Space rental is part of Filipino home living especially to those who are living in the urban community. For families who have transferred in the city, apartments and affordable condos are readily available across Manila.
Today, we cannot deny the fact that space rental is a mainstay in the Filipino budget and expenses. For middle income families, it’s quite difficult to accept the reality that most of their monthly income goes to home rental. This is why many Filipinos aspire to save and invest for their dream houses especially those working abroad and those with stable and high paying job in the Philippines.
If you’re a practical and intelligent tenant, you will not always rely on home rental since it will eventually consume all the money which you are suppose to save or invest on other important things. In this article, we will weigh which between condominiums and apartments will be more affordable in the long run.
Condominiums vs. Apartments
When selecting between these two, potential homebuyers should distinguish them clearly. According to real estate experts, the essential difference of a condo and an apartment is ownership. Basically, apartments are leased for a pre-designed period of time as compared to condos which are owned by individuals who either live in them or rent them out to others.
Speaking of ownership, a typical apartment is usually owned by one or more people that rent out their individual units for additional income. This means that apartment renters are usually not allowed to alter the interior or exterior parts of the space without any permission of the owner.
Meanwhile, condominiums are usually owned by single person, giving him / her the right to redesign their units based on what they like. What’s also good is that condo owners also pay homeowner association fees to collectively share the costs of maintaining the joined living structures.
Basing on these comparisons alone, we can somehow depict that condominiums are giving a typical tenant or home investor the freedom to own them or either rent them out to others. On the other hand, apartments have regular maintenance. For example, something breaks in your apartment, all you have to do is simply call the apartment owner to look at it and shoulder majority of the money for the apartment maintenance.
If you will try to analyze, both can be an additional source of income for overseas Filipino workers. Aside from this, owning an apartment or condominium can be both beneficial in the long run.
When talking about real estate investments such as these, it is best to consult a broker, an agent or an expert in land development property. In this case, you will be equipped with proper guidance. You should also think of the pros and cons of these investments before you decide to give it a go.