Property Ownership for OFWs: Condo vs House and Lot
As an OFW looking to invest money in some property, there can be plenty of options. Having family back home in the province can mean that buying a condo in the city makes commuting life easier. However, a condominium unit is nothing like a house and lot in lots of ways. The margin of prices between both can be pretty wide, with the respective sizes of the two properties inversely proportional. This is when the decision-making can be difficult, as both offer unique advantages.
Condo vs House and Lot in the Philippines
Any potential first-time investor or property owner will feel hesitant about spending a sizeable amount of their savings on a piece of property. An OFW, for instance, will surely want to make sure that they are getting the best value for their hard-earned money. The Philippines’ real estate industry is slowly but surely on the recover, so OFWs looking to invest in property can check, wait, and see if the current value of properties in the market is within their range.
Owning property and having assets that serve as investments, such as a condominium or a house, have always been things that an individual dreams of – a token or a gift for all their hard work. That said, either property type will surely make for a good investment, and the clincher will actually depend on one’s needs or preferences.
The Pros and Cons of Buying a Condo
A condo refers to a condominium unit, which is a space in a building or property complex that is often managed by a board of unit owners. Ownership includes having some right to community property, which usually warrants a monthly maintenance or upkeep fee. Given its targeted benefits, there are specific reasons why a first-time property owner would opt for a condo over a house and lot.
Pros | Cons |
|---|---|
Prime locations and easier to find | It’s a lifestyle that not everyone can get used to |
Less maintenance required | Not having as large enough space can be an issue |
There are amenities available | Lack of privacy can be a problem |
The Pros and Cons of Buying a House
A house and lot in the Philippines, on the one hand, is often defined by its most basic look: a single detached structure with four walls and a roof with a door and some windows. Understandably, house-and-lots in Metro Manila have gotten more expensive, which has prompted developers to open and expand communities. New property owners are now looking at the areas in the periphery of the NCR. Building families are often more suitable in homes, as it offers more freedom and privacy.
Pros | Cons |
|---|---|
Privacy | More expensive compared to a condo unit |
More room | Maintenance and upkeep can be bothersome |
Appreciates in value | Insurance can be costly |
On Appreciation Value: Condo vs House and Lot
A comparison and contrast of the pros and cons for both residential property types tell us that a condo is better suited for certain lifestyles to prosper, as it offers efficiency and practicality. Its limitations are something that one has to accept, but condo living offers alternatives as its benefits as well. A house and lot, meanwhile, can offer a deeper level of meaning and experience. “Home,” or “tahanan” in Tagalog, is a word that holds so much weight in Filipino culture, as it is associated with family and the house as sanctuary. This often makes a house and lot a property seen like a treasured heirloom in traditional Filipino families.
Unlike a condominium, which is more represented by images of the hip and young urban lifestyles in the metro, there are greater returns in a house and lot that appreciates in value. Naturally, end-use is the reason for one to purchase property, and buying a house and lot means that settling down – as opposed to rental use as an investment – is the reason. Provided that the house and lot stands on a solid, high-value location, wherein it is accessible to roads and transportation, and there are signs of development, then the value of this property will surely appreciate over time. Condos appreciate in value, too, however, there are more risks involved in condo ownership, as a unit owner technically owns “some space in the air.”
Overall, when it comes to choosing between a condo versus a house and lot, consider asking yourself first which property will improve your quality of life. Weigh the pros and cons, and whichever brings more value to you while remaining relevant to your needs, only you can tell. The decision is yours to make.