Condominiums and apartments are some of the most popular types of housing in the Philippines today. One reason is that these types of housings are much more affordable than buying a house or a townhouse. However, there have been many talks and questions on what is the difference between a condominium and an apartment. According to many Real estate Philippines experts, there isn’t much difference between an apartment building from a condominium building. So what is the difference of condominium buildings from apartment buildings?
Difference of apartments from condominiums
Apartments is a type of multi-unit dwelling which is one of the most popular types of housing in the Philippines. One type which is recognized around the country is the studio type apartments. A studio type apartment, or also known in other countries as studio flat (UK), efficiency apartment or bachelor/bachelorette style apartment, is a self-contained, small apartment, which combines living room, bedroom and kitchenette into a single unit, barring a bathroom.
According to Real estate Philippines experts, studio, efficiency, and bachelor style apartments all tend to be the smallest apartments with the lowest rents in a given area, which is why it became popular for many Filipinos, particularly for college students and non-married people. Condominiums, on the other hand, are normally more expensive than apartments, but affordable compared to houses and townhouses.
Condominiums is also a type of multi-unit dwelling which has recently become very popular among Filipinos. This is because condominiums are more affordable than buying a whole house or investing on a townhouse. The cost of a condo unit in the Philippine market today ranges from P500,000 Philippine Pesos to P1,000,000 Philippines Pesos (still depends on which location the condominium is standing).
Although renting an apartment is much cheaper than buying a condo unit, the advantage of condominiums, however, is that it is one of the cheapest ways to gain a more permanent residence compared to renting an apartment unit, not matter how beautiful it is. However, other than its residence difference, another major difference is the its form of ownership.
According to Real estate Philippines experts, the difference between a condominium and an apartment is purely legal: there is no way to know a condo from an apartment simply by looking at or visiting the building. What defines a condominium is the form of ownership.
The same building developed as a condominium, which is usually sold as individual units to different owners, could actually be built someplace else as an apartment building, in which the developers would retain ownership and rent individual units to different tenants.