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Wednesday, February 14, 2018

House or Condo? What Property Should I Get?

Before answering a question whether I want to purchase a condominium or a house we should compare first the pros and cons living on both properties. Be it you purchase a house for your family or buying a condo for investment or vice versa.   This 2018 real estate market in the Philippines is projected to soar higher where townhouses and condos are in demand. So if you are planning to buy a house or a condo you should consider the many pros and cons first before deciding.
Before answering a question whether I want to purchase a condominium or a house we should compare first the pros and cons living on both properties. Be it you purchase a house for your family or buying a condo for investment or vice versa.

This 2018 real estate market in the Philippines is projected to soar higher where townhouses and condos are in demand. So if you are planning to buy a house or a condo you should consider the many pros and cons first before deciding.
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The Advantages of Buying a Condo
The resurgence in urban living is the reason why many people decide to buy condos over houses. Condos are usually located in urban areas. Shops, restaurants and other places of interest are just walking distance from condos. It also offers resort-like amenities such as pools and gym.

Because of convenience and low-maintenance, people with busier life choose to buy condos as a place to stay or for investment. Buying condo for investment is a good choice anyway. 

Disadvantages of Buying Condo

Some condo buyers do not like the rules and restriction associated when buying a unit. Another major drawback to condo life is the association fees. This is a money being collected outside of monthly mortgage payment for building maintenance and amenities. 


The fees can be expensive and they can increase when extra money for maintenance is needed. Another con is that all homeowners share in the decision-making process with regard to the condo building.

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(House vs Condo Infographic. Image via Security Bank)
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The Advantages of Buying a House

When you buy a house you have a total control over your property. You can remodel it or make changes without the consent of others. 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 offer more privacy because neighbors don't live as close by as they do in condo buildings.



The Disadvantages of Buying a House

Just like a condo, buying a house has some disadvantages too. As a homeowner, you are completely responsible for all the maintenance of your house. You must also consider buying extra equipment and tools for maintenance when you purchase a house. 

Although any improvements you make will likely increase the home's resale value, they require an investment of time and money. Another con is that utility bills are generally higher because houses have more space than condos. In addition, many houses are especially affordable housing is already located in places far away from the city center!


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