House and Lot or Condo: Which Is A Better Option To Be Your Next Home
Posted On July 22, 2020
Data from the previous years have shown that the Philippines is in a good position when it comes to real estate – and it will most likely stay this way in the next few years. This proves that now’s the best time to secure a home, with prices being competitive more than ever.
There are two most common options for Pinoys wanting to buy a home: house and lot or condominiums. The former has been the more preferred option during the past, but the rapid industrialization in the Philippines has proved that the latter can be a good option as well.
If you’re securing a home, which is a better option for you? Take a look at this breakdown.
In the past, homes on high-rise buildings were cheaper than landed homes. However, the rapid industrialization in the recent years has led to an increase in condominium prices, making them almost similar in price with single-detached homes.
Location plays an important part in the costs of your home. While condominiums and house and lot are similar in prices in the city, the same doesn’t apply in the countryside. Since the property value is cheaper outside the Metro, it also translates to lower house and lot prices.
The cost of your home isn’t the only expense that you’re going to spend; you also have to consider your maintenance expenses. In condos, you get them on your monthly dues but not with a house and lot.
The great thing about a house and lot is the abundance of private space. This is ideal when you’re raising a family since your children have plenty of room to play around. However, if you’re looking to settle on your own or with your partner, then a condominium may be a better choice.
Having a place where you can work and enjoy leisure is as important as getting a place where you can live and rest. Condos in urban areas may seem like the best option today, but not for long. A lot of economic developments are spreading in the provinces as well.
If you want to take advantage of these developments in the countryside, then it’s best to secure a house and lot now. They’re still affordable and offer great potential for business and education opportunities.
At the end of the day, you’re going to settle in your home for a long time, so better choose a place with careful consideration for the future.
If you want affordable homes in strategic locations, BellaVita may be your best option. For more information about the location of their homes and their pricing, visit BellaVita website or Facebook page.