Thursday, November 7, 2013

Choosing Between Investing in a Condo and a House

Whether you are a first time buyer or a repeat investor, choosing between a house and a condo is one of the most important decisions you need to make. There are advantages and disadvantages to each property and you need to weigh them carefully before deciding.
 How to Choose
Whether you are looking to buy a condo for sale in the Philippines or primarily interested in buying homes in the Philippines, make sure you have five major factors researched and factored in before taking the next step of purchasing.

Five Considerations When Choosing Between a Condo and a House
  • Location
  • Privacy
  • Responsibility
  •  Maintenance
  • Budget
Choose a location based on your needs. Do you need to be nearer your workplace or does it need to be near a transport terminal, schools, or malls? Consider your privacy. A condo unit is more private but you need to be more responsible and shell out for maintenance and condo fees. Lastly, make sure your budget is within range. When your desired location has housing units within range – whether it be a condo or a house – that’s where your perfect fit lies.

Choosing a House
  • You won't be sharing walls or hallways with neighbors and other tenants.
  • You can change or improve your property to suit you.
  • You are responsible for the upkeep of your own property. You will shoulder all maintenance and repairs on the property.
  • You are paying for land ownership – which increases value over time.
 Choosing a Condo
  • Buying a condo can turn out to be a lot cheaper.
  • Since a condo is smaller, maintenance and upkeep can be less.
  • If there are any problems concerning maintenance of the property this can be addressed by the condo owner. There is usually a maintenance man employed to take care of any issues should they arise.
  • Most condo buildings have access to shared facilities like shops, gyms and swimming pools. Condos are also usually built within easy walking distance among common malls, schools, transport terminals, etc.
Most single people usually opt to buy and invest on a condo. They have their own space and don’t need to be bothered by maintenance around the house like roofing, plumbing, etc. It is also great for starting families. Bigger families would prefer to go with a house since they have full control on what happens to the house and change it according to the needs of their growing families.