In the real estate market, people have the liberty to choose two types of homes: Condominiums and house and lot. Both complement different lifestyles, future goals, and financial plans. Get to know the benefits of each property type below:
Convenience Thrives in Condo Living
Condos are very popular, especially in busy city centers like Makati City and Quezon City. They’re often seen as a great first home to get into the property market because they’re usually:
- Accessible to major hubs: They’re often in prime spots, close to work, shops, and transport. This means shorter commutes and a lively city life making them great for young pros.
- More Affordable Upfront: Compared to a house and lot in a similar area, condos generally need less equity to start your homeownership journey.
- Dedicated Property Management: Property management handles common upkeep, security, and community engagement. They spearhead solution efforts to address the concerns of their residents.
However, owning a condo means paying monthly association dues for these services and to maintain shared amenities. You also don’t own the land, which limits how much you can change or expand your space.
More Space for Growth in House & Lot Ownership
A house and lot is often seen as the classic Filipino dream home. The big advantage here is that you own the land, which tends to increase in value over time. These properties are usually found in suburbs or provinces, giving you:
- Customizable Size & Privacy: You get bigger living areas, a private yard, and the freedom to expand, renovate, or customize your home. This is a big plus for families seeking to provide ample space for everyone.
- Long-Term Value: While they often cost more upfront and might be farther from city centers, the land itself increases in value over time.
- Sense of Belonging: You can meet new people and find your own community through estate-wide activities and projects. The homeowners association are always seeking ways to hear concerns and bring people together.
On the flip side, you’re responsible for all maintenance, repairs, and security within the confines of your house. There are also bigger spaces to furnish and hidden fees to prepare for with a house and lot investment
What Matters to You?
To figure out what’s best, ask yourself these questions:
- What’s your lifestyle like? Do you love fast city life, or do you prefer more space, privacy, and quiet?
- What’s your budget? How much can you really afford for the down payment, monthly payments, and lifetime costs?
- Why are you buying? Is it for your parents’ retirement, growing family, or your own use?
- Are you ready for the work? Do you prefer handling all house maintenance, or do you like the ease of a managed condo?
- Location vs. Space: Which is more important: being close to work and amenities, or having a larger property?
There’s no single “best” answer. If you’re a city professional looking for convenience, a condo could be perfect. But if you have a growing family or want significant long-term land value and a more grounded life, a house and lot might be the right fit. Think carefully about your own situation to make the best first real estate investment for you.
If you’re seeking a place that offers more than a home – but an enriched lifestyle – Century Properties can help you find the best match for your first real estate investment.
Talk to us today at www.century-properties.com/contact-us/
