The Good And The Bad Of Houses And Condominiums

There are different types of houses in the Philippines today and some of the most popular are condominiums and the typical house

. Condominiums, although it was only recently introduced, have quickly become popular for many Filipinos, may it be by the wealthy or by the middle class.

However, although the of choice of residential real estates have become wider in the past decade, many Filipinos still opts to buy and own a house of their own. So what are the advantages and disadvantages of owning a house or a condominium?

Advantages of houses and condominiums

Houses and condominiums are practically similar in terms of ownership. Although condominiums are far more similar to apartments, the difference is with its ownership. Houses and condominiums are owned while apartments are leased or rented to tenants. However, there are several difference between houses and condominiums.

Houses has the advantage of allowing its residents to to modify the building and land as they please (this however may be subject to government, homeowner association, and deed restrictions), whereas condominiums may only give the right for residence but not totally own the whole condominium. According to many Philippines homes and real estate experts, this is because other facilities found in a condominium, other than its units, are jointly owned by other residents. This however could work as an advantage for condominiums.

Condominiums most have amenities in which having it in a house could be very costly. According to many Philippines homes and real estate experts, such amenities include swimming pools, gyms, and recreational areas. Compared to houses, these amenities can be enjoyed freely by its residents.

Disadvantages of houses and condominiums

Other than advantages, houses and condominiums are also known for its disadvantages. One main disadvantage of houses and condominiums are its expenses. Houses and the land they sit on are expensive, and the combination of monthly mortgage, insurance, and property tax payments is greater than monthly rental costs.

Although condominiums are usually not as expensive as a house, residents are also obligated to pay these monthly bills. However, other than these monthly bills, condominium owners are also obligated to pay a monthly fee for the condominium. These monthly fees are usually used for the maintenance of all facilities found in the condominium. According to many Philippines homes and real estate experts, the more amenities found in a condominium, the greater the monthly fee.

For more information visit to our site at http://www.atayala.com

by: Deirdre Gonzales

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