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CONDOMINIUM UNIT OR HOUSE AND LOT? WHAT’S THE BEST INVESTMENT?
LOCATION IS A VERY IMPORTANT CONSIDERATION.
| There is always a need for people to be closer to what the city can offer. The productivity to be closer to their place of work, the convenience to be closer to Malls, the security and safety to be closer to reputable hospitals in case of emergency, the ease and comfort of travel for the kids to go to school everyday. Moreover, it’s the lifestyle that the city can bring when people can live, work, and play in one place never bothered by traffic and the high cost of maintaining a car. And why does it have to be a condo? Why not house and lot? It’s simply because in a growing city, house and lot is becoming scarce and very expensive. In a place where vacant lots are abundant, a condominium project if ever erected will never prosper. It’s because people always have preference of a house and lot over a condominium unit even with all the amenities a condo can offer. Therefore a condominium unit is an alternative to house and lot if the latter has become beyond their reach for a desired location. |
Residing 30 kilometers from office
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While it is true, that location is a prime consideration why people prefer condominium units over a house and lot, based on my 7 years of experience in dealing with real estate buyers mostly foreigners, there are 3 main advantages of house and lot that are still making a commanding reason for people to go for it even if they need to be far from their desired location, and these are:
1) SPACE – A house and lot offers more space to live with than a condominium generally speaking. You have land for a garden and the space is expandable if needed when the family grows and when budget allows.
2) FREEDOM – A house and lot enjoys more freedom with less restrictions as compared to restrictions in the use of a condominium unit.
3) APPRECIATION VALUE – The value of a house and lot appreciates far more than a condominium unit because of the land which never depreciates. A building depreciates therefore, when you sell a condominium unit several years after using it, you cannot expect a price far from what you have paid for as it’s value focuses much only on it’s usage without ownership of land. But if you sell a house and lot after several years of using it, you can expect to sell it even double than what you have paid for and this is really happening everywhere.
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While condominiums are on the rise, the houses and lots will continue to be the frontrunners of progress. Condos will always remain alternatives when desired location becomes the primordial consideration of buyers for a home. House and lot buyers are much safer when it comes to investment because they can be sure that their piece of investment will always be in demand as the next development will have to be farther away. What about condominium unit? Well, anytime, it’s always easy for a developer to find a 1000 square meter vacant lot in the city and develop it into a high rise condo that will compete with the existing condominium units.
So, what’s the answer to the question, condominium or house and Lot? What’s the best investment? The answer is obvious. House and lot if you can but your alternative is condo when location becomes your prime consideration.
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Discover the online way of money making career path in Real Estate
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Author: Manuel R. Arengo Jr.
Real Estate Broker License No. 0007808 (PRC)
Mobile No. +63922-255-6555
www.cebubesthomes.com
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