House and Lot VS CondoSeptember 11, 2017
If you won the lottery, what would you want? If you have extra money in the bank, what would you want? If your business is a success, what would you want? Some want fast cars, a yacht, the latest gadgets, and a private jet to travel the world. But some would be torn between buying their dream house or owning a condominium in the city. Buying a property or getting a condo is one of the most exciting times in a person’s life. Either way, both are good investments.
We have listed the pros and cons of owning a house and lot and a condo. Let us guide you in purchasing your first, second, third or fourth home. Be a wise buyer and weigh the pros and cons. Let us help you decide.
1. PRIVACY – A house can give you extra privacy and a large living space wherein you can have your own yard and a garage within your lot. You may also increase your homes’ value by doing repairs and home improvement projects. This may vary from painting, landscaping and put up walls and additional rooms. You have total control of your home and how it will look like. On the other hand, a condo will give you close proximity to your neighbors and you will be sharing walls with them. Living in a high-rise will only mean that you live above or below and besides someone else. There are no yard or backyard to take care of because landscaping and maintenance will be taken cared by your property management. There is also 24-hour security in the building. Since walls are the only division in the condo, noise needs to be controlled and we should respect our neighbors. But when the time comes that you are being bothered by your neighbor’s loud music, there is no need to personally call their attention, rather report the incident to the building property security for them to address and handle the issue.
With all these being said, you don’t get to choose who your neighbors are. May it be in a condo building or in a neighborhood if you choose to live in a house. If you get a bad one, you have to live with them for a long time. Social moments with your neighbors can’t be denied as you will be either riding with them in the elevator, bumping them in the lobby or outside when throwing trash or seeing them in the nearby stores and definitely be beside them in the parking lot. It won’t hurt to be nice to your neighbors.
2. RESPONSIBILITY – Owning a house and a condo both give you responsibilities on a monthly basis. Utilities like water, cable, and electricity need to be settled. But the amount will depend on the number of occupants and appliances you use. Aside from this, a condo owner needs to settle the association dues on a monthly basis. The amount will depend on the building amenities, the location of the condo and floor where your unit is. This will cover the upkeep of the common areas in the building and its utility cost and maintaining the amenities your building offers. Owning a house also comes with a responsibility. You need to settle the land tax on a yearly basis. The amount will depend on the location of the house and the type of house built.
Take note, Townhouse and Houses inside a gated subdivision also pay their Association Dues just like the condo. However, condominium owners also pay their yearly Property Tax (real estate tax) just like the House and Lot and Townhomes with less hassle. Instead of you paying personally for all the dues and creating time for settling taxes, as well as being mindful of payment dates (quarterly, annually or yearly) the property management office settles it for you. So, either way, no one is exempted from paying extra but the amount will depend if you live in a house or in a condo.
3. REPAIRS – Repairs can be limited when living in a condo. You cannot just knock down walls and build a new room in your unit or paint your door red from the outside. For a Megaworld condominium, unit owners will have a 1-year quality control on their unit. This means that there’s a standard prescribed period for quality control after-which all major repairs or renovations have to be coordinated to Property management Office as maybe part of the Condominium Rules and By-laws that you also enacted and agreed as a member of the Condominium Corporation. All common areas are maintained and managed by the Property Manager. The house can be more flexible. If you will be doing home improvement projects in your home, you can do so without asking permission from anyone. However, if you will be doing repairs on the outside or will be building another floor or an extension outside your home, you need to ask permission from your barangay and get a building permit. Painting, remodeling, renovation, whatever you decide to do, make sure it will help you enjoy your new home.
4. AMENITIES – A house amenity will depend on the size of lot you have. Is it big enough to accommodate a swimming pool or is there an extra room to have a gym. For an average house in the city, having those amenities will be a slim chance. Maybe you can just settle for a gaming console, a TV or a good book in your home. A condo, on the other hand, would have extra amenities you can enjoy. A swimming pool, a game room, extra seating areas in the lobby, a sky deck, a game room and a view in your window can all be part of amenities you can enjoy in a condo.
Have you made your decision? Well, buying a condo is definitely cheaper and way more practical nowadays. You get to be near establishments and have amenities a house can’t offer. If you really want a profitable investment, put your trust in Megaworld Manila property. As an affiliate of Megaworld Corporation, we build townships for you to live closer to work and have time for your friends and family. We give quality to the life you live so you can live the life you love. Own a Megaworld condo today and see how your life will improve.