Advantages And Disadvantages Of Owning A Condo Unit

Published: 09th May 2010
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One of the most popular types of housing in the Philippines today are condominiums. There are many reasons as to why condominiums became popular. One is because of the luxury it provides to its residents as well as its location. So what are reasons why condominiums became popular in the Philippine market?

Advantages of buying a condo unit

Part of what made condominiums popular, aside from its luxurious feeling, was because of its affordability. Compared to other types of housing, such as townhouses and house, condominiums would usually cost less than half the cost of these types of housing. A townhouse from a luxurious complex would usually cost around P5,000,000 to P10,000,000 Philippine Pesos while houses would cost around P2,000,000 to P10,000,000 (depending on the location). According to philippine real estate experts, condominiums would usually only cost around P500,000 to a million Philippine Pesos which is far more affordable than townhouses and houses.

Although there are townhouses and houses which are near major business districts, their numbers are usually limited. Condominiums, however, are easily found in these areas. According to many philippine real estate experts, most condominiums available in the market today are found near or within major districts such as those found in Makati City. This locations allows residents to be within walking or mass transit distance of business and industrial areas of the city, yet luxurious enough for wealthy residents of the city.

Another popular feature of owning a condo unit is its amenities. Amenities such as swimming pools, gyms, parks and playground equipment are usually the highlight of most condominiums in the Philippines, particularly those found in large condominium complexes. Townhouses are also known for these types of amenities, however, condominiums are far more affordable than townhouses.

Disadvantages of buying a condo unit
Other than advantages, there have also been several disadvantages to owning a condominium. One is the monthly fees. These fees are separate from monthly electric, water, and mortgage bills. According to philippine real estate experts, these fees are used to maintain all that is found in a condominium building or complex such as the maintenance of gardens, parking lots, security, hallways, elevators, and many more.

Another is the space. Condominium units are usually smaller than townhouses. Unlike townhouses in which a resident owns a whole floor of a building, condominium residents owns only a single (depends if the resident bought 2 or 3 more units) per floor.
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