Condominiums, in law, is viewed differently in some major countries such as in the US. English Common law tradition holds that real property ownership must involve land, whereas the French civil law tradition recognized condominium ownership as early as the 1804 Napoleonic Code; thus, it is notable that condominiums evolved in the United States via a Caribbean government with a hybrid common-civil legal system. It was only during recent years that condo in Philippines became more popular.

In 1960, the first condominium in the Continental United States was built in Salt Lake City, Utah. Initially designed as a housing cooperative (Co-op), the Utah Condominium Act of 1960 made it possible for “Graystone Manor” (2730 S 1200 East) to be built as a condominium. The legal counsel for the project, Keith B. Romney is also credited with authoring the Utah Condominium act of 1960. Romney also played an advisory role in the creation of condominium legislation with every other legislature in the United States. Business Week hailed Romney as the “Father of Condominiums”. He soon after formed a partnership with Don W. Pihl called “Keith Romney Associates”, which was widely recognized throughout the 1970s as America’s preeminent condominium consulting firm.

Although often mistakenly credited with coining the term “condominium”, Romney has always been quick to point out that it harks back to Roman times, and that he merely borrowed it. Nowadays, the leadership of the industry is dominated by Community Associations Institute or CAI. If you want to buy some luxury condo in Philippines, then try and visit an online real estate company.

An alternative form of ownership, popular in the United States but found also in other common law jurisdictions, is the “cooperative” corporation. It is also known as “company share” or “co-op”, in which the building has an associated legal company and ownership of shares gives the right to a lease for residence of a unit.

Another form is leasehold or ground rent in which a single landlord retains ownership of the land on which the building is constructed in which the lease renews in perpetuity or over a very long term such as in a civil law emphyteutic lease.

Undivided co-ownership is still another form of civil law joint property ownership. With his form of ownership, the owners own a percentage of the entire property but have exclusive possession of a specific part of the property and joint possession of other parts of the property; distinguished from joint tenancy with right of survivorship or a tenancy in common of common law. Learn where to buy some of the most luxurious condo in Philippines by visiting an online real estate broker.

Choosing between a house and a condominium is a matter of budget. Houses are known for its affordability, which is why these types of residential Philippine real estate

are still in-demand, while condominiums are known for its expensiveness, yet offers the best benefits that many modern Filipinos are looking for in today’s modern lifestyles.

Choosing your Home Both types of housings can offer a home for any Filipino. However, both types differ with their benefits. While houses are known for its affordability, condominiums are known for its modern benefits that could cater to the needs of many Filipinos. The disadvantage of condominiums, however, is its expensiveness. Here are some information about these types of Philippine real estate

and what they can offer to their residents.

Condominiums Condominiums are considered today as some of the best types of modern housings in the Philippines. Part of what made it modern is because of its location, which is mostly found in business and commercial districts such as in Makati City.

Because of its location, condominiums can offer the accessibility that many Filipinos are looking for, allowing them to access their workplaces without too much hassle due to rush hour. Another major advantage of condominiums is its amenities in which many of these condominiums can either offer gyms, indoor swimming pools, sports complexes, or all of it.

The disadvantage of these types of condominiums is its environment, which lacks the necessary facilities that can accommodate the needs of growing children. Although there are condominium complexes found around the outskirts of Metro Manila that can offer the right environment for a growing Filipino family, the disadvantage of this is its inaccessibility to business and commercial districts as well as its expensiveness.

Houses The reason why houses still remained as one of the most in-demand types of residential Philippine real estate

is because of its affordability. According to many Filipinos, the cost of a single condominium unit in Makati City or in any other business districts is enough for them to buy a 2 to 3-story house in neighboring residential districts such as in Caloocan City and in some parts of Quezon City.

However, there are a number of new houses in the Philippines that can offer benefits that modern Filipino families can enjoy. This is because these new houses are found in exclusive housing communities, similar to subdivisions, around the outskirts of Metro Manila.

Along with its exclusivity, these new housing communities can also offer the same amenities that condominiums and condominium complexes can offer such as swimming pools, sports complexes, playgrounds, and recreational parks. The best thing about the houses available in these areas is that these can be owned and paid in installment, making it more cost-efficient compared to renting.

The disadvantage of these new houses, like many other types of housings, is its inaccessibility to key locations around the Philippines, particularly with business and commercial districts. Another is that these types of housings are not as luxurious compared to living in a condominium unit.