5 Comparison Factors: Condominium vs House and Lot

10:34 PM james abram 0 Comments

Last week, my cousin just got off the ship and is planning to buy a property for his family. He’s a seaman with a family of 4 and is earning a salary that can give a comfortable life for them. At the moment, they are just renting out on a simple apartment with basic amenities that’s why they are planning to invest on an affordable property which they can use efficiently and they can call their own.

They are currently having problem deciding if they should buy a condo or a house and lot in the Philippines which prompted me to do a little research for them and here’s what I’ve found which I know that can help them:

Cost

Cost wise, if both condos and house and lot are located in the same area, condos always are cheaper.  Although, condos are introduced as luxurious living marketing wise, they are still more affordable than houses.

According to an article I’ve read over the internet, reliable developers even sell condo units below P1million pesos which is a way cheaper to an entry-level single-attached house located within Metro Manila which is prices go from 1.5million to P3million which could go as high as P22 million to P28 million for high end houses.

Location

Location wise, condominiums are built with greater locations. Given a place like Metro Manila where  development areas are congested, condominiums is a more practical option given that they can be built vertically which requires less space.

Convenience

If you need to be close on your workplace, living in a condo must be the right one for you. Condos are usually built just beside business districts which enables you to take advantage of less travel time and less transportation expenses.

Amenities

For those living in condos, recreational areas like pools, playgrounds, basketball court, tennis court, function rooms and gyms are always available for the homeowners. These amenities can also be available on high end house and lot for sale in the Philippines.

Space

In terms of space to move on, house and lot offers you a lot more freedom in terms of area. You don’t share ownership with others which gives you the freedom of doing all the things that you want to put in your backyard.

For condos, its life span would be only good for 50 years which is contradictory of buying a house. Once fully paid, it’s all yours.

Flood Management

Living on Condos might pose an advantage with this. Unlike horizontal developments where the risk of floods are higher, condos are rarely affected by floods.

Thanks for reading my post! For condos or house and lot for sale in the Philippines, visit Vistaland International’s site.

Related articles:


0 comments:

4 Mistakes Real Estate Investors Should Avoid

12:55 AM james abram 0 Comments

Buying and selling affordable house and lot in the Philippines is a good way to make money but it won’t be easy that’s why avoiding some mistakes might save you in the long run.

These are the 5 mistakes real estate investors should avoid:

Lack of Research

When buying gadgets what we usually ask for are the models, its features and its advantages from other models. Ask a lot of questions and try to determine whether purchasing it is worth the money. This is what should be done when buying a property but a more strict due diligence should be observed.

Questions that you need to ask when buying a house:
  • Is the property built in the vicinity of a commercial site, or will long-term construction be occurring in the near future?
  • Does the property reside in a flood zone or in a problematic area? Such as ones known for termite problems?
  • Does the house have foundation or permit "issues"? What is new in the house and what must be replaced?
  • Why is the homeowner selling?
  • What did he or she pay for the home and when?
  • If you are moving into a new town, are there any problem areas in town?
Abysmal Financing

When buying a house, many are unaware that they are choosing the wrong financial option of buying their house. Many buyers tend to buy variable loans where they eventually pay the price when interest rates rise. Buyers should make sure that they have the financial flexibility to make the payments if the rates go up. Nonetheless, if they are not flexible income to pay the rates, they should go with a fixed-rate mortgage.  



Being a Know It All

Many buyers think that they know it all because they have closed a real estate deal in the past. Though it went smoothly in the past, there is no assurance that future deals can be successful too.
As a real estate investor, you should befriend experts that can help you make the right purchase. Experts that you should have should be, real estate agent, a home inspector, a handyman, a good attorney and an insurance representative. These experts would be a great help in case problems arise.

Overpaying

Finding the right house that will suit your needs is really very frustrating. The problem here is when a house that meets your needs come, you are pressured to buy a house that you think is the right one. Because of this you tend to be anxious that your dream house would be bought by others. With too much emotion about the house you like, you tend to overpay and end up buying a house that is not on your budget.

To avoid overpaying, what you should focus is on researching homes that you like and its comparison with the others of its kind. Do not rush on buying your dream house.
Mixing your buying decision with emotion is very dangerous. Relax and be patient on finding the right house for you.

For affordable house and lot in the Philippines, visit Vistaland International’s site here http://www.vistalandinternational.com/.

Tags:

0 comments: