Owning a Condominium or Renting an Apartment
Which one is better between owning a condominium or renting an apartment? Are you a struggling millennial or a first-time homeowner who doesn’t know the best option to invest your money onto?
Having to choose which one is better between condominium or apartment living may leave you overwhelmed with more questions. Thus, let this blog shed light on you.
What sets the two apart?
The façade of some condominium and apartment buildings may look the same, but their structure offerings differ from each other.
The apartment building, for instance, is owned by only one person, who is called the landlord/landlady. In this regard, the tenants of the apartment are not entitled to own the space that they are renting. Thus, apartments are only borrowed spaces for its tenants.
On the contrary, condominiums have unit offerings that can be owned perpetually. The unit owner has a property title which officially declares that he or she privately and exclusively own the space. Just a reminder, do not believe on the misleading common knowledge that condominiums only last for 50 years.
Looking at the Benefits of Having a Condominium or Apartment
If you are a kind of person who moves from one place to another because of personal or business endeavors, then renting an apartment will be the best choice for you. However, you should be mindful that paying for a space that you will live in temporarily is not a great investment to start with. To say it frankly, renting a space is like throwing away your money according to Michael Hills, who is the Vice President of Investment Projects at Atlas Real-Estate. It is only the landlord who will benefit from your hard-earned money. Nevertheless, renting an apartment saves you from the hassle of shouldering maintenance expenses.
On Maintenance Liabilities
Does your room have broken lights? Cracked walls? Clogged toilets? You do not need to worry about those because it is the landlord’s responsibility to spend on repairs for you. Unlike in condominiums, you will be held responsible for the utility fixes.
Even though you will shoulder the maintenance fixes in your unit as a condominium owner, still there will always be available maintenance staff ready to help you with the fixes.
On Fees and Taxes
Since you are just ‘borrowing’ the space in an apartment, you will not be held liable to pay any property taxes. It is the landlord’s call to pay for those. Apart from that, dwelling in an apartment saves you from monthly homeowner dues. Hence, the things that you will have to pay are the rental fee and utilities.
Living in an Apartment: A Waste of Money?
Condominiums are better
Although it is good to note that you only have little expenses at your disposal upon renting an apartment, it is a waste of money on your part. Why? It is still a ‘borrowed’ space after all. Moreover, a borrowed space gives you a lot of limitations such as you are not allowed to renovate any area in the room that you are renting in, especially when it is a fully-furnished apartment.
On the contrary, in condominiums like Camella Manors, condominium owners have the freedom to revamp their own space (except electrical wirings, waterlines, and other structural provisions) in accordance to their own taste provided that they have the clearance from the property management and the planning department.
Another important thing to consider is that rental fees increase over the time with or without the consent of the apartment tenant. The landlords (that’s why they are called ‘lords’ for a great reason) have the prerogative to increase rental fees.
Conversely, condominiums have fixed payments terms as part of your contract. This means that if you have bought a condo unit at 3 Million, it will not change no matter what.
Despite the monthly homeowner dues, which is also known as condominium dues, that every condo unit owner has to pay, the benefit lies with the fact that these dues are used for building insurance and other maintenance activities. Contrary to living in an apartment, your money is not insured particularly when catastrophes affect your space.
Parking Space Availability
Another point to look at is that condominiums offer secured parking spaces for your vehicles. Unlike in most apartments in the country, your vehicles do not have a parking space to start with, or worst, you will need to do parallel parking on the roadside (if ever the parking space or garage area is unavailable).
Condominiums have Lifestyle Amenities
In terms of amenities, most of the apartments in the Philippines do not have the facilities or features that condominiums have. For example, a condominium like Camella Manors have swimming pools, fitness gym, jogging path, clubhouse, tennis court, and the like that will cater for your lifestyle needs.
Condominiums offer more security than apartments
Condominiums can be considered a safe and secured community to live in. Camella Manors, for instance, has a 24/7 security, guarded entrances and exits, and a perimeter fence in the area, which will surely help you sleep better at night.
Whenever you go for a travel, you can just inform the administration of the condominium to look out for your unit. In this way, you will be at ease while you are away.
Contrary to living in an apartment, the landlord will usually just give his or her tenant two keys for security. One is for opening the gate while the other key is for your room. However, this does not mean that you are secured in living there, especially where there are no CCTVs and security guards in the vicinity.
Condominiums or Apartments: On the Investment Side
If you opt to choose renting an apartment instead of owning a condominium, then you should expect that your money will depreciate as time passes by. Unlike in owning a condominium, your money appreciates as you build equity over time.
Besides, you can also look at the option of leasing your space as a form of passive income especially when you are away from your condo home. Camella Manors offers Vista Leasing services that will help you in leasing your unit.
Hence, it all boils down to your purchase preference when it comes to choosing the right dwelling option. Will you go for owning or renting a space? It depends on whatever you need at the moment.
Condominium is the Better Option
If we are to weigh the pros and cons of the aforementioned differences between renting an apartment or owning a condominium unit, then affordable condominiums can be considered as the better option.
Camella Manors is one of the condo communities that offer convenience and security to its residents. However, what sets the Camella Manors community apart is it offers a complete lifestyle package to its residents.
First, Camella Manors is strategically located in the key cities outside of Metro Manila. This is an advantage because the metropolitan area is already congested and polluted. In this regard, there will come a time that developments will slow down in the area. Unlike in the regions, condominiums will be viable investments since developments are still rising and the area is not yet heavily congested.
Regions are Much Safer for Now
Another advantage of owning a condo unit at Camella Manors is that you and your family will be away from the epicenter of the virus in the Philippines. Based on the recent NCOV tracker of the Department of Health, Metro Manila continues to be the COVID-19 hotspot with 33,427 active cases as of January 28, 2021. This is significantly higher than the other regions in the Philippines.
In addition, Camella Manors are built within a township where convenience is within reach.
If you need tools for home repairs or renovations, the AllHome is just there right across your unit. When you need to replenish your daily necessities, the AllDay supermarket will cater for your needs. On other hand, the Coffee Project is near if you are craving for the invigorating taste of coffee.
You can start your day with awesome baked goodies from Bake My Day. They will serve you with fresh pastries. If you are a plantito/plantita who has a green thumb, the AllGreen store is available to Camella Manors properties that are built across Vista Malls.
In some instances, the location of apartments is far from the lifestyle establishments. Therefore, owning a condominium is really the best option for you.
Most apartment buildings are situated in a residential area. For this reason, the only view that tenants usually see are cars and buildings on the street. On the contrary, condominiums usually have manicured green landscapes that allow unit owners to breathe some fresh air amidst the hustle and bustle of life.
For example, the Northpoint by Camella Manors is a community surrounded by imported pine trees from the United Kingdom. In this manner, Northpoint residents enjoy a 78,000 pounds of oxygen every single day.
What a healthful environment for the lungs!
Do you want a balanced lifestyle?
In this manner, you need to choose the perfect sanctuary where you can actually balance your lifestyle.
Furthermore, Camella Manors community has a resort-themed ambiance that will complement your condominium lifestyle. Thus, your condominium unit is not just a place to sleep, but it is also your perfect vacation home!
Value for Money
As a perfect vacation home, you will be free from the hassle of expensive resort reservations, especially during peak seasons. In addition, Camella Manors is just a short drive away from the tourism hotspots.
Unfortunately, apartment dwellers need to have a separate itinerary for an escapade because it is far from tourism centers. They will need to undergo the hassle of reservations and the impracticality of expensive booking. Your 15,000 pesos, for instance, for just a three-day escapade is impractical.
Pet – Friendly Community
Are you a fur parent whose looking for a new home that will welcome your fur babies?
Compared with apartments, most landlords will not allow pets in the vicinity because it may seem to be a form of distraction for the other tenants.
Which is Best to Who?
For people who will not stay for long-term in a particular area, then renting an apartment is best for them. Furthermore, renting will be the best for tenants who do not want to carry the burden of homeownership expenses.
For people who wish to start owning their first investment, then condominiums will be an affordable means to homeownership. What’s more is that they may receive tax benefits that come from property ownership. Finally, they can always lease out their spaces as a form of passive income generation.
How about renting a condominium?
Is renting still your better option? Well, it will be wiser if you will rent a space where everything is safe and secured. This is why you may consider renting a condominium unit instead.
The payment terms are similar with renting an apartment wherein you will pay 2 months advance and a down payment. What makes it different is that you will be the one to shoulder the association or condominium dues. In spite of this, you are eligible to use the facilities and amenities in the condominium since you will be paying for the dues.
However, you should take note that you are still renting, so your money still depreciates. For this reason, owning your own space is still the best option.
Be Wise with your Decisions
As early as now, you need to choose what is best and valuable for you. Never waste your money on an investment that depreciates your worth.
You need to have a keen sense of entrepreneurial mindset that your decision today will definitely affect your future.