Should I Buy a Condominium or Apartment in the Philippines?September 28, 2021
Should you buy a condominium or apartment in the Philippines?
- Maintenance and Repairs
- Investment Value
The question that many property buyers ask themselves is “Should I buy a condominium or apartment in the Philippines?”. The top condos in the Philippines are popular for offering a convenient and enviable urban lifestyle, while apartments are touted among renters for being very similar to condos. But which one should you choose? To ensure you make the right purchasing decision, consider knowing the following difference between the two property types and assess their pros and cons.
One of the common mistakes that homebuyers make is thinking that they can differentiate a condominium from an apartment by how they look. This is the primary reason why many Filipinos think an apartment can be bought.
The main differences between a condominium and an apartment involve ownership. A condo can be bought, while an apartment can be rented.
Condominium units are purchased by individual owners. However, common facilities are shared by all the residents. Simply put, the residents own their units but not the entire building.
On the other hand, apartments are composed of numerous rooms which are owned by a single owner known as the landlord. Each of these rooms is rented out to tenants.
In the Philippines, condominiums and apartments are popular property options because both are cheaper compared to single-family houses. But depending on the location and property size, overall prices can still vary.
For instance, in the Philippines, buying a condo can cost anywhere from P50,000 to P70,000 per square meter in residential locations like Paranaque. In prime locations such as Taguig or Manila, condo prices may range from P80,000 to P140,000 per square meter. On top of that, there are monthly association dues to be paid for the building’s maintenance and management.
If you are thinking of renting an apartment, the cost may be more affordable but this will also depend on the room size. According to housing experts, the average rent price for apartments with one bedroom in prime locations can range from P6,000 to P24,000 per month. Some landowners also ask for advance rent payment and security deposit initially. An apartment may be an ideal option if you are only staying for a short period as the money you pay will only end up to your landlord and not as an investment.
Arguably, condos are ideal properties because they are always built nearby commercial and business districts. This means you can conveniently find hospitals, groceries, schools, workplaces, banks, and malls within a stone’s throw away from your condo unit.
Some of the best condo developers in the Philippines like Megaworld Manila built their projects integrated with townships to promote a live-work-play lifestyle. Take Gentry Manor as an example. Tucked in the sprawling Westside City of Paranaque, this luxury condo will soon rise to offer residents upscale shopping, dining, entertainment, and endless career opportunities in one exciting destination.
On the other hand, apartment complexes are typically located in more suburban areas.
If you want to get to and from places easier, you’ll be better off with a condominium because of the shorter travel time. The last thing you might want is to be stuck in traffic-congested roads for hours while commuting to work. Traffic is a common problem when living in the Philippines.
Maintenance and Repairs
Condo owners can do just about anything they want with their unit. In the same manner, they are also responsible for all the repairs they need.
Alternatively, apartment tenants cannot do what they want with their unit without consulting with their landlord first. The landlord may not allow renovations such as painting walls and drilling shelves. The only upside of owning an apartment is that the repairs are typically shouldered by the landlord as well.
If boosting your investment is one of your reasons for purchasing a property, buying a condo would be more ideal than an apartment. Condominium units are known for offering high investment values because they appreciate over time. Renting an apartment has no investment potential simply because tenants do not own the complex.
Most condominiums are equipped with enhanced security systems such as 24/7 security guards making rounds, security guards at the main entrance, CCTV systems, and intercom systems to keep residents safe from crimes and other forms of harm.
On the other hand, apartments vary widely when it comes to installing security systems. Some have a security guard on the front door, some have CCTVs in key areas, while others don’t have any of these security measures.
If you prioritize your security, it would be best to buy a condo or check what are the precautions your landlord has in place.
If you’re asking yourself the question “Should I buy a condominium or apartment in the Philippines?”, remember that there are numerous things to consider when choosing between the two property types. It would be best to choose the option that will best cater to your living needs in the coming years and more.