| Long term apartments are practical options for | | | | monthly obligations of the renter. The security |
| housing in the Philippines. Depending on the | | | | deposit is returned to him at the end of the |
| situation, a prospective buyer may choose either | | | | contract, barring some possible changes to the |
| short term apartments or long term ones. The | | | | rental agreement. In contrast, purchasing a home |
| fundamental difference between the two, in most | | | | requires a more significant payment at the very |
| cases, is the length of the contract. A typical | | | | start, and that money is kept by the seller. A |
| rental agreement contains the monthly amount | | | | Makati apartment also cuts costs in that there is |
| that must be paid, the duration of the contract, | | | | no need to hire a real estate agent or attorney |
| and the limitations of the rental. The primary | | | | for most rental contract negotiations. |
| factor that differentiates long term contracts is | | | | Taxes are also a concern for home-owners that |
| that these can last up to a decade or more. For | | | | are not applicable to renters of long term |
| some people, this might be daunting to consider, | | | | apartments. A home-owner will, over the course |
| but there are advantages inherent to such an | | | | of time, be required to pay for housing loan |
| arrangement. | | | | payments, property taxes, insurance premiums, |
| One of the advantages of long term apartments | | | | and maintenance costs. These can add up |
| is the possibility that the restrictions of debt | | | | significantly, and the appreciation of the property |
| financing are avoided. There are instances when | | | | in the Philippine real estate market may not make |
| someone who owns property is in debt because | | | | up for it. In contrast, all that the renter is |
| of that purchase. In the Philippine real estate | | | | concerned about is making rent payments on |
| market, it is often required that a potential | | | | time, with the possibility of some small fees that |
| homeowner apply for a loan before being able to | | | | must be paid, depending on the terms of the |
| finance a purchase. A long term rental | | | | rental agreement. |
| arrangement allows one to work around the | | | | Short term apartments also tend to have lower |
| regulations that make it difficult for someone | | | | price controls in place in some areas. Apartment |
| already in debt to apply for another one. This is | | | | rental fees can increase, but it is possible that a |
| an advantage with limited application, but one that | | | | long-term lease agreement would be more open |
| can be useful for those who are looking to set up | | | | to limits on how much the rent can go up over |
| a business that requires a loan. | | | | time. |
| Renters of long term apartments can usually get | | | | Long term apartments can be advantageous, |
| by with just paying the first and last month's rent | | | | depending on a person's situation. Most of its |
| and a security deposit. This amounts to a | | | | advantages in comparison to short-term rentals |
| payment that is significantly smaller than the | | | | are not significant, but the differences to outright |
| down payment for a house, and it is comparable | | | | purchasing of a house can be tremendous. In |
| to the payments involved in a short-term | | | | Philippine real estate, a Makati apartment rented in |
| arrangement. This is advantageous since the | | | | the long term has all these advantages. |
| rental payments actually go directly to the | | | | |