Date Posted: 2012-06-05 02:11:48
Site Posted: Myproperty.ph
When buying any real estate property, we are often advised to take into account factors like location, price and investment potential. In the case of condos, we also need to consider the type of condo development, since each of them offer their own advantages and disadvantages. Here are the common types of condo developments and what each of them offers to buyers.
Mid-rise
A mid-rise condo building has only 4-8 floors. It is this reason that some people consider mid-rise condos to be more convenient when emergencies are concerned; in case of fires and earthquakes, escaping won’t be too difficult. Also, mid-rise condo complexes have fewer units, which means that residents feel less cramped and enjoy more privacy.
Mid-rise projects also have their downsides. For one thing, they tend to be located far from business centers because they are built on large land areas. Because of the large land area, owners are also required to pay higher property taxes. A lot of mid-rise developments also do not have the convenience of elevators, which can be troublesome for people who live on the higher floors.
High-rise
A high-rise consists of 9 floors and up. Unlike a mid-rise condo building, a high-rise is located in areas very close to business centers and public transport systems because it is built on a smaller land area. High-rises are also considered to be more luxurious in terms of facilities and, in the case of freehold ownership, the fact that you actually own a portion of the land on which the complex is built.
On the other hand, because of the smaller land area that a high-rise condo covers, units might feel a bit too close together on every floor, and air ventilation might also be a problem. You also have to be aware of how safe you will be when emergencies are concerned; it’s hard to reach fires that are located in the higher levels. Also, you have to make sure that the developer followed proper guidelines in ensuring that the building will be able to withstand earthquakes.
Hybrid
A hybrid is the result of combining a mid-rise and a high-rise in a single project. In order to accommodate the different land area requirements of a hybrid, a development is usually built at the outskirts of business districts. Because of the location, residents of the high-rise buildings in a hybrid enjoy a better view than those whose high-rises are located right in the middle of the city. Because it combines a mid-rise and a high-rise, a hybrid offers the advantages and disadvantages of both projects.
By factoring in the pros and cons of the various types of developments that offer condos for sale, you’ll be able to make a better investment decision, whether you plan on living in or reselling the unit.
Jillian Cariola, Writer
(cover image by Svilen Milev)
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