One of the many dilemmas that first time home buyers face is whether or not they should opt for a house or condominium. Each type of property has pros and cons that makes the decision between the two properties difficult. Here are some of the factors that you need to consider when making this important decision.
Identify The Location
Location is everything when it comes to real estate. For example, it’s hard to find a good house and lot in Metro Manila since space is limited. Metro Manila is known for its great condominium units, however. This means that if you want to live in cities like Makati or Taguig, you’ll probably have to settle for a condominium unit. Meanwhile, provinces like Bulacan and Cavite are more house and lot friendly, with tons of subdivision developments available.
Estimate The Cost
Let’s face it: a condominium unit costs less than a house and lot in most cases. Condominium units located in prime locations can cost up to PHP 1 million while house and lots in the same locations can range from PHP 6 million to PHP 25 million. Estimate the overall cost and see which type of property will fit you.
What’s Your Current Status?
According to research, home buyers who already have a family are more likely opt for a house and lot. This is because a house and lot offers more space and a suburban lifestyle that works best for family life. Meanwhile, young home buyers tend to invest in condominium units first since they are cheaper and have more amenities. Condominiums are also favorable for those who want to make money from renting out their property.
Comfort Of Space And Freedom
A home buyer should also consider the allotted space that they will need. It’s obvious that a house and lot has more space than a condominium. There is also the issue of freedom. In a house and lot, the owner has full responsibility and freedom to do whatever he or she wants. Once it’s fully paid, no one can evict you from the place. Meanwhile, some condominiums have strict rules over the design of each unit and what goes in and outside of the development.
Need help figuring out which type of property suits for you? Chavez Property Realtor is a property consultant that will help you find your dream property. For more information, visit their website chavezproperty.com and their social media: ttps://www.facebook.com/CHAVEZPropertyRealtor/