When buying a home that isn't a townhouse, you have a few options. Condominiums or condos and apartments are the two most common choices. Although apartments and condominiums can be the same, this is not the case.
Condos and apartments share several characteristics. They both, for example, have excellent locations. Having a good place is crucial in a busy city like Metro Manila or Baguio. Condominiums and apartments are two types of real estate that offer different advantages and disadvantages. But, what exactly is the best for you?
Deciding between a condo and an apartment is a big one. So, here's what you need to know to make an educated decision.
What is a Condo?
A condominium is a type of property that has been divided into individual units, each with its separate ownership. Condominiums may be built by the developer or by an individual homeowner who wants to subdivide her property into shares that can be sold to other people. Condo development is usually governed by a homeowner association (HOA), which will make rules about how the complex is run and maintain common areas such as swimming pools, tennis courts, and playgrounds.
A condo is an individually owned unit within a larger building. This means that you’ll own your own private space, but you share some common areas and facilities with other owners in the building.
Advantages of living in a Condo
Added Privacy
A condo is often a single-story home or unit, which means that there are fewer neighbors for you to interact with directly. You can also choose how much interaction you want by choosing the right floor plan for your needs.
Plenty of amenities
Condos tend to have more amenities than apartments, including pools, gyms, and other recreational spaces. Many condos also have laundry rooms and storage units for extra convenience.
Convenience
Condos are usually located near malls, schools, and other public places like hospitals and banks. It also makes it easy for residents to go out as they don’t have to worry about parking spaces or traveling long distances on foot because they can walk out of their homes.
Security
Condos usually have 24-hour security personnel that monitors every activity inside the building, including who comes in and goes out at all times of day or night.
What is an Apartment?
An apartment building comprises individual units rented out by property managers or landlords. Renters have fewer responsibilities than condo owners — all they need to do is pay their monthly rent and utilities. Apartment buildings are usually constructed to rent out to tenants rather than sell them.
Advantages of living in an Apartment
Cost
The cost of living in apartments and condos is usually much lower than living in houses. This is because most people rent out their apartments instead of owning them outright, so there isn't much upkeep involved in maintenance costs like repairs and cleaning services.
Less maintenance
Since apartments are usually located in high-rise buildings, maintenance is generally provided by the landlord or building management company. This means that you don't have to worry about hiring lawn care companies or maintaining your yard. If something breaks down in your apartments, such as your air conditioning system or water heater, you can call up the landlord and request repairs be made without doing anything yourself.
Flexibility
If you decide to move out of your apartment, it's easier and quicker than selling your condo because there are no real estate agents involved in the transaction, and there is no need for advertising or showings. You can pack up your things and leave.
Condo vs. Apartment Philippines
Condos and apartments are two of the most popular housing options in the Philippines, particularly in Metro Manila. They are much more affordable than houses, especially for young professionals or first-time homeowners. But there are differences between the two that you should know before deciding which one to buy.
The critical distinction is that a condo is a high-end, luxurious residence that is costly to maintain. On the other hand, an apartment is a less expensive and easier way of life. You may not be aware of other significant differences between a condo vs. apartment.
Ownership
One difference between condo and apartment is that in a condo, owners own individual units within a larger building, while in an apartment, landlords own entire buildings in apartment complexes. Condo owners have more control over their units than apartment dwellers because they can make changes as they see fit. They can customize their space by adding flooring or paint colors and may even be able to change out appliances if they wish (though this will depend on your condo association). Apartment landlords, on the other hand, may not allow alterations like these if you wish to customize your apartment.
Size
Another difference between condos and apartment is: that condos usually have larger units than apartments, but there is no standard size for either type of housing. Some condos have a large number of small units, while others have a few large ones. Apartments can be as small as a studio or as large as a three-bedroom unit with a kitchen, bathroom, living room, and balcony or patio.
Facilities
One big difference between condos and apartments is that condos tend to have more facilities than apartments do. This is because condos are generally more significant buildings with many units inside them, while apartments tend to be smaller buildings with only a few units per building. Condos often have swimming pools, gyms, clubhouses, and other amenities, while apartments do not provide these things for their residents.
Age
Age may play a role when it comes to the Condo vs. Apartment issue. Condominiums are typically newer than apartments. Condo complexes, in particular, went on the market much later than apartments in the mid-1990s. On the other hand, apartments tend to be typically older.
The choice between a condo and an apartment is primarily based on your personal and financial situation. The majority of people who choose flexibility and less responsibility will rent an apartment. People who wish to get into the real estate market or invest their money would instead buy a condo. Apartments and condos each have their own set of advantages and disadvantages. Before making a decision, think about your own short- and long-term goals.
If you think a condominium is for you, check out Vista Residences. Vista Residences offers pre-selling and ready-for-occupancy condo units in Baguio City, Cagayan de Oro, Cebu, Makati, Mandaluyong, Manila, Pasig, Quezon City, and Taguig!
For more information on Vista Residences, email [email protected], follow @VistaResidencesOfficial on Facebook, Twitter, Instagram, and YouTube, or call the Marketing Office at 0999 886 4262 / 0917 582 5167.
