condominium can also be used as an apartment. The difference between it is its legal binding or its ownership. Condominium units are usually individually owned while the rest of the condominium such as its facilities and recreational areas are jointly owned, while apartments are normally leased or rented to tenants.
Advantages and disadvantages
Both condominiums and apartments has their own advantages and disadvantages. Owning a condominium does give its residents a more permanent residence compared to apartments. Condominiums, like houses, can protect its owners from eviction. However, the disadvantage is that people still needs to invest a lot of money to buy a unit, although its prices have significantly dropped over the course of its years.
Apartments became popular in the market because of its affordability which requires little investment compared to owning or buying a condominium. The disadvantage, however, is that apartments doesn't protect its residents from eviction. According to a number of philippine real estate experts, apartments can only provide a temporary residence which could work as an advantage for some but not for others.
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by: Deirdre Gonzales