For many Filipinos, owning property is at the peak of their dreams. A house where they can settle in, a home where they can start a family, a place to grow old in and retire.
A lot of Filipinos enter the workforce with the mindset of earning enough to be able to afford a place to live in and call their own.
Having a family-centric culture, Filipino families desire to own property not only for themselves but also to help their future generations own property as early as possible.
In the old days, buying a plot of land to build your home was the only choice. But in this age, Filipinos have a wider selection of property acquisitions, such as houses and lot,s and condominiums.
If you are confused between a condo for sale or a house and a lot, here are some of their differences that could help you decide which one is perfect for you.
Generally, condominiums are less expensive than a house and lot with a similar land area in some prime locations. Of course, this is not always true, particularly in upscale condos in business districts such as Bonifacio Global City. That being said, condos do have relatively steep monthly association dues to cover the operational and maintenance costs of the entire complex.
On the other hand, a house and lot are relatively pricier than a condo, but the value of land is generally stable and does go up over time. A house & lot in the cities are more costly compared to a condo, but as you move to the suburbs and more rural areas, the price of land costs a lot less.
For example, a house and lot in Manila may cost around 30, 000 – 100, 000 pesos per sqm while it may only cost an average of 38, 000 per sqm for a house and lot for sale in Davao City. Both of them are cities but they vary on the economic indicators, local market, neighborhood comparables, and other factors.
Condominiums can mostly be found in more urban settings such as Manila, Cebu City, Davao City, and the like. For people or families who work in the cities, living in a condo near your workplace is a good idea.
With houses & lots, the location depends entirely on you. You may choose to live far from the urban jungle, or you could choose to live in the suburbs. Although considering nearby facilities such as hospitals, schools, and your workplace is a huge factor.
3. Convenience & Amenities
Amenities are usually already provided in condos. Some condos may already have pieces of furniture, kitchen needs, bedding, and other appliances that are ready to use once you move in. You don’t have to worry about installing electricity and water supply as the condominium management will have already installed this for you.
Meanwhile, having a smaller space, condos don’t really offer much if you plan to add more furniture and appliances to your unit.
A house & lot may differ in two ways. If you acquire a lot with a built home already, your electric and water supply should be no problem. But if you buy a lot where you will build your house from scratch, you would have to go through the installation process, although having a real estate company to help you with this would negate this issue.
Owning your own house & lot also makes adding more furniture and appliances easier as you see fit because you can always customize your space.
4. Freedom of Space
Condominiums in Davao City are typically small spaces—some as quaint as 18 sqm for a studio-type area.
In the Philippines, the average condo space is around 50 sqm of floor area. Compared to a house & lot, condo owners don’t have their own outside space like a front porch or a backyard. However, they have shared outdoor spaces and common areas for residents that are great places to interact with your fellow residents in the complex.
Also, you don’t have to worry about maintaining these spaces as much as the condominium complex management will take care of the maintenance for everyone.
In a house & lot, you have more freedom to choose what you want to do with your space as the functions of the areas in your lot will depend on the design you choose. Compared to owning a condo unit, you have exclusive rights to the piece of land you own. Therefore, you have the choice to customize your lot as you, please.
Although it will also be up to you to maintain your property and secure the necessary permits whenever you plan on home improvement projects as mandated by the National Building Code of the Philippines.
Ready to Choose Between House and Lot or Condo?
There isn’t really a better choice. A condo is not better than a house and lot and vice versa.
It will all depend on your needs and what you value in a home. Both options present a variety of differences. Whichever you end up choosing, be sure that you have carefully weighed all the factors before.
I would prefer house and lot talaga, but my husband has his condo so ok na rin.