The past 12 months showed the aftermath of the COVID-19 pandemic in the real estate industry. Companies gave up their office spaces to work from
Deciding to invest in real estate requires a lot of thought and consideration that you cannot simply achieve overnight. But once you finally consider this option, there is still an abundance of properties that you need to choose from.
For many people, buying a house often seems like the most viable option because of the longevity that it presents. But at the same time, you also can’t deny that living in a condo is just as appealing due to its high demand in the market today.
Picking one out of the two options can seem like a hard task, especially when they can both grant you such great benefits. Luckily, with this article, you can look into the differences between each option and how one can better fit your personal needs and lifestyle goals over the other.
Before signing the deal, here are a few things you should consider based on how they could affect your quality of life in the long run.
1. Association fees
Condo: Many condominiums charge an association fee to cover repairs and maintenance costs for common areas in the complex. Depending on which property you invest in, these fees can vary in price range and can increase or decrease depending on the management’s decision.
House: For homeowners, you are charged an association fee if the property you invest in is located in villages or subdivisions. These fees cover service costs for projects like construction of communal roads, streetlights, waste management, etc.
2. Ownership and rights
Condo: Owning a condo unit entitles you to make certain types of modifications such as repainting of walls, applying tiles, and changing surface areas. Beyond these forms of remodeling, you may need to consult with the building administrator first if your planned renovation project is allowed by the homeowners’ association.
House: Residential properties give you free rein to decorate and renovate as you please without the need to gain prior approval from anyone. You also have the right to possession of the property, which means you can refuse offers from buyers.
3. Facilities and amenities
Condo: Many condominiums offer free use of their amenities for tenants. Depending on the property, these facilities can vary such as communal pools, gyms, play areas, sporting courts, etc.
House: Houses don’t typically come with the same amenities that a condo does. However, some properties located in subdivisions or villages may have communal facilities that you can use such as playgrounds, basketball courts, and clubhouses.
4. Safety and security
Condo: CCTV and security teams are a common sight in condo communities to keep the facility and its tenants safe 24/7. Apart from that, each unit has its own lock for added security.
House: Properties situated in subdivisions and villages often have guards and barangay staff patrolling these areas. Homeowners are also free to add their own security measures such as monitoring systems and fences.
Condo: Condos are typically situated in convenient locations near supermarkets, schools, shopping districts, commercial areas, and business centers. While others argue that living in the center of it all may bring stress and noise, property developers like Mandani Bay plan to build urban living infused with nature and leisure.
House: Houses are usually built around a residential area where commercial properties such as shopping malls and commercial areas are a bit farther away. However, because of this, these properties tend to be more quiet and peaceful throughout the day.
6. Interior and exterior spaces
Condo: When it comes to condo living, space typically won’t be an issue if you don’t mind a minimalist lifestyle. With exterior spaces, on the other hand, most properties have wide communal areas and amenities you can freely use at any time.
House: Houses generally come with more space that allows you to store bigger furniture and decorations. However, exterior space may be limited depending on where your property is located.
Condo: Condos can come at a cheaper price compared to a house. Also, its resale value can fluctuate depending on the demand for housing in the area after a few years.
House: Houses are a bigger investment compared to condos but can hold great property value over a few years. There are also several methods you can use to significantly increase its resale value such as renovations and extensions.
Condo vs House: Which is the Better Choice?
When choosing a property to invest in, go for what it is that best meets your financial and personal needs. Whether it’s a condo for sale in Cebu or a house in a central residential area, your goal can guide you through your selection process.
If you are going to be living on your own, then having an entire house to yourself and maintaining it by yourself might be too much work. On the other hand, if you want a nice and quiet area to live in, then going for a condo might be inconvenient because of the commercial surroundings.
Making your first real estate investment is a huge venture that you don’t want to rush into. However, once you get all the information you need, your best option starts to stand out more.
If you find yourself leaning more towards the condo option, then Mandani Bay properties are worth looking at.
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