The Many Advantages of Buying a Condominium Unit
One of the most popular types of housing in the Philippines today are condominiums. Compared to other forms of housing — such as townhouses, apartments, and most specifically houses — condominiums have grown to become a very popular type of housing because of their many advantages and benefits. So what are their advantages over other types of housing?
Compared to townhouses and houses, condominiums are much more affordable in terms of permanent residence. Houses and townhouses available in the Philippine market today range from hundreds of thousands to millions of Philippine Pesos — depending on the city, as well as their location within the city. Houses available in Manila today can go up from P1,000,000 Philippine Pesos, to as much as P10,000,000 Philippine Pesos. Condominium units, on the other hand, would only cost half the original price of houses and townhouses, just ranging from P500,000 Philippine Pesos to a million.
Another advantage of owning a condominium unit is its location. Most condominiums available in the market today are those found inside a major city, such as in Makati City. According to Real estate Philippines experts, this allows the condominium to be within walking or mass transit distance of business and industrial areas of the city.
Also popular as locations are condominiums situated outside of major cities — particularly those found in provincial areas such as Tagaytay.
The advantage of these types of condominiums (usually known as condominium complexes) is the luxury they provide, as well as amenities which could cost a lot if installed in houses. Though townhouse complexes are also known for their amenities, condominium complexes are usually more affordable.
The advantage of most condominium complexes is their amenities. These amenities include resort facilities such as swimming pools, gyms, parks, and playground equipment. Installing such amenities in houses, or buying houses with the same amenities, could cost millions of Pesos. Although townhouse complexes have the same amenities, condominium units are usually more affordable.
According to Real estate Philippines experts, such amenities are usually available in condominium complexes. However, some condominium buildings are also known for their amenities, such as pools, gyms, and other popular functions.
In terms of affordability, apartments are usually more affordable. However, the advantage of condominiums is their ownership. According to Real estate Philippines experts, a condominium building and an apartment building are usually the same. The only difference is the form of ownership: condominiums are usually sold to individual owners, while apartment units are leased or rented to tenants.
About the Author
Deirdre Gonzales is a business entrepreneur from Cebu City, Philippines. She’s now based in Florida, and writes in her spare time for various websites, including Atayala.com.
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