If you have been following my blog posts and my videos via the North Luzon Properties YouTube channel, you would think that I am absolutely advocating for house and lot rather than selling a condominium unit. However, my answer to the age old question for property buyers, on which one is better, investing in a condo unit or investing in a house and lot may surprise you.
Before I give my answer, allow me to discuss the benefits or advantages of buying a condo unit and the benefits of buying a house and lot.
Benefits of Buying a House and Lot
1. You can have more privacy in a house and lot. This is because you do not have any shared space with anyone within the vicinity of your property.
2. You have absolute ownership once the house and lot has been paid for. You do not have to worry about getting evicted from your property when you have already paid your property in full.
3. Compared to a condo unit, you get to have more indoor as well as outdoor space.
4. You can customize your house however you want as long as it conforms to the national building code.
5. It is the physical epitome of your hard work. Once you have built your house, you have something to show you relatives and friends as a symbol of your hard work.
Benefits of Buying A Condominium
1.It is an easier source of passive income. Because of the different range of units available in a condominium project you can buy a unit that may be a lot cheaper which you can easily turn into a rental property later on.
2. Several luxury amenities, some condo units have shared amenities among unit owners, including pools, receiving areas, gardens, parks and sometimes common parking areas.
3. Active security, condominium unit owners can have that peace of mind knowing that the gates surrounding the building is being monitored and guarded by the condo security.
4. Convenience, most condos are located in areas near commercial districts, for some condominium units far from commercial districts, it may be located in a nature abundant location however, amenities are provided, like the presence of supermarkets , water refilling stations and diners within the condominium building.
5. Easier maintenance, regular wear and tear may happen within your condo unit, the good thing about living in a condo is that there is an in-house maintenance crew that will help you.
Which one is better? Condominium or House and Lot?
In my years of talking with clients after pointing out the benefits of the condo unit or the house and lot that I am selling, some clients would still look the other way. Some would buy a condo instead of buying a house and lot and vice versa. So the true answer to this age old question is, it depends on what the client needs or prefer. While the benefits of a type of property may be enticing some buyers might look at it differently.
I had a client who seemed like he is leaning towards buying a house and lot, however what made him decide to buy a condo unit was the convenience of it all, see, he lives alone and he is not into carpentry or handyman stuff and he was worried about the difficulty of calling a repairman at any time of the day just in case a pipe broke. While the house and lot package cost almost the same as the condo unit he bought he preferred to buy the condo for convenience.
I also encountered a buyer who was looking for a condominium unit, after looking at several condo units in different locations he finally settled into buying a house and lot. Quite far from the type of property he initially was looking for but after visiting several showrooms and actual units it dawned on him that a condo may not be the best option for a growing family.
So if you ever encounter this dilemma when it is time for you to buy your property, before looking at the beauty of the property, it is best to look first on what you and your family need in a real estate property.