As aspiring homeowners, we want to make sure that the first home we acquire with our hard-earned money is the right and best one. Because of this, most of us suffer from the dilemma of choosing between a house or a condominium. So, here 3 of the several factors we must consider when making the decision:
1. Cost
When starting to look for your dream home, setting a budget is one of the first steps. Most of us have a specific budget already allocated for buying our dream home. Although we know that we must stick to that budget set, choosing between a condominium and a house and lot can become tricky and extremely difficult especially when choosing the location and area of a house or a condominium as it affects the price of the real estate property.
A condominium, while relatively cheaper upfront than a house, has a more expensive pricing per square meter, thus making it pricier than a house in terms of land area. One reason is because of its location, which is usually in the metro, and another is because of the convenience it offers.
Condominiums are usually near key locations in the metro especially banks, groceries, malls, and offices. Aside from that, some condominiums already offer full package on their amenities. Such as pools, gyms, and even their own grocery store at the lobby or the ground floor. These convenience offered certainly does not come free as they are also one of the factors that makes condominium living quite expensive.
Another possible source of cost is the travel from our home to our workplace, and other important locations. Generally, houses are located just outside the metro, making it further from where all the activities are happening than a condominium. As we all know, time is money, so it is important to consider traffic, commuting or travelling cost and time. Although most of us are currently on a work-from-home set up due to the ongoing pandemic, which meant less commute and travel to work or school, some still prefer to live in the heart of the city. Having everything at the palm of your hand, definitely dream-like.
However, if you’re someone who prefers the quiet, serene place to wake up to, sub-urban house and lots can be your go-to. You can make use of the time we have right now to relax at home and have a breath of fresh air. Free from pollution contrary to what we have every day in the metro. Although, it also depends on what age and stage in life the future home owner is. Some might be preparing for their retirement home, which means a serene place outside the metro is their preferred setting.
Also important to note are the cost for maintenance and dues. Condo dues are generally more expensive than house dues, however condo dues include maintenance services for whenever something needs fixing, such as plumbing. On the other hand, in a house, the cost for maintenance is completely separate from house dues.
2. Space and Environment
One of the most important things to consider when choosing between a house and a condominium is the space. We want a home where we feel comfortable, and having a cramped space will not give that. There are condominiums that are relatively large, but generally, houses are more spacious than condominiums. Choosing between them depends on the number of people who will be living there. Additionally, when we need more space, a house allows us to renovate and expand when desired or needed, while a condominium does not as it is already fixed.
Based on the environment, each has its advantages and disadvantages. Living in a house has more privacy for it stands alone, while living in a condominium means having neighbors that are only on the other side of the wall. A house also has more open spaces that gives us more freedom to grow plants, take care of pets, etc.
However, while a house wins in terms of privacy and freedom, a condominium is ahead when talking about parking, security, and amenities. Owning a condominium means automatically having security and parking; it also gives access to different amenities such as gym and pool, which a house does not immediately have unless intentionally built.
3. Investment
As we continue our road to success, it is a dream to own multiple properties. Hence, we must also look into the future and see how the condominium or house we purchase at present can be an investment and a money-generating opportunity.
In terms of land ownership, buying a house takes a point as it entitles the buyer full ownership of the land and the structure of the house itself, while buying a condominium means having to share the land with all those who purchased units. And as we know, land is one of the assets that almost surely increases its value over time.
A money-generating opportunity would be renting out the house or condominium. This can be done through sites like Airbnb or by hiring property managers. Generally, it is easier to rent out a condominium as it is more open to both short and long-term renting. It is also more likely for people to rent and stay in a condominium for its convenience and its close proximity to essential locations.
Purchasing a house or a condominium is a difficult decision to make as it usually involves a large sum of money. However, it does not have to be that financially heavy as there are real estate companies that aim to address the housing problem in the Philippines, such as Bria Homes, that make housing easy and affordable. Lastly, each house or condominium has its own perks and it all depends on what we need and what we are looking for in our first home. So, what are we waiting for? It is time to make that dream home a reality!
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