Which is Better: A House and Lot or a Condo HomeJune 6, 2022
If you won the lottery, what would you want to have? If you have the extra money in the bank, what would you want? If you have a successful business, and you have extra income what would you want — Some want fast cars, a yacht, the latest gadgets, and a private jet to travel the world.
For some, they would be torn between buying their dream house or owning a condominium in the city. Investing in a condo home 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 condo. Let us guide you in purchasing your first, second, third, or fourth condo home. Be a wise buyer and weigh the pros and cons. Let us help you decide.
A house can give you extra privacy and a large living space wherein you can have your yard and a garage within your lot. You may also increase your home’s value by doing repairs and home improvement projects. This may vary from painting, landscaping, and putting up partitions and additional rooms. You have total control of your home and what it will look like. On the other hand, a condo home will give you proximity to your neighbors and you will be sharing walls with them. Living on a high-rise will only mean that you live above or below and beside someone else. There is no yard or backyard to take care of because landscaping and maintenance will be taken care of by your property management. It is also 24-hour security in the building. We all know that walls are the only division in a condo home, we need to be mindful of the noise we make. It should be controlled and we should remember to respect our neighbors. If you will be 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. This is one of the perks you get when you live in a condo home. Someone else will handle stuff like this for you.
With all these being said, either you choose a house or a condo home, you don’t get to choose who your neighbors are. If you get someone you can’t get along with, you have to live with them for a long time. You can’t get away with Social interactions with your neighbors. You will either be riding with them in the elevator, bumping them in the lobby or outside when throwing trash, or seeing them in the nearby stores and be beside them in the parking lot. It will matter if you be nice to your neighbors.
Owning a house and a condo home both give you responsibilities every month this goes for the utility bills such as the water, the cable, and electricity need to be settled on your own. Aside from this, a condo homeowner needs to settle the association dues monthly. The amount will depend on the building amenities and the size of your condo home. This will cover the upkeep of the common areas and their utility cost and maintain the amenities your building offers. Owning a house also comes with responsibilities such as paying the land tax every year. The amount will depend on the location of the house and the type of house you own.
Take note, Townhouses and Houses inside a gated subdivision also pay their Association Dues just like the condo homeowners. Condo homeowners also pay their yearly Property Tax (real estate tax) just like the House and Lot and Townhomes with less hassle because the property management office settles the taxes for you when you live in a condo home. If you prefer a house, you need to be mindful of your tax due dates. So, either way, no one is exempted from paying extra but the amount will depend if you live in a house or a condo home.
Repairs can be limited when living in a condo home. 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 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 with the Property management Office as may be part of the Condominium Rules and By-laws that you also enacted and agreed to as a member of the Condominium Corporation. This is because 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.
A house amenity will depend on the size of the 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, there is a slim chance of having those amenities. Maybe you can just settle for a gaming console, a TV, or a good book in your home. A condo home 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 the amenities you can enjoy.
Have you made your decision? Well, buying a condo home is cheaper and way more practical nowadays. You get to be near establishments and have amenities a house can’t offer.
If you 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 where you live- work-play-learn, and have more 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 the difference.