Condo or House and Lot?

CONDO?

or House and Lot?

Project Developments are scattered everywhere in Metro Manila, nearby provinces like Cavite, Laguna, Rizal., Batangas and Bulacan.  Some Developers also expand in other major cities such as Cebu, Davao, Ilo-Ilo and other major cities.

In Metro Manila alone, there's a lot of condo development that are constructed by Big Developers. You can see it in major traffic areas where the demand of occupancy is very high.  With regards to house and lot, various developers find their respective locations in Cavite, Laguna, Rizal, Batangas and Bulacan.

As Real Estate is booming, a lot of options are made available to buyers. They are left to decide whether to buy a condo or house and lot.  I have here pointed the advantages and disadvantages of buying a condo or a house and lot.

Condominium:

Advantages:

Prime Location - Condominiums are built in the busy streets of metro manila, very accessible to all means of transportation, known landmarks, schools, churches etc..

Convenience - Having a condo near your work or business offers convenience in a way that you can easily access your work and going back to your unit at the end of the day.

Security - Condominiums have 24 hour security to ensure safety of it's residences.

Disadvantages:

High Price - Prices of property in Metro Manila are rising, so are the prices of the condominiums built in it. Condo prices usually range 100K/sqm or more especially those located in business districts or nearby Universities and Colleges.

In addition to the high value of your unit, parking lot also add on the cost of your property. Parking ranges from 500K up to 1Million.

Small size - Condos are usually designed to cater Bachelors or small families. Condo sizes usually ranges from 20 to 40sqm. Some condos even offer smaller cuts, like 15sqm.  So with it's small sizes and high prices, most families prefer to buy house and lot.

House and Lot:

Advantages:

Bigger Lot areas - Having a house and lots give you the freedom to maximize the things that you can do to your lot. You can build a parking space if the house that you bought doesn't have or you can also create a small garden in it.

Spacious community - Living in a subdivision will enable you to breath more fresh air because of the space and surroundings that the subdivision have.

Cheaper Price -- Price of house and lot are generally lower than those of condos

Disadvantages:

Far location - The value of property in Metro Manila is very high so house and lot projects are usually in the nearby provinces. This enables lower house price for buyers.

At the end of the day, Buyers should take into consideration their actual property need whether it is a condo or a house and lot.


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