When someone mentions Baguio real estate, what usually comes to mind is a vacant lot or a house and lot for sale. However, real estate refers to any piece of land and the buildings built on it, if any. In fact there are so many other types of properties which are considered real estate, but they can be classified into different categories.
Types of Residential Baguio Real Estate
The most common property in Baguio is a residence built to support one family. It usually consists of a two-storey building with two to three bedrooms, a living room, a bathroom, and a kitchen. Some residences have one storey, though, while others have more than two. These properties don’t share walls with the properties of neighbors and should have the proper land separation at all sides as well. Since these are the normal Baguio real estate properties, they are the easiest to finance.
A multi-unit property can be used for residential purposes as well as for investment. For example, one unit on a four-unit property can be used as a primary residence for the owner, while the other three can be occupied by tenants. In other scenarios, all four units can be used as investment properties by renting and leasing them all to tenants. In this case, the property is referred to as an apartment building or an apartment house. It may also be used by the owner to house several family members, and hence serve as an entirely private residential property.
Townhouses are usually situated in city subdivisions. These properties have similarities to condominiums because the owners share common amenities like sports facilities, spas, pools, and the like. However, each townhouse is leased or sold to a single family. The building usually consists of two floors and is separate from identical townhouses in a given area. In a condominium, the owners share the same building, but they do own separate units.
People who wish to retain their primary homes in other places can buy Baguio Real Estate properties as their second homes. While single-residence homes usually act as the primary vacation home of choice, other types of properties like condominiums and townhouses are also available. Baguio is an excellent place to scout for vacation homes for people who wish to get away from the summer heat in hot lowland areas.
Various types of properties fit into this category. As was mentioned earlier, apartment houses are a common example. Vacant lots can be kept for the purpose of appreciation and later sold at a future date. Families who are currently living abroad may also lease their homes to eager tenants while they are away from Baguio. For most OFWs who want to invest in Baguio real estate investment properties, they usually put up multi-unit buildings and rent them to students, job seekers, and other tenants while keeping one unit or two to serve as their own residential units.
Condominiums like The Residences At Brent provide individual ownership to lessees or owners. Every occupant of a condominium unit shares equal access to common areas like a basketball gym, chapel, football field, playground and jogging trail. This feature sets the difference between condominiums and apartments. In addition, a person can own a condo unit for a lifetime or lease it for a long duration of time, while an apartment is usually rented monthly or leased for an entire year.
The ones given above are some of the common Baguio real estate properties that are fit for residential purposes. Hotels, malls, government buildings, and other government and commercial properties in the city are also considered as real estate properties, but they belong to a different category.
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