A home is something that most people aspire to have during their lifetimes. After all, shelter is one of the most basic human needs along with food, water, and air. However, acquiring property isn’t as easy as the others. In addition, owning a house and lot or a condominium unit carries more meaning than just having a roof over one’s head. Being a homeowner is the ultimate statement of independence. With your own home, you’ll never have to worry about finding a place to stay for you and your loved ones.
This brings us to the burning question. Which is the better home purchase: owning a house and lot or buying a condominium unit? Let’s take a close look at both options and see what each brings to the table.
Owning a House and Lot
The one major thing that differentiates a house and lot purchase from a condominium is land ownership. Many homeowners believe that owning a parcel of land is the ultimate asset. It’s a tangible piece of property that is yours and yours in perpetuity. Longer term, a house and lot is something you can pass on to your heirs.
The advantages of owning a house and lot don’t stop at land ownership. A house and lot also offer homeowners a bigger space to live. Condos usually come in studio, one-bedroom or multi-bedroom options. A typical house and lot can include a garage, a yard, or even both. In addition, having two or more floors means even more bedrooms, bathrooms, and workspaces. Homeowners with growing families can find the bigger space a lot more useful.
At the same time, privacy is a lot easier to attain with houses and lots. During gatherings and parties, you won’t have to worry about bothering the neighbor you share a wall with. In addition, making changes to your house is also a lot easier. Unlike condominiums where you’ll need approval from the condo association, changing your house design or adding a structure shouldn’t run into any opposition.
Buying a Condominium Unit
Meanwhile, condominiums allow you to secure a residence in locations where demand is high. You can find many condominium projects towering in cities land is very scarce and highly expensive. Skilled professionals and small families that prefer living in the city usually find condo living perfect for their needs.
Within the big cities, condo dwellers find almost everything they need within reach. Offices, retail centers, schools, medical centers, and houses of worship. They’re all right there with you if you decide to stay in a condo. In many cases, they’re all within walking distance from your tower.
Having something to do during your downtimes is easy with condominium units as well. Projects feature a number of amenities that are exclusive to residents. This includes a swimming pool, a fitness gym, a clubhouse, and lounges. For larger developments, you’ll get to enjoy private basketball and badminton courts, game rooms, a mini-theater, and private dining and picnic areas. Jogging paths and tranquil gardens are usually found around the amenities area for residents who prefer some outside time for themselves.
Finally, buying a condominium unit can also prove a worthwhile investment that’s comparable to a house and lot. For one, condo units are more affordable given the smaller living space. This makes it easier to buy and subsequently unload the unit. In between buying and selling, owners can depend on the condominium association to make sure that individual units and amenities are kept well-maintained.
Which is the Better Investment, Owning a House and Lot or Buying a Condominium Unit?
Newlyweds and families with young children might benefit from trying out family life via a condominium purchase. This choice allows parents the option to move to a location that’s within proximity of their workplace. It also means access to everything needed for a starter family: a neighborhood store, laundry shops, water stations, and banks. In addition, there are also a lot of amenities that can help residents while away the time. In short, condo living might be a good way to start a new chapter in your life. The proximity to everyday necessities and the presence of other people in the same situation can be reassuring. As soon as your family begins to outgrow their surroundings and requires more space, you can choose to move to a bigger condo or consider owning a house and lot.
Meanwhile, those wishing for a life away from the urban hustle and bustle should choose to acquire a house and lot. Usually found on the outskirts of the city as well as surrounding suburbs, life might be a bit less hectic. Owning a house and lot also means having enough space for your family to grow and establish yourselves as members of the community. Living in a house and lot instead of a condo unit also means being more in control of your surroundings. If you value your privacy a lot, a house and lot is the way to go. Conversely, if the children have grown up and decided to spread their wings, it might be time to move to a closer-knit community found in condominiums.
You Can’t Go Wrong Either Way
Either way, you’ll come out as a winner whenever you invest in property. As land sizes remain the same even as the population continues to expand, homes will always be in demand. As a result, properties remain one of the few assets that continually appreciate over time. Even better, you can enjoy your investment by using it until the time comes to unload it to a buyer. You can’t go wrong with either choice.
House and Lot or Condominium? Ohmyhome Has You Covered
Can’t decide between a house and lot or a condominium unit? Let Ohmyhome Philippines help you make an informed decision. Whether you’re looking for condominiums in Makati, BGC, or Ortigas, townhouses in Quezon City, or houses and lots in Metro Manila, we have the properties just for you! As the country’s largest pre-selling property portal, we have tens of thousands of listings coming from 180 top real estate developers. Ohmyhome is a multi-awarded realtor that’s one of the most trusted names in investment property.
Aside from premium exclusive properties, Ohmyhome also provides reliable real estate agents and guaranteed quality service to address your property needs. Apart from property buying and selling, Ohmyhome can also assist you in securing affordable home loans from our partner financial institutions. As a result, Ohmyhome was happy to help over 13,000 happy Filipino customers in over 12,800 transactions. These successful dealings helped us collect a top rating of 4.9 out of 5 stars in customer reviews. But don’t take our word for it. Visit us at the Ohmyhome site and start browsing for your dream property. You can also download the Ohmyhome iOS or Android app or follow our Facebook, Instagram, or YouTube for even more Philippine real estate news and information.