Learning More About Condominiums
Learning More About Condominiums
Learning More About CondominiumsCondominiums have become a very popular type of housing in the Philippines. Though according to manyPhilippine real estate experts, condominiums have only been recently introduced, these types of housing rapidly grew in the market and became more popular than other types of housing in the Philippines such as townhouses and apartments.
But what is a condominium? Because it was only recently that condominiums were introduced, there are still a number of things that Filipinos don't know about condominiums, its type of ownership as well as with its difference with other types of housing such as townhouses, houses, and apartments.
What is a Condominium?
Condominiums are a type of a multi-unit dwelling in which each unit in a floor are owned individually while the rest of the building or compound are jointly owned by all the owners. Condominiums and townhouses are similar with each other, which are both categorized as a multi-unit dwelling, while some types of apartments are also considered the same. However, there are several differences with their type of ownership or housing tenure.
First is, what is housing tenure? Housing tenure is a term used in the industry as a way to determine the type of ownership an individual or group of people have in any type of housing, such as condominiums, apartments, townhouses, and houses. According to manyPhilippine real estate experts, the term condominium is not only used as a name for a type of housing, but also as a type of housing tenure.
The condominium type of housing tenure is said to be a type of commonhold or strata title (the type of housing tenure that embodies townhouses), in which each unit are individually owned. The difference is that other facilities found in a condominium building or compound, such as hallways, elevators, and its recreational facilities, are jointly owned by condominium owners.
Another distinctive feature of owning a condominium is its fees, which is known as condominium fees or "condo fees". According to manyPhilippine real estate experts, these fees are paid by all the condominium owner which are used for maintenance of the common areas.
Rules and regulation
Other than the condo fees, condominiums are also known for their rules and regulations that residents are obligated to follow. Popular example of one of these rules is the rule of modification. Although residents are encourage to modify their condo units as they see fit, the homeowner association would usually require submitting the plans of their modification. This can either be approved or denied.
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