House And Lot vs. Condominiums And Apartments
Thinking of investing in property to get ready for the future? Look into why a house is better in the long term.
You’ve probably wondered why a lot of people working in Makati CBD still hail from the provincial south like Laguna and Cavite. These people probably have young children and pets, so they prefer living in a single-attached house in a gated subdivision in Imus, Cavite or Sta. Rosa, Laguna.
Besides, market prices for condominiums and apartments in Makati and Manila are skyrocketing. Plus, with the ongoing modernization of roads connecting provinces to the cities, living in residential areas outside the metro seems a good choice.
It’s not just in the Philippines where the prices of renting is going up, if you analyse rent trends in Indianapolis in the United States, you can see that rental costs have increased by 7% over the past year so it really is a landlord’s market at the moment!
If you’re starting to save up for the future, here’s why purchasing a home and lot could be the right choice.
Customization Options
Living in apartments and condominiums means you have to comply with the building standards. This may also mean you might not completely get your dream home since you can’t do much customization.
Renovating a condo unit involves a constant back and forth with the building administration, contractor, and architect, costing you more than your intended budget. Opting for a house and lot could mean more liberty with the renovation and decorating. Though some might prefer purchasing empty lots for easier expansion purposes, it is recommended to choose a house and lot package, instead.
Return On Investment
In terms of real estate, it’s great to invest in a house because once it’s fully paid, you own the place. Renting, though seemingly convenient in the short term, can raise a lot of different problems like eviction issues and other possible spats you might encounter when dealing with a landlord.
Plus, houses are properties you can pass on to your kin. Your child’s future family can live in your home. They can also use the property for business if need be.
Overall Cost
Apartment or condo rental fees can be very expensive, especially if your options are those flats that are located in the heart of Makati or BGC. Units in neighboring cities might be cheaper though you’d be lucky enough to find a unit you can have for your own without having to pay less than five digits each month.
You can look for roommates or choose condo-sharing, if you don’t mind having multiple roommates, to reduce your rental fees. The downside, however, is not having enough personal space. The bathroom, kitchen, and living room are likely to be shared areas.
In the long run, buying a property is a lot less expensive than having to pay rent every month. It is a worthy investment to have your own house, given the limitations and overall costs of apartment or condo living.
Having your property in a secured community can be a good choice for those who plan to have a big family and would need a lot of living space. Scour the new housing developments in Cavite, Laguna, or Batangas, and you will likely find a house and lot that is accessible, spacious, and suitable for your needs.