Facts About Condominiums

Published: 25th May 2010
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There are many types of condo for sale Philippines today. Other than the popular condominiums we see in the city, such as the towering condominiums of Makati City, to the many condominium buildings in Ortigas, Pasig City, a number of condominiums have started to grow in other locations such as in the outskirts like in Novaliches, Taguig, and Marikina, to provincial areas such as Tagaytay and Cavite.

Although the number of condo for sale Philippines have recently grown in the market, and that the demand is still pouring through, there are still several things that many Filipinos still doesn't know about condominiums, its legal binding as well as with its many rules and regulations. So here is a short information about condominiums

Facts about condominiums
A condominium is a type of multi-unit dwelling similar to townhouses and apartments (building). It is known as a type of apartment in which each unit in a floor is individually occupied. There have been questions about the difference of condominiums and apartments (building). The difference between these two types of multi-unit dwellings is its ownership.

According to many experts, a building to be used as a condominium can also be used as an apartment building, and vice versa. The difference lays with its ownership. While apartments are usually rented or leased to tenants, condominiums are normally owned individually. However, even though a resident owns a unit in a condominium, the rest of the condominium such as its hallways, elevators, and recreational facilities are jointly owned by all the owners.

Another popular fact about the new condo for sale Philippines, such as condominium complexes, is that these types were influenced by the popularity of townhouse complexes in other Asian countries. Townhouse complexes became popular because of its exclusivity as well as with its amenities. Condominium complexes are also known for such luxuries, particularly with its amenities. The difference, however, is that condominium complexes are much more affordable than townhouse complexes.

One fact that many are asking about condominiums is its rules and regulations. Condominiums are governed by rules and regulations in which residents are obliged to follow. One is the paying of monthly fees. These fees are usually used for the maintenance as well as the security of their condominiums.

Other than monthly fees, condominiums are also known to restrict a number of details. Such restrictions can vary from condominiums to condominiums, and be as simple as no pets allowed, to a much severe restriction such as no children allowed. There is also restrictions about the number of occupants a unit has.
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