House and Lot vs Condo: Which Is Better?
- by admin
- August 8, 2022
- Investment | Lifestyle | Real Estate
Ready to buy a property but not sure which one is best for you?
Buying a property, whether it is a house and lot or a condominium, is one of the major decisions that you will have to do in your life. It is a long-term investment that you need to think of carefully to avoid regrets in the future.
With more than a decade in the real estate industry, we’ve seen a lot of homeowners choose to invest in house and lot properties instead of condominiums.
Condominiums have their own benefits like convenient locations, amenities, security, and minimal maintenance. But these benefits outway the cons. Here are some of the disadvantages of owning condominiums.
1. Very high condo fees
Most experts would say that owning a condo is a bit cheaper than owning a house and lot property. But over time, a condo can cost you more because of the very high condo fees that you need to pay on top of your monthly mortgage. These fees are for operational and maintenance costs of the entire condominium building.
Depending on the size, location, and developer, monthly condo fees usually range from PHP 1,000 to PHP 8,000. And these monthly dues are subject to increase.
Aside from this, condo owners may need to pay membership fees, parking fees, among others.
2. Very limited space
One of the most common things about condos is the very limited space it offers. On average, condominiums in the Philippines have less than 50sqm floor area. So this means, you have to be very wise in choosing your appliances and furniture to ensure they won’t occupy your whole space. You are also limited in decorating your interior to make it more homey, cozy and relaxing.
Also, condo owners don’t have exterior space. They do have outdoor facilities and common areas that are being shared with other residents.
3. Limited freedom
Some condo communities have strict policies. If you want to do some home improvements, you need to secure an approval first from the property management. Some are not allowed to renovate or conduct extension project within their unit. This means you can’t build an additional room or expand your unit space.
Also, there are other condo communities that don’t allow pets inside their building.
4. Lack of privacy
If peace, quiet, and privacy are your top priorities, then condominiums are not for you. Due to the way they are constructed, you will have neighbors above, below and both sides. This means you will have to endure all sorts of noise from your neighbors. Also, you can’t just leave your doors open as people frequently walk in hallways.
These are just some of the disadvantages of owning a condo. If you are still looking for a property that you can call your own, or a property that you and your family can live in, you should consider investing and buying a house and lot.
Here are some of the advantages of investing in a house and lot.
1. Affordable homeowner’s fee
Just like with condo communities, residential communities also require some fees that they use for the maintenance of the subdivision (security, electricity, garbage, etc.) But compared to the condo fees, these homeowners’ fees usually range from PHP 200 to PHP 500 only per month.
There is also no parking fee, security fee, or membership fees being asked from the homeowners.
2. Bigger spaces
One of the biggest advantages of owning a house and lot is the bigger and more functional interior space. You can have your own kitchen, dining area, and bedroom. You also have exterior space that you can use as a garage, dirty kitchen, or laundry, among others.
3. Exclusive rights to the property
If you own a house and lot, you have exclusive rights to the property. Unlike with a condo, you share the rights with the property management which is why you can’t do major renovations with your unit. With a house and lot property, you can do whatever you want with your house. You can renovate, upgrade, and expand your property. You just need to secure some permits from the developer and sometimes from the city or municipality in your area.
4. Peace, quiet, and privacy
Residential communities are known to be more peaceful and quiet than condo units. If you are living in a detached house model, you don’t have a neighbor that you need to worry. You won’t be sharing a wall as you have your own separate space.
5. Long-term investment
Once you buy a house and lot property, it will be yours and you can pass it down to your kids and grandkids. Even though the house itself can depreciate over time, the land where it stands will not. Real estate properties are known to have guaranteed return investments and your investment tends to appreciate over time.
With the above pros and cons, are you still thinking of buying a condo or a house and lot?
If you need more proof that house and lot properties are better investments, we can show you some of the best residential communities located in the heart of the city.
We offer free site trippings with the best properties in Central Luzon, namely:
- The Hauslands Subic (newly-opened)
- The Hauslands Mabalacat (newly-opened)
- Tuscany North Estates (Tarlac)
Condos can be good investments, but they are not as good as owning a house and lot.
Schedule a free site tripping with us with the best and premier communities today! Call/text 0918-963-6760 or message us via Messenger facebook.com/mitchprin
