Are you in the midst of planning to live in a condo or a house? Choosing a location, determining the budget, and the factors that we’re about to give will help you decide.
When purchasing a property, there is a choice between buying a condo or house. Aside from location, housing type is one of the most important decisions to make when buying.
Pros and Cons
There are pros and cons to buying either kind. For those who are planning to buy but are having a hard time deciding which to pick (condominium unit or house), here are some factors that can help you determine which property best suits you (and the desires of your heart).
These days, you can see condominium buildings rising everywhere because of its growing demand. In the city and suburban towns, residential subdivisions are also increasing in number. The prices and payment terms are becoming more and more competitive, making it easier for Filipinos to acquire a home.
These are some factors you might consider:
Condos are less expensive than houses. Condos have a very wide price range. Lower-range condominiums are often within the budget of first-time buyers and start-up families. You may find a house at the same price in less desirable neighborhoods and suburban areas.
Houses on the other hand usually have a higher price tag especially when located within and near city centers. You can get longer payment terms though if you purchase early on in the pre-selling stage and in areas that are still being developed.
Condominium buildings are often situated in prime locations, within city centers, near shopping malls, churches, marketplaces, restaurants, schools, and major transportation hubs. The close proximity allows you to reduce commute time and costs. Condominium living may be more practical for individuals or families that need to be in the city most of their days of the week.
When you own a house, you have exclusive rights to your property. You may expand it any way you want. You can plant a garden, set up a patio, have a BBQ, let a dog run free in your yard.
On the other hand, when you own a condo unit, you have to settle with maximizing your space and you will share common areas with other unit owners. This may mean you’ll have to be very good at getting along with your neighbors since you’ll be seeing them more often inside the building.
Maintenance, Repairs, and Renovation
The advantage of buying a house is that you have total control over the property to remodel or make changes as you wish (within the deed of restrictions of the subdivision). Another house advantage is that it allows for extra indoor and outdoor space, which is more conducive to accommodating families, children, and pets. Houses also feature more storage space in closets, attics or basements. Houses also offer more privacy because neighbors don’t live as close by as they do in condo buildings.
One of the primary advantages of living in a condo is that the repairs and maintenance of the whole exterior of the building is a shared responsibility of the condo corporation. The exterior of a condo is both owned and maintained by the Unit Owners’ Association or condo corp. The owner is responsible only for the interior of his unit. Everything outside the front door is already a shared area that is maintained by the property management. That frees up time (and money) for other pursuits.
Privacy and Security
Part of the condominium dues goes to ensuring the privacy and security of unit owners. Living in a condo promises a well-secured area where only residents can enter and visitors are screened, therefore, visitors are well-monitored and you can leave your unit empty for longer periods of time without fear of it being robbed as hallways are usually monitored by CCTV. Houses can be as private and secured, but this depends on the location and the neighborhood.
Condo buildings usually have amenities that you don’t find in some subdivisions like swimming pools, gyms, function areas, meeting rooms and lounges.
All the unit owners in a condominium building also share the expenses to maintain the shared areas in and around the building which lowers your maintenance costs compared to maintaining a house.
There are a lot more factors to consider when choosing between a house and a condominium and these are just some of the points we shared with you. It really depends on which choice will best support your family’s needs and your place of work while keeping the costs of living practical.
So now, where do you prefer to live?