The real estate market continues to thrive in the Philippines despite the fight against the COVID-19 pandemic. One of the most popular debates among real estate investors and homeowners is condo vs. house. Not one is better than the other since they have distinct differences that suit different preferences. Here are the pros and cons of investing in each property to uncover the answer.
Condo vs. House: What’s the Difference?
Investing in a condo can be cheaper and hassle-free with maintenance. Condo developers manage the interiors, while the condo admin upkeeps common areas. Condos are also bundled with pools, playgrounds, gyms, and other convenient amenities. Another great thing about condos is that they’re strategically located around many establishments.
Although condos offer great value with amenities and convenience, they also have some cons. For one, condo residents have limited renovation opportunities. They need the condo management’s approval to improve their unit. Interior space is also limited and usually has no outdoor space. Their location in key metropolitan areas may entail more noise and traffic, which is unsuitable for those who prefer quiet areas.
When it comes to houses, homeowners have full ownership and exclusive rights. They can renovate as they please. Residential areas that houses mainly occupy also provide a more peaceful setting since they’re away from commercial areas. Unlike condo units, houses have bigger interior and exterior areas, ample enough for a garden or garage.
Security can be one issue regarding the disadvantages of investing in houses. Houses don’t come with a concierge, security, or amenities, just like how condos are set up. It can also be more difficult and expensive to maintain a house. Homeowners are responsible for taking care of every nook and cranny of their house.
Other Key Differences Between a Condo and House
To make the decision between condo vs. house easier, here are some factors to keep in mind.
· Affordability – Condos are relatively less expensive than houses since the management shoulders upkeep.
· Convenience – Houses are on the quieter side, but condos are situated in commercial areas.
· Rental yield – Condos and houses differ in how quickly they generate profit. It’s important to stay updated with rental yield trends.
· Appreciation – Houses are generally easier to sell and appreciate better in the long run.
· Lifestyle and status – An investor’s needs and goals vary. A young professional always on the go may be better off in a condo, while a family may live more comfortably in a house.
Check out this infographic to learn more about the differences between a condo and a house.
