WHEN buying a property whether for your first home or plainly as an investment, decisions must be made.
Housing type is one of the most important factors one must consider when buying a property. And these decisions require thorough weighing as to what suits your lifestyle and goal better- a condo or a house and lot?
Before making that very crucial decision of your #adulting life, you might want to consider these factors shared by licensed real estate practitioner and unit manager of Filipino Homes Manfred Lawas and we hope we can help you arrive at THE right choice.
Condominiums
*Ownership & maintenance
If you are that type of person who has no time up keeping a property, a condo fits right for you as it requires less maintenance than a house and lot. You need not worry about stuff like cutting the grass in the yard, getting leaves off the roof, and cleaning gutters.
However, you have less sense of ownership as you only have freedom over your unit. You are also restricted to do extension projects as it may affect building integrity as a whole.
“Condo owners also have an obligation to pay association dues which will be used for the maintenance of the building, amenities, security, and the likes,” Lawas shared.
*Lifestyle and Location
Condos’ strongest feature is its location.
“Normally, condo properties are always situated within the city and important landmarks like malls, offices, hospitals, schools, and other essential establishments,” he said.
If you are into a city lifestyle where almost everything you need to work, live, and play is just within your reach, condos are nothing but a fit.
“I don’t know, but it’s a common understanding of the many that if you are living in a condo, it would sound so expensive and some would say that only rich can afford,”Lawas said adding condo living becomes a symbol of social status.
*Price
While the total project cost of a condo unit varies according to the number of bedrooms, location, and floor area, still a condo is considered expensive than a house and lot especially when the monthly association dues enter the picture.
*Amenities
Condo owners usually entitled to amenities like swimming pools, fitness gyms, function rooms, basketball courts, and others.
“Amenities of the condo are one of the reasons why unit owners buy the property. They like it when they get to live within these amazing amenities,” Lawas said.
*Privacy and Security
Another pro in buying a condo is its security feature. Lawas shared that all condos guarantee 24/7 security with its security personnel and CCTV cameras installed in almost all parts of the property giving you more peace of mind.
House and Lot
*Ownership & maintenance
Generally, if you are looking for a property that you can own for a lifetime and even pass to the next generation, a house and lot is a wiser choice. You are free to do extension projects, renovation, and repair for as long as you are within your property line.
“Unlike condos, buying house and lot means you own a land that is titled under your name and will serve as your asset,” he said.
Meanwhile, maintaining your house and lot property requires more effort and it means full responsibility for its upkeep.
*Lifestyle and Location
Though it may not be as convenient as condos, location-wise, having a property in a subdivision or village means acquiring a more peaceful and subdued life as most of these properties are located away from the heart of the city.
*Price
House prices depend on the kind of subdivision you are in.
“It really varies on the budget of the buyer, if they want it cheap, we have from low-mid cost housing but if they want a lot more of privacy and secured environment, high-end subdivision suits them,” Lawas shared.
But generally, properties located in the suburbs are cheaper than those situated near the city.
*Amenities
If it’s amenities you’re looking for, you can still have it within a subdivision especially those in high-end places. Some developers include in their property swimming pools, playground areas, and basketball courts.
*Privacy and Security
It depends on the neighborhood but gated subdivisions are typically safer than those in non-gated communities. It is still important that homeowners initiate security measures within their property line on top of the subdivision’s security services.
Whether you buy a condominium or a house and lot, another major consideration you need to take is the developer of the property you are purchasing. In Davao City, one trusted and the well-respected developer is Santos Land Development Corporation (SLDC). This homegrown brand is known for delivering quality projects to homeowners and buyers.
SLDC has a soon-to-rise condominium property in JP Laurel Avenue, Bajada, Davao City - The Ivory Residences. It is an 18-story tower with 328 units of various sizes and is capable of housing approximately 120 parking units spread out over three floors.
For those leaning towards horizontal properties, SLDC is currently marketing its Ilumina Estates II, a mid-cost to high-end development situated in a 25-hectare area in Communal, Buhangin, Davao City.