subject: A Look At Why Condominiums Are Popular [print this page] What is the best? Buying a house or a condo unit? In today's trends, condominiums have become very popular, particularly in the Philippines. Although condominiums have only been recently introduced into the market, compared with townhouses and apartments, the number of a href="http://www.atayala.com/">condo for sale Philippines are steadily increasing, proving the same benefit that other condominiums provide. So what is a condominium? And what is the difference between a condominium and an apartment?
What is a condominium?
Condominiums are one of the many forms of housing tenure in which each unit in a building is individually owned while other facilities such as hallways, elevators, staircases, and recreational areas are jointly owned by every by all the unit owners in the building. Condominiums are also known as a type of attached or multi-unit dwelling residential real estate. However, a condominium building can also be called as an apartment building while its units can also be called as apartments. So what are the difference between a condominium and an apartment?
Difference between condominiums and apartments
In terms of physical form, there isn't any difference between a condominium and an apartment. Most a href="http://www.atayala.com/">condo for sale Philippines were once known as an apartment until many have come to call it as a condominium. The only difference between a condominium and an apartment is purely legal. What defines a condominium is the form of ownership.
According to many real estate professionals, a building to be used as an apartment building could also be used as a condominium and a condominium could also be used as an apartment building. The only difference is that a condominium is individually owned, meaning each unit in a condominium building is owned by an individual or a set of people, while apartments involve a monthly rental fees and that each unit is owned by the whole building's owner.
Benefits of buying a condominium
The reason why many would opt to buying a condominium is because of its several advantages, which is also why the number of a href="http://www.atayala.com/">condo for sale Philippines have also increased. The reasons for its popularity is its maintainability, security, as well as access to facilities such as swimming pools, gyms, spas, and other recreational facilities which normally would be costly. For more information visit to our site at http://www.atayala.com
