Tips on Condo Living and Real Estate Investing

Condo or Apartment: Which One Should You Rent?

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When searching for a place to call home, a number of people are still getting on the renting journey. Renting might make more sense for some people’s financial circumstances and with a variety of properties available for rent near their school or workplace, renting becomes an even more attractive option.

If you find yourself in this situation, you might be wondering how much the property rental cost is and what you can get for your money. Another question would be, condo or apartment, which is the best fit for your? Which one should you rent, especially if you want to lease in Manila and Quezon City?

They may seem similar when it comes to the monthly rent, but there are actual differences between these two types of properties. Learn more about their differences to help you decide which is best for you

1.      Ownership

A condominium is a type of living space that has multiple units; each of these units is independently sellable and/or is typically owned by a different individual. Apartment, on the other hand, is any residential unit in a building. It is different from a condo because the property has only one owner.

2.      Maintenance and Repair

When it comes to maintenance and repair, it is almost the same for condo and apartment. When you rent a condo or an apartment, the maintenance of the unit is usually the responsibility of the tenant. Although there are instances where issues for common areas and amenities are covered by the condo association and may be discussed with the property manager for necessary action.

3.      Fees

When you rent a unit, whether in a condominium building or an apartment, there are always fees that you need to settle. The amount of fees you have to pay in an apartment is standard but for condo, it’s a little bit different.

In renting an apartment, standard fees include the first and last month’s rent and a security deposit, which is usually equal to one month’s rent. So before you move in, you will be required to pay at least three months’ worth of your rental fee. Landlords usually secure these fees for any repairs that should be made in the unit.

Condo fees are up to each unit’s individual owner. The only unique fee you may end up paying relates to Homeowners’ Association (HOA) fees. These can be monthly or annually, and the condo owner may or may not incorporate it into your rent.

According to Investopedia, “HOA fees typically cover the costs of maintaining the building's common areas, such as lobbies, patios, landscaping, swimming pools, and elevators."  

4.      Units

The unit layout for condos and apartments are no different. What varies is the number of upgrades. Because condos are individually owned, you’ve got a better chance to get a unit that is upgraded, styled, and a little more high-end.  

Units within an apartment building will often have a cookie-cutter design. Units look similar. While condo units are adjacent to each other, some units may be located above or below your own unit.

Its unit varies from unit to unit since owner preference will influence appearance. Flooring choices, countertop materials, and even built-in cabinets may vary.

5.      Amenities

The amenities you get to enjoy are often based on when the building was constructed and how high-end the community is.  

Apartment buildings may or may not have any amenities. Regular apartment buildings just have parking space for the tenants. Meanwhile, it is common for condo buildings to have one or more amenities like swimming pool, function hall, fitness center, playground, and commercial establishments like café and convenience store.

6.      Rental policies

For apartments, it’s usually the owner or the property manager who handles the enforcement of rules. They also handle the complaints directly.

For condos, the HOA usually creates the guidelines on the rules and protocols. Any additional rules may also be provided by the unit owner and may differ from unit to unit.

Make sure that you have a copy of these rules when you move in since you’re expected to follow them even if you’re just renting the unit

Knowing the differences in renting an apartment or condo in Manila and Quezon City will help you narrow down your search. It’s important to find options that are aligned with your preferences, especially in terms of how the unit is being managed and what amenities are available for you to enjoy

Vista Residences has an inhouse leasing team who can not only assist unit owners in leasing out their units but also look for their future tenants - hassle-free!