Apartment or Condo in Manila: Which to Choose?

Condo vs Apartment: Where Should You Live in a Crowded City?

The Philippines is one of the most densely populated countries in the world, with its capital City of Manila being one of the most populous metropolitan areas, as its population density has been reported to reach 73,920 persons per square kilometer. Despite this, the country’s urban areas are where many of the day-to-day activities take place, hence the rising number of residents and residential spaces.

For those looking to live in a highly urbanized city like Manila, there are two main types of housing options: condominiums and apartments. Both have their own set of advantages and disadvantages, so it’s important to weigh these factors carefully before deciding which type of housing best suits your needs.

In a crowded center of trade and commerce like Manila, finding the perfect place to call home is a boon. So, if you’re in search for a condo for sale in Binondo, Anchor Land’s choice residences offer you a sanctuary in the busy and bustling metro.

The Difference of a Condominium vs an Apartment

To emphasize what makes a condominium and apartment unique from another, we’ll have to first define their differences. Essentially, a condo is a type of housing that is individually owned, while an apartment is leased.

This means that with a condominium, you will be an owner of the unit, while with an apartment, you are only a tenant. As Bankrate also cites, the property taxes of a condo are paid for by the owner, while for an apartment, it is the landlord – not the renters – that pay for its property taxes.

Now that we have that settled, let’s take a more in-depth look into the advantages and disadvantages of each type of housing option.

Condo vs Apartment: Advantages and Disadvantages

Accessibility

In terms of accessibility, condominiums are often located in prime areas within the city. This means that they are close to key establishments like malls, schools, and hospitals. On the other hand, apartments are usually located in less accessible areas or on the outskirts of the city.

In a crowded city, accessibility to key locations and convenience in transportation is made easier when your place of residence is closer to these multi-purpose complexes, semi-private commercial spaces, and public infrastructures.

Costs

When it comes to costs, condominiums are often more expensive than apartments. This is because they are considered a luxurious type of housing and are often located in prime areas. However, the difference in price is not always significant, so it’s important to compare prices before completely committing.

Ultimately, the costs associated with both types of housing should be taken into context, considering the distinctions we’ve made earlier. Condo ownership is different from leasing an apartment.

In any highly urbanized setting where there are more people, such as central business districts, the costs of residential spaces can get astronomically higher; whether a property is for sale or for rent. And in Manila, the nation’s capital, there is no price tag to living in a place decorated with a rich history of culture.

Ownership and Payments

Another advantage of condominiums is that they can be owned outright. This means that once payment has been made, the unit will be yours to keep. With apartments, on the other hand, you will only be leasing the unit for a certain period of time.

As mentioned, property ownership in a congested urban area like Manila can be a pretty smart investment.

Repairs and Maintenance

In terms of repairs and maintenance, condominiums often have a higher quality than apartments. This is because condominiums are usually well-maintained by the owners and the management. Apartments, on the other hand, are often left to the tenants to take care of, although this can be debatable.

There are apartment complexes in the city where the building administrators do take good care of the property. However, consistency in this regard is shaky, which is why a condo is the preferable choice if you’re worried about handling repairs.

Safety and Security

When it comes to safety and security, condominiums are often considered to be more secure than apartments. This is because condominiums have security features like gated entrances, 24-hour security, and CCTV cameras. Apartments, on the other hand, usually have less secure entry points and are often located in areas with higher crime rates, driving much affordable prices.

Naturally, a place with less people, who are more than likely to have less problems, will have less incidences of criminality in the area.

Amenities

Lastly, condominiums often have more amenities than apartments, and these amenities are also the usual selling points of luxury and posh living spaces.

This is because condominiums are usually equipped with facilities like swimming pools, gyms, and function rooms. Apartments, on the other hand, often have limited amenities. Parking spaces are something to pray for in the more crowded areas of the city.

Condo vs Apartment in the Busy City: So, Which is Better?

Now that we’ve looked at the advantages and disadvantages of both condominiums and apartments, it’s time to decide.

If you’re looking for a luxurious and secure type of housing, then a condominium is the better option for you. However, if you’re on a budget, then an apartment might be a better choice. That being said, the decision will still depend on your needs and preferences.

In a highly urbanized city, choosing to live in a condo vs an apartment makes a difference in terms of accessibility, costs, ownership and payment, repairs and maintenance, safety and security, and amenities. It is important to take these factors into account before deciding on which type of housing to choose.