Here is a common question new families often face: Should we rent an apartment or buy a condo unit?
It’s not just new families; young adults from other places who come to the urban areas to study in major universities as well as travelling businessmen appointed to work on geographical expansion are also confronted with these options.
The main difference between an apartment and a condo is in the ownership. A condo is building with several units owned individually and with a long menu of amenities owned equally among all condo owners. On the other hand, an apartment is owned by one owner with individual units rented out to occupants. Oftentimes, the amenities and benefits are near to none.
On the safe note, we would advise that you select the most ideal option for you. But for us, condo living will always be the winning solution in the long term. Here’s why:
So you think that condo is more expensive than apartments? Think it over.
With renting an apartment, you are simply paying and giving your money to the apartment owner. When your landlord decides to increase the rental fee due to maintenance and market demand, you have no option but to also increase your budget for the payment. This is coupled with a lack of security as well — that is, that if the apartment owner wants to renovate the apartment building or transform it into a better commercial complex, you may be forced to look for another place to rent.
Condo buying and condo living, on the other hand, may be a bit pricey than your monthly apartment rental fee. But when you put things into perspective, it is quite affordable. It is, in fact, a wise investment because you have the chance to recoup through appreciation when you decide to sell the unit. If you don’t want to sell, you have the option to open your condo unit to expats, families, young professionals and students for rent. This means additional income for you while you choose to live somewhere else.
Security and maintenance
While maintenance and basic security is assured for occupants of rented apartments, security and maintenance for condo living is much more elaborate and detailed. There are gated and locked entries and security professionals. As a member of the homeowners association, a condo owner is treated to a full maintenance package that is carried out by other people who are skilled with sweeping the grounds, fixing pipes and landscaping, among others. This is one of the benefits of condo living that attracts investors who are busy with work and travel a lot.
Apart from your condo unit being an amenity in itself with its complete with modern appliances, smooth finishes and lovely furniture, the condominium building has more amenities compared to an apartment complex. Let’s use One Pacific Residence, one of Megaworld’s luxurious condo projects in The Mactan Newtown in Lapu-Lapu City as a perfect example. It has these following recreational amenities, among many others:
- Aqua gym pool
- Tennis court
- Culinary station
- Tai chi area
- Jogging path
- Climbing wall
- Children’s playground
- 20-meter lap pool
- Sunken lounge
- Children’s pool
- Outdoor shower
- Pool deck lounge
So which should you choose in 2016? We say go for condo living!