There are many types of commercial residential housing in the Philippines and one of the most popular types of commercial residential houses today are condominiums. Compared to other types of commercial residential houses such as apartments and townhouses, condominiums have only been introduced recently in the Philippine market. However, condominiums are now considered as one of the most sought after type of commercial housing in the Philippines both by wealthy and middle class. So what is a condominium? And what are the things that made it popular in the Philippines?
Condominiums are a type of multi-unit dwelling in which each floor of a condominium building is comprised of several units which are individually owned. Condominium units are usually individually owned and the common areas, such as hallways and recreational facilities, are jointly owned by all the unit owners in the building. There are several reasons as to why condominiums became a very popular type of commercial residential house in the Philippines. Some of which are its affordability, location, maintainability, security, and amenities.
Affordability Compared in the past in which condominiums were mostly for the wealthy, particularly because of its cost, most condominiums today became more affordable, allowing people from the middle class to own themselves a condo unit. The recent decrease of its cost was due to the fact that the market became more competitive with all the new condominiums, particularly in Metro Manila. Because of its cost’s significant decrease, condominiums became more affordable than a normal house, particularly with townhouses.
Although its price have gone down, its luxury and way of living still remained the same, allowing Filipinos to enjoy a luxurious life for the fraction of the cost. Location Another popular advantage of condominiums are its location. Most condominiums in the Philippines today are those found within or inside big cities, such as those found in Makati City and Ortigas. These types of condominiums allow its residents to be within close proximity with their work places or other popular commercial areas such as malls and shopping centers.
This made it easier for them to get back to their work without having to go through the usual hassles of rush hour. However, other than these locations, there are also condominiums found outside the city, such as those found in the outskirts such as in Novaliches and Taguig, or in provincial areas such as Tagaytay. Unlike the towering condominiums found in the city, these types of condominiums are usually similar with townhouse complexes. Maintainability
Another reason why condominiums became popular is with its maintainability. Condominiums are usually known for their maintenance personnel that takes care in maintaining the livability of their condominiums. Its maintenance personnel assure that every facility found in the condominium is properly maintained from hallways, stairways, and elevators, to its cooling systems as well as parking areas. This makes it easier for residents to maintain their own units. Security Another popular feature of condominiums is its security.
May it be a big complex or a high-rise building, condominiums have long been known for its tight security. This is to assure that their residents are safe from any harm that can be caused by nature or other humans. Amenities This is one of the most popular benefit of owning a condominium, its amenities. Most condominiums in the market today, particularly condominium complexes, are known to provide the same amenities which are found in townhouse complexes, such as swimming pools, gyms, recreational areas, and more.
Although condominiums found in the city, can’t provide the same amenities such as those from condominium complexes, some of these condominiums may offer their own amenities, such as gyms and an in-door pool. There are a number of new condominiums established all over the Philippines which is different in terms of location from condominiums found in business and commercial districts. This is because most of these types of condominiums are found in the outskirts or even in the provinces. These types of condominiums are known as condominium complexes.
Condominium complexes Condominium complexes are a type of condominium which aims to offer modern housing for the modern Filipino family. Because condominiums in the city are unsuitable for a growing family, primarily because of its lack of facilities in which growing children needs, many corporations in the Philippines such as Ayala Land Corp. have established a number of new condominiums which is found far from the city and complete with all the necessary facilities that a growing Filipino family needed, such as wide open spaces as well as playgrounds and parks.
Condominium complexes are found in places which are known for their wide spaces such as in Tagaytay, Taguig, Marikina, Novaliches, and other popular, quiet, places. Although these types of condominiums may put its residents outside the reach of major business districts as well as commercial areas, these types do provide other popular advantages, such as its amenities. There are several disadvantages in living in a condominium complex. Because most of these are found in far off places, residents have found it harder to get to work, particularly because of rush hour.
Another is that not all condominium complexes can provide those kinds of amenities. Some of these condominium complexes only became popular because of its affordability. However, there are similar condominium complexes found near cities, such as those around Ortigas, Pasig City. The disadvantage, however, is its expensiveness, particularly for the average Filipino. Although condominiums are known for its advantages, several residents have also cited several disadvantages of owning one. One apparent disadvantage is its monthly fees.
Other than electric bills and water bills, condominium owners are obligated to pay a monthly (or yearly) fee that is used to maintain their condo’s livability. According to many Filipinos, the bigger and higher (or the more amenities) a condominium have, the bigger its monthly maintenance fee. These fees are also used for the wages of maintenance personnel as well as the security. Another disadvantage of condominiums compared to a typical commercial apartment is that most of these condominiums are not as family oriented as many may think. This is because of the size of each unit.
Most condominiums have a specific requirement for residents, such as no children allowed in their condominium as well as the number of residents per unit. There is also the case of asking permission to do modifications in their condo units. This is usually to ensure that the structure of condominium wouldn’t be compromised because of these modifications. Differentiating Condominiums From Apartments According to many experts, condominiums are very popular among many Filipinos today. One reason for this is that buying a condominium unit is much more affordable than buying a whole house or a townhouse.
However, apartments have also been known for its affordability. So what is the difference between an apartment and a condominium? And what are the advantages of buying a condominium rather than renting an apartment? Although these types of commercial residential houses are different from each other, particularly with its cost, condominiums and apartments are usually similar in form and structure. This is because condominiums and apartments are both considered as a type of multi-unit dwelling in which each unit in a floor is individually occupied.
However, the difference of condominiums from apartments and vice versa is its ownership. Importance of housing tenure In real estate, particularly with residential real estate, the term housing tenure is normally used to determine the type of ownership that a person or a group of people have over any type of residential real estate. This is popularly seen in determining the difference between a condominium and an apartment. According to many Philippine real estate experts, a building to be used as a condominium can also be used as an apartment.
The difference between it is its legal binding or its ownership. Condominium units are usually individually owned while the rest of the condominium such as its facilities and recreational areas are jointly owned, while apartments are normally leased or rented to tenants. Advantages and disadvantages Both condominiums and apartments has their own advantages and disadvantages. Owning a condominium does give its residents a more permanent residence compared to apartments. Condominiums, like houses, can protect its owners from eviction.
However, the disadvantage is that people still needs to invest a lot of money to buy a unit, although its prices have significantly dropped over the course of its years. Apartments became popular in the market because of its affordability which requires little investment compared to owning or buying a condominium. The disadvantage, however, is that apartments doesn’t protect its residents from eviction. According to a number of Philippine real estate experts, apartments can only provide a temporary residence which could work as an advantage for some but not for others.