Welcome to the world of adulting, where making decisions in life entails considerations that go beyond what kind of milk tea you want. This time, you have to choose between a condo or house and lot in a serious purchase. Consider the advantages and disadvantages of each choice carefully to ensure that you won't regret your purchase years from now. Consider other aspects outside the asking price before making your house purchase. If you are asked what you prefer which is better condo or house and lot, what should you get?
Advantages of Buying a Condominium
1. More Affordable Than a House and Lot
In general, especially in upscale regions, condos are less costly than nearby homes and lots. Of course, premium condominiums in commercial areas like BGC and Rockwell are the outliers. Due to their bigger size, houses cost more than condominiums. When comparing costs per square meter (sqm), homes are more affordable than condominiums. In Metro Manila, a house's typical list price per square meter is PHP 64,894, while a square meter for a condo is PHP 161,236. First-time buyers and families with intermediate incomes may also afford low-end and mid-range condominiums, which start at about PHP 1.7 million for a studio unit in Metro Manila.
2. Convenient Location
Malls, supermarkets, convenience stores, restaurants, laundromats, transit hubs, and hospitals are all within a short walk or drive of condominium residents. Some businesses are situated on the first level of condominium structures. When a condo resident has to make a purchase, they just use the elevator to descend. Residents in communities that are more recent and developed may also have access to businesses. Condo owners, however, benefit from simpler access to more local alternatives. Working professionals don't have a long commute to work because condominiums are frequently situated near to commercial districts. One might greatly cut down on travel time and expenses by choosing a condo close to their place of employment.
3. Wide Range of Amenities
Pools, sporting facilities (such as tennis, basketball, and badminton courts), gyms, lounge rooms, event halls, playgrounds, and other recreational amenities are features of condo developments. Similar amenities are provided in the clubhouse of gated communities, however they lack the reception spaces seen in condos. In condo buildings, receptionists offer concierge services such confirming guests, helping tenants in an emergency, and collecting deliveries on their behalf.
4. Tighter Security
When opposed to developments, most condominiums offer a better level of security. Every condo apartment and corridor is fitted with smoke detectors and fire sprinklers, and condo communities have 24-hour security and CCTV cameras. While roaming guards are present in subdivisions (and some upscale towns also have CCTV’s), maintaining tight security in bigger subdivisions is more difficult than in smaller condo buildings.
5. Less Maintenance
A condo unit requires less maintenance than a home and land do. There is no need to stress over chores like mowing the lawn, clearing the roof of leaves, or cleaning the gutters. Only the interior of each condo unit needs to be maintained by the resident. For the benefit of the inhabitants, the condo administration is responsible for maintaining the outside areas.
Disadvantages of Buying a Condominium
1. High Condo Fees
Given the high monthly association dues, a condo eventually costs more to buy than a home. The management and upkeep of the entire condo complex are paid for by the fees received from condo tenants. Depending on the size of the unit, the condo's location, and the property developer, monthly condo dues in Metro Manila can range from PHP 1,000+ to PHP 8,000+. Long after they have paid off the mortgage on their apartment, condo owners continue to pay their monthly dues, which are subject to increases. The fine for not making association dues payments on time increases the financial strain. Late payments are subject to interest charges of up to 4% per month.
2. Limited Interior Space
Be prepared to live in a condo that is as little as 18 sq m for a studio apartment. Condominiums in the Philippines typically have a floor space of less than 50 sq m. The residents in condos do not have their own private outside area, in contrast to those who reside in larger homes and lots. Instead, they interact with other residents in communal spaces and outside amenities.
3. Less Freedom
Extension projects are not permitted in condo communities since they can compromise the structural integrity of the buildings. There is no way you can add a new room to your apartment because the available space is so little. However, condo owners are allowed to modify inside the confines of their apartment. But residents must first get the property management office's consent before beginning any house repairs or improvements. One of the numerous limitations of condo living is precisely that. Condo residents must also abide by a number of house rules. For instance, there are restrictions on how you may use the amenities and communal spaces. Some condominiums don't accept pets, and those that do have restrictions on the kinds and number of pets allowed in each unit.
4. Lack of Peace and Privacy
If you prefer peace and quiet in your home, a condo might not be the best choice. Every condo owner has neighbors in the units above, below, and on the sides. Everyone is subject to noise of various kinds. All condo complexes have them, from rowdy youngsters and wailing infants to partying neighbors, loud footsteps, and chattering voices. Additionally, if you want some fresh air inside, you can't keep your doors open because people frequently wander around the hallways.
Advantages of Buying a House and Lot
1. Bigger Spaces
The main benefit of owning a home is having more inside space and a private outside area. Living spaces, kitchens, dining rooms, and bedrooms are all larger in houses. Homeowners, as opposed to condo owners, often have their own garage, laundry room, and cooking area.
2. Full and Exclusive Rights to the Property
When you purchase a house and lot, you become the sole owner of the land. Condominium occupants, on the other hand, share ownership of the property, which is why they don't have the same level of independence as homeowners. Compared to a condo, a home is simpler to modify. As a homeowner, you have the freedom to build more rooms or alter the color of your walls whenever you choose. In the backyard, you may create a little playground for the kids, a veranda, or a garden. You are free to make the most of both your interior and outdoor area. Your home may be expanded, repaired, or renovated as you like. Even a second or third level can be added if you want a greater area. However, the National Construction Code of the Philippines requires that you get a building permit from your city or municipal office before beginning any home renovation project.
3. Greater Privacy
Subdivisions often have quieter surroundings than condo complexes. Homeowners are located quite a distance apart. You don't share a wall, floor, or building with your neighbors in a detached home. You still have more privacy than those who live in condos even if you live in a townhouse or a duplex. You and your neighbors have your own private place despite sharing walls. Except for when your neighbors have late-night videoke sessions, noise won't annoy you as much as it might in a condo.
4. Good Long-Term Investment
A home and lot can be passed down from one generation to the next as a lifetime asset. The land on which the construction is built continuously increases in value over time even while the value of the structure declines. With a lifespan of only 50 years, a condo is a poor long-term investment compared to buying a house.
5. Development in the Suburbs
If you look at choices outside of Metro Manila, you may discover homes and lots for around four times less money than those in the city. In addition to having low housing costs, suburban districts, notably those in Bulacan, Cavite, Laguna, and Rizal, have been rapidly urbanizing during the past ten years. In these provinces close to Manila, there are now more roads, motorways, business districts, and of course, residential projects. It makes sense to invest in a suburban home now, while construction is still going on. Prices for homes and lots will undoubtedly increase once these regions are completely developed.
Disadvantages of Buying a House and Lot
1. More Difficult and Costly to Maintain
You have complete control over your property when you own a house and lot. This also implies that you are alone accountable for maintaining it. You may hire someone else to take care of various house maintenance tasks, but this can get pricey. While homeowners are responsible for maintaining their own properties, condo owners split the cost of building upkeep with their fellow tenants.
2. Higher Utility Bills
A disadvantage of having a bigger living area is that you need more water and electricity. As a result, homeowners have greater monthly expenses than condo owners.
3. Long Commutes
The majority of houses and lots for sale are found in suburban neighborhoods. It takes between two to four hours to go to and from key business centers, where the majority of people work. Homeowners who reside outside of Metro Manila would have to put up with lengthy and exhausting daily trips given the status of our public transportation infrastructure.
Everything you're looking for is here at BRIA, you can't find anywhere else affordable house and lot, condominium and in the center of the people so you can easily access work near convenient stores
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