Condos and apartments: Similarities and differences

ONE drawback to living in a city like Metro Manila is that it is congested. It is so crowded that it is hard to build a house due to limited space. As a result, vertical structures have become the alternative and preferred mode of residence is in the form of apartment buildings and condominiums (condos).

One may wonder what is the difference between the two buildings? There are some cases where the names are interchanged or confused.

Design or structure-wise, they may be identical and would probably have similar amenities though this is often associated with condos in the Philippine setting.

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Perhaps the apparent difference between the two is ownership.

Both can be rented though a condo unit can also be bought. For the latter, one can even avail of a “rent-to-own” option. An apartment is usually owned or run by a landlord/landlady or building administrator while a condo is run by a condo corporation consisting of unit owners. Here are other differences between the two types of residences.

Cost

In terms of price, prices of condo units may vary depending on location. Central business districts like Makati and Bonifacio Global City are considered prime locations and they command higher prices averaging P80,000 per square meter. It may cost less in other areas.

In stating the obvious, renting an apartment is cheaper. The price will depend on location, room size and how long one wants to stay. Apartment rentals inside the city center may cost between P6,000 and P24,000 per month while those outside the city center may cost half that amount.

Ownership and payments

In a condominium, units are individually owned and each unit owner has a title, which serves as proof of ownership. However, amenities and facilities are shared and collectively owned by all the residents of the building as these are common areas. This means that condo owners fully own their units but not the entire complex.

As for an apartment, this comprises many rooms or units for rent. The entire building is owned by a single person or entity, which is the owner of the building or property manager.

Another difference is the cost and how to pay. As mentioned earlier, in a condominium, the unit owner has the option to rent or buy a unit. There are various options available from buying outright or availing of loans. Even if the owner has fully paid for the unit, there are still payments to be made in the form of association dues.

Apartment residents pay their rent to the building owner. Initial payment entails paying first and last month’s rent plus a security deposit.

Maintenance and repairs

If repairs are needed in apartments, usually it is the responsibility of the property owner to address these problems such as busted lights or leaky faucets. The better-managed apartments would have an in-house maintenance staff to take care of such problems. This can also be a drawback, especially if problems are minor as you cannot fix anything broken yourself because of the rules or protocols for repairs that may prevent you from doing so.

For condo units, maintenance and repairs is the responsibility of the unit owner. This would mean engaging the services of a third-party company to take care of any problems pertaining to electricity and plumbing.

However, such problems affect common areas, the homeowner’s association will take care of those, provided these are reported to them as soon as possible.

When it comes to refurbishing, condo unit owners have the freedom to redecorate the interior while apartment renders cannot since the latter does not own the room or unit.

Security and safety

Condos are advertised as well-guarded. They boast of 24-hour security and CCTV cameras strategically located. In addition, each has intercom systems so unit owners can communicate with security before entertaining guests or visitors.

Not all apartments have this same feature. Some will have security guards at the lobby and even CCTV. Renters may have to inquire about this before considering rent.

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Who would want it?

Apartments are ideal for those seeking short-term residences or do not want the added responsibility and expense of ownership.

Renters are those who usually live outside the city until such time they may move on to have a home they can call their own (even a condo).

Condos are ideal for young adults starting out on their own, newly-wed couples wanting to start a family, small families, and “empty nesters” or retired couples who want a smaller space.

Choosing between a condo and apartment is a matter of preference and need. Each has its pros and cons and prospective home seekers need to weigh the differences to arrive at a wise decision.

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Article was originally published in Manila Times and written by Aaron Ronquillo.

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