The real estate market in the Philippines is experiencing an optimistic future even after the global fight against COVID-19. And there is also an oversupply of properties across urban and metro areas in this country. As a result, more and more developers are working on offering promos, flexible interest rates, and other conditions to help the real estate market to revive and return back to its previous highs.
When it comes to purchasing properties in the Philippines, you have to choose from the options between a condo for sale Philippines and a traditional house and lot. Apart from the location and amenities, the type of home is another important factor to consider here. The homeowners often buy the home and the land underneath whereas the owner of the condo includes just a part of the common area along with the living space inside the unit. Although owning both of these properties has some pros and cons, first, you should know why people prefer these properties.
In recent times, more and more buyers choose to purchase condo for sale Philippines over houses and lots for sale because of the impact of modern living. Usually, condos are located in the urban areas in the Philippines within the walking distance of restaurants, shops, and other major places of interest such as malls and lifestyle centers. So, choosing these condos is a convenient option for people, who work in those areas. Besides, condos mostly include amenities, which are not available in standard homes like gyms and swimming pools.
On the other hand, purchasing a home is beneficial if you want to have complete control over the property for making changes or for remodeling without the other’s consent. Here you will also have the advantage of having additional outdoor and indoor space for accommodating families, guests, kids, and pets. Besides, the homes have more storage space in the areas like basements and attics. Apart from that, the homeowners also have more privacy due to the farther proximity of the neighbors compared to living in the condo.
In recent times, more and more buyers choose to purchase condos over house and lot for sale because of the impact of modern living. Usually, condos are located in the urban areas in the Philippines within the walking distance of restaurants, shops etc.
Now Let’s Have a Look at the Factors That Have an Impact on Your Decision of Buying a Condo vs. House and Lot:
The Cost of the Property
If you choose the home and condo for sale Philippines in the same location, the latter will always cost less. Even though condos are popular for the theme of luxurious and convenient living, they are more affordable than a house and lot sold in the cities like Manila. This is due to the lower floor area being used and other factors.
Location of the Property
In the metropolitan cities of the Philippines, the trend of prime locations has always favored the sales of condominiums as they are the most reasonably rated residential units in the market. In the Philippines, condo projects are the most viable developments considering the limited development space in Manila and other crowded cities. And this is also a more practical option for living for families or individuals who seek to live in the city.
Availability of Amenities and Convenience
If you are a high-level executive, you have to be located within the business districts. And in these cases, living in the condos will put you closer to the workplace while offering you the benefits like fewer transportation expenses and travel time. The majority of the condos also offer amenities like playgrounds, pools, gyms, and function rooms, which can be highly expensive for anyone to put up in their own home. Besides, the condos come with features like on-call maintenance and 24-hour security.
Freedom of Space
The houses and lots offer more freedom to the buyers when it comes to the area. Here you don’t have to share property ownership and there is no common land ownership. Once you pay for the area, it will only be yours. Besides, these properties are more spacious than the condos. And, it is a long-term investment, which you can later pass on to the next generations.
Appreciation
House and lot properties tend to appreciate better in the long run when compared to condo real estate properties. Besides, the former properties are also easy to sell. However, condos are easier to rent out.
People From Outside the Philippines Prefer to Stay In High-Rise Buildings
Long-term overseas workers prefer to stay in condos. The behavior of the new market and the individual affluence has embraced the culture of living in condos. As well, foreigners can only buy condos in the Philippines as land ownership by a foreigner is not allowed.
Improved Transport Systems and Highways Increase Demand for Homes
With the rapid urbanization outside the metro cities and the construction of highways and improved roads, the provinces in the Philippines have become more accessible for property owners. As a result, many buyers are deciding to purchase homes in those areas such as Cavite and Laguna.
Your Status in Life
Young professionals often choose to buy homes to settle with their families, but some learn about purchasing condos. On the other hand, empty nesters like couples with grown-up kids prefer to purchase condos while selling their homes.
Related Blog: Condo or House and Lot – What to Consider when Choosing Luxury Properties
