The Many Benefits Of Owning A Condominium
There are many types of residential real estate in Philippinestoday
. One of the most popular are condominiums. Although it was recently introduced in the market compared to other types of houses such as townhouses, apartments, and the typical house, condominiums quickly became popular across the country, particularly in Metro Manila.What is a condominium?
A condominium is a type of multi-unit dwellings in which a unit is individually owned while other facilities found in the condominium are jointly owned, such as hallways, heating systems, elevators, as well as recreational areas. There is also a similarity with condominiums and apartments, particularly because both are mostly considered as multi-unit dwellings.
According to many experts, a building to be used as a condominium can also be used as an apartment, and vice versa. The only difference is with its ownership. Condominiums are individually owned while apartments are rented or leased to tenants by its landlord.
Although condominiums were only recently introduced in the Philippine market, it quickly grew to become one of the top residential real estate in Philippines. The reason for this is because of its many benefits compared to other types of housing.
Benefits of condominiums
One major benefit of condominiums are its affordability. Although it was known in the past for its expensiveness, which also gives its luxury, condominiums of today have become more and more affordable, particularly for the middle class of the society. Compared to buying a whole house or a townhouse, condominiums are much more affordable. This usually depends on its location, which is another advantage of owning a condominium.
Most condominiums are found in areas near or within major business districts such as in Makati City as well as in commercial areas. The advantage that this type of residential real estate in Philippinescan give is that residents could easily avoid rush hour, which is still a problem in the Philippines. Another benefit of condominiums are its amenities.
Resort facilities such as swimming pools, gyms, and recreational areas are generally not included in buying a house. These, however, are found with townhouse complexes. However, condominiums are much more affordable than townhouses, which allows Filipinos to enjoy such amenities for the fraction of its cost.
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by: Deirdre Gonzales