House VS Condo
Whether you should buy a house or a condo, it is an issue that a lot of Filipinos have found themselves mulling over at one point or another. Some people find themselves in such a position because they are retiring soon. Some people find the need to think about the house-versus-condo debate because they need a place to live in for when they come back home to the country.
For some people, it’s a little bit of a combination of the two. Whatever your reasons may be for venturing into the issue of houses vs condos, you have to first take note of what your needs are, for these will ultimately guide you in making a decision. Should you buy a house or a condo? Get the property that will address your needs the most.
There are different factors that may color your decision about getting a house over a condo and vice versa but one of the surest ways to give you a clear picture of your options is to go over the advantages and disadvantages of each choice. Only by knowing what a house or a condo can offer, you will be able to picture which one will be perfect for you. And truly, you will want the choice to be perfect.
The main advantage that buying a house over a condo will give you is the freedom to fashion your property in exactly the way you want it to be. You can always renovate a condo unit but it will already come with a pre-set layout and design that you will have to work around with. However, you will only get ultimate freedom if you are buying a house and having it made to your liking. Otherwise, if you are buying a house that’s already been built, then it is no more different than what you would have to deal with when it comes to a condo.
There’s very little real estate space left in the city nowadays so condos are usually the properties available to anyone looking to live right smack in the middle of the city, close to all conveniences that city living will require. Unless you chance upon a house for sale that have already been built before the boom of condos in the city, you’re going to have to deal with farther commuting distance if you want to buy a house.
Houses are also generally bigger than condos so they’re better if you’re going to be living with your family or are thinking about starting one. There are bigger sized condos you can take consideration but they can really set you back by a lot so they’re not wise if you’re not a multimillionaire.
In terms of general cost, the better option is really dictated by what you can afford exactly. And cost can be affected by a number of factors too, including the size and location of the property. Generally though, the bigger the property and the more convenient its location is, the more expensive it is. Whether you are buying a house or a condo, just make sure to aim to get your money’s worth.
- Unlike condos, you have the freedom to own pets, enjoy a beautiful garden, have your own pool and more.
- A house can be more spacious and it is usually located in a more peaceful location.
- Last but not least, no monthly dues.
- Relocation can be quite troublesome and time-consuming.
- You have to be responsible for the maintenance of your home.
- Mortgage payments and property taxes can be quite costly.
- Most condominiums are located near the city, which will give you a wider access of tenants if you wish to rent-out your unit.
- Minimal maintenance.
- Condominiums usually have their own pool, gym and other recreational facilities.
- Most condominium have a better resale value than a house.
- Condominiums have a set of rules, which may include restriction on ownership of pets, redecoration or renovation and noise levels.
- You will be required to pay monthly dues/association fees, which will never go away.
- Condominiums are typically smaller than a house.
- Parking slots are limited.