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It all comes down to a condo vs. house and lot when choosing your next home in the Philippines.
Q: Which Is Better – Condo or House?
A: This is actually not the question you should be asking. The question you should be asking is: Is a house and lot or condo more appropriate for your style of living?
When it comes to finally deciding on which property to buy for you and your family, the question of whether to invest in a condominium vs. a house always pops up, and both property types have their pros as well as cons. It is all a matter of which better suits your needs and wants.
Pros and Cons of Buying a Condo in the Philippines
(PRO) Condominiums are usually located within or near central business districts (CBD).
Since condo projects require relatively smaller land compared to subdivision developments, more are located within the Makati CBD, Ortigas Center, and the Bonifacio Global City. This affords homebuyers proximity to the best schools, the best shopping malls, top-notch hospitals, and many supermarkets. Moreover, this means that your daily commute to and from work will be a breeze.
(PRO) The capital value of condos increase over time, especially because the areas where they are often located in are highly sought after.
(CON) Condo units are often smaller than houses.
Unless you are getting a penthouse, condo living means less space for you and your family. Also, do not forget that living in a condo also comes with association fees, which depend on the size of your unit, so the bigger your unit, the higher your association fees will be.
(CON) Condominium associations impose rules.
Being part of a vertical community means following rules that can range from virtually anything. Some condo developments do not allow pets. Some impose strict adherence to a trash disposal schedule, although this may actually be personally beneficial. However, there are also stricter condo developments that even have rules on guests and food delivery.
Pros and Cons of Buying a House in the Philippines
(PRO) House and lots offer much larger spaces and more privacy.
Houses can even have features, súch as yards, garages, balconies, gardens, swimming pools, etc. The same features of course exist in condominiums as well, but are shared between all the tenants in the development. When you own a house, you have the freedom to do with it as you please.
(PRO) On a per square meter basis, houses are cheaper than condos.
A 150 square meter house and lot in Laguna or Cavite will cost you around PHP 4–5 million, while this amount will only get you a 45 square meter condo unit in Makati or Bonifacio Global City.
(CON) You have higher bills to pay when you own a house.
A bigger place for yourself and your family means more utilities are consumed. Also, as houses are subject to wear and tear, expect to shell out for the upkeep, such as roof repair, having the bathroom re-tiled, etc.
(CON) The travel time from your house to central areas is longer.
Most subdivisions or villages are located outside CBDs or in suburbs. This means that you will need to commute or drive to get to where you need to go as compared to just walking.
Both property types have their advantages and disadvantages, and only you can figure out what you really want or need before buying either a condo or house and lot.