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Deciding on What Property to Buy: Condo vs House
Before setting out on planning your move from your current household, you first have to determine what type of property would fit you and your needs. A typical home search would involve by identifying the factors you wish to have in your home:
Condition
Would you be needing a home that’s already furnished and doesn’t require much renovations? Or would you prefer one that’s cheaper than a prime conditioned home but may require a bit of investment for fixing it up?
Size and Type
How big do you want your home to be? How much space would you want or need?
Price
What’s your allocated budget for the move? Is the budget tight or could you make room for something a bit higher?
Location
Are there any specific locations or neighborhoods do you want to be in? How short do you want your commute to be to and from work?
With the current real estate market, there are plenty of types of homes to choose from with this in mind, however, the best among the options are: a condominium unit and a house. These two options are considered to be the two polar opposites since these offer different types of lifestyles and vary greatly in terms of their home search factors as well.
Condo Features
When you’re thinking about buying a new home, a condo unit can be a smart choice–especially for the young bachelors and bachelorettes who may be looking for more freedom or for a shorter commute to work. They’re also great for small families or barkadas who wish to live together.
Amenities
Condominium developments often provide access to certain amenities that wouldn’t be practical or affordable for an individual house owner. Gyms, study areas, swimming pools, and basketball courts are only some of the amenities you can find within condominium properties. Some even have clubhouses or golf courses in the place! It takes out the extra expense you might have to make for your recreational activities and takes it right close to home.
Convenient Location
More often than not, condominiums are strategically located within business districts or near highways and train stations. It not only makes it easier to commute to and from work, but also convenient to go out and have a bite to eat with your loved ones.
Flexibility
Unlike houses, there’s so much you can do with your condo unit. Apart from living in the condo, you could also opt to turn it into an Airbnb or rent it out to interested customers. It could provide you with extra income on the side, while you work your 9-5 job. You can also have fun with the space you have by purchasing a semi-furnished or a non-furnished unit! You can dictate what space becomes what and more.
Cheaper than a house
This is probably the best pro the condo has to offer when up against a single-family house. Condo units are typically cheaper than your average home since it offers a much smaller space and also provides the buyer with free access to its amenities. It saves a lot of money for now and for the future.
Searching for a Condo
After deciding on whether to buy a condo or a house, the next step into buying your new home is to search for potential properties. There are plenty of options to choose from with the technological advances made available to everyone. It’s much easier to get connected and access a vast amount of information with a touch of a finger. This has made current property searches and negotiations more convenient on the part of both buyers and sellers.
Where to start your search
In this day and age, there are plenty of options to choose where to start your home search from. But the top two most recommended options are: doing it yourself through browsing real estate platforms or connecting with the right broker.
Browsing Through Real Estate Platforms
If you’re not up for getting someone else to do the job or you may not just have the budget for it, you can choose to do your home searching yourself by visiting real estate portals. With the power of real estate platform right at your fingertips, gathering details about multiple properties and doing background checks on potential communities in an instant is possible. For example, online maps offer information about its accessibility and institutions and establishments nearby. Some sites even detail population growth and crime rates.
The new approach to researching property listings has expedited the decision-making process. Real estate platforms present thousands of listings in a single search; some allow buyers to filter and sort results according to size, availability, location, and price.
Additionally, these listings have photos, which are helpful for meticulous condo buyers. Some listings go beyond photos and take visitors through a 3-D virtual tour of a potential property. Such tours make visitors feel as if they were walking through the space in person.
Connect with the Right Broker
Getting in touch with the right real estate broker can absolutely do wonders for the homebuyer. Brokers or agents are not only experts in the real estate industry, but can also help you determine what really is the perfect home for you. They can provide you with a list, specifically made with your wants and needs you may have in your future home.
To ensure a broker’s credibility, buyers can browse through online resources (e.g., social media profiles) to learn more. Some property portals also upload broker profiles to give buyers an overview of the agent’s professional history.
How to use Lamudi
Lamudi is an online real estate platform where you can find your dream property online. They offer a variety of options from your condo unit to your single family houses. In Lamudi’s homepage, you can begin your search by filling in the search bars for property type, offer type and location then hit search upon completion. From there you’d be directed to potential properties you might be interested in!
What makes Lamudi stand out among the rest, however, is that the site also caters its services to potential homebuyers who may be looking for a broker to do the searching for them. Lamudi offers broker profiles, business information, and contact details on the site which are regularly updated to ensure a better relationship between the buyer and the seller. It’s the best of both worlds!
Financials
You’ve probably heard this a thousand times but, a home is most probably one of the biggest financial investments you’ll make since it requires a lot of money and a lot of commitment in order to purchase one. This is why diving into hours of research and consultation with financial experts are important steps to take before buying your new home. Paying for a new home may, after all, take decades to accomplish with rising interest rates and other such fees.
So, what do you need to know when you’re buying a new home?
Financial Stability and Confidence
Much like purchasing a house, buying a unit is also a long-term financial commitment. Unlike renting one, you can’t leave your condo once you’ve reached the end of the contract. It requires at least three to five years of active financing.
It is important to have a steady source of income when you want to purchase a unit. Apart from paying the unit itself, you’ll have to mind the additional expenses (e.g., utility bills and home furnishings). All of these can be overwhelming, especially to someone who is struggling with their budget.
Before you invest in a unit, know where you stand financially. If you have enough funds for the condo and other expenses, then you are good to go.
Good Credit History
A decent credit history serves as a good indication of your financial status. It also proves your money management skills to loan providers and real estate developers. If you have a good credit status and have your debts in check, you are financially ready for a new investment.
Readiness to Pay the Bills, Repairs, and Other Expenses
Condo ownership doesn’t end with possessing the title to the unit. The property will need upkeep and maintenance — which cost money. Consider the utility bills and repairs (e.g., leaky faucets and busted pipes) you’ll have to include on top of your monthly unit payments. Other expenses include regular home checkups, as well as furniture, accessories, and association dues to the list of expenses.
It’s important to set a budget for bills and other things you need to pay monthly well before you buy a condo to avoid dipping too much into your savings.
Enough Money for a Down Payment
Before you buy a condominium unit, you will need to be able to pay a 20 percent down payment. Most developers offer stretched terms for down payments, but it’s better to have the full sum ready.
For example, if your potential unit requires a Php 200,000 down payment, start saving P16,600 monthly for a year. Structure a budget plan that accommodates a little wiggle room for unexpected events (e.g., hospitalizations and tuition fee payments).
Talk to a trusted realtor first and do your research, as well. If you are positive that you can comply with the items mentioned above, then you are ready to buy. Take advantage of the booming real estate industry by being very meticulous with your condo search.
Types of Condos
One of the most important considerations when deciding to buy property is deciding what’s right for you. Once you have assessed your needs and decided between a house and lot or condominium, the next logical step is determining what type of these properties you should go for. Of course, much of the weight of the decision-making rests on what characteristics are suited to your preferences, lifestyle, and budget. It can be an overwhelming process, but it will be easier once your options and priorities are laid out in front of you. Knowing what to choose from is the first step.Is a Condo More Your Style?
Maybe a house and lot is not for you yet, or perhaps a condominium unit is just more suited to your lifestyle and personality. If you’re a young professional, or a starter family who desires a more urban versus a suburban lifestyle, then a condo could be the property you should be looking for.
Which condo type fits you?
Studio
A studio unit is an option which provides open floor layout. It is a common choice for buyers on a budget–its affordability is a trade-off for limited space and integrated rooms. However, property seekers, especially young professionals and single dwellers, can definitely make the most of this space, sometimes measuring just 18 sqm in total floor area.
Bedroom Units
Bedroom units can range from one or more bedrooms per unit. These are generally preferred because bedrooms are partitioned. Most units also have a utility room, bathroom, and hallway. Unit prices depend on the floor area as well as location. These are ideal for families who prioritize their privacy.
Loft
Loft units are more common with condominium developments with higher ceilings and windows. This features an elevated, non-partitioned bedroom and an open living area. This type of unit would be suitable for a young professional, but it may present challenges for families living with kids and the elderly. It is also more difficult to cool the unit, especially during the heat of the summer.
Bi-Level
Bi-level units are just like two-storey houses, except that they fit into one residential building. These are ideal for families, especially larger ones, who want the comfort of a two-storey home, while maintaining their lifestyles in an urban setting.
Penthouse
Penthouse units are generally the most expensive units, located on the topmost floor of the residential development. Often, these units are split- or multi-level and require their own elevators. Some units also have their own lanais or swimming pools.
Hopefully, knowing all the types of homes you could own can help narrow down your search. Keep your needs and preferences in mind, and you’re sure to find the right property for you.
