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Condo vs. Apartment: Which one is best for you in the Philippines?
By: Catherine Joyce Bulong | June 14, 2024
Deciding between a condo or apartment? While each alternative has its own advantages, choosing the best one is important because it will affect your lifestyle and financial situation in the long run.
Let’s explore the differences between the two and what factors you may take into consideration while making your decision, so that you may make the best choice possible based on your unique needs and goals.
Here’s our condo vs apartment blog to help you with your decision…
Understanding the basics: Condo vs. Apartment
Condominium (Condo)
A condominium is a privately owned apartment housed in a building or community, featuring common areas like a gym, pool, and security. Homeowners’ association (HOA) fees are paid by owners each month to support the maintenance of these shared spaces. Having a condo is a great option for those looking to invest in a real estate and enjoy a community lifestyle.
Apartment
In contrast, an apartment is a rented space in a community or building that is owned by a single party, like a property management business or landlord. If available, tenants can also take use of condo-like features without having to handle the ownership duties. For many, it’s a hassle-free solution because the landlord also takes care of maintenance and repairs.
Factors you should consider when choosing:
Need help on your renovation plans? Our Home Loan can be used for your renovation.
Deciding between a condo and an apartment in the Philippines all goes down to your personal preferences, financial situation, and future plans. Here are some scenarios you can consider when choosing:
Choose a condo if:
- You wish to make long-term real estate investments and build equity.
- You plan to stay in one place for a long time.
- You value upscale amenities and are prepared to pay additional costs and maintenance.
- You want to renovate the space to your liking.
Choose an apartment if:
- You value flexibility and think you might move more frequently
- You would rather pay fixed monthly rates with less initial cost.
- You want to live worry-free without having to deal with maintenance and ownership duties.
- You’re okay with the space not being renovated to your personal preferences.
Conclusion:
In the end, each type of housing—condos and apartments—has pros and cons of its own. But you can choose the best choice for the living scenario you want by carefully weighing your financial circumstances, lifestyle choices, and future goals. Whether you choose a condo or an apartment, the vibrant urban and warm rural communities of the Philippines await you.
If you’re on the fence about owning a condo, our Security Bank Home Loan can help you get one.
Read more: House vs Condo: The Biggest Home Hunting Dilemma in the Philippines
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