House and Lot or Condo? A confusing decision if you don’t know what are the pros and cons before buying the property.
I experienced this myself when the time I was looking to buy a property for the purpose of investment. This is a long-term payable (If you’re into financing) that you really need to think about before signing those contract to sell and paying your equity or down payment. We at Philrep Realty Corp. wants to make sure that you decided for the right investment!
I made a comparison in general and case to case basis that will fit for any situations that you had.
- house and lot have more freedom to modification while condo is limited because of building policy.
- house and lot are all yours to keep with a full land title that you can pass to your children while condo you only own part of space in the building.
- house and lot you had your own backyard, you can have some pet and hobby if you want while most of the condo does not allow a pet.
- condo is easy to maintain while house and lot need more time to clean.
Case to case reason for buying,
- if you are working in the city, a condo is more accessible than house and lot located in subdivision far from the access.
- if your lot is big, you can have your own garage inside your house and lot property while in a condo you need to rent or purchase your own parking space.
- if your condo is expensive, it is luxurious and the amenities are great and the cost of living is class.
- if you plan to bring it to business, a condo has a good opportunity for rent at a higher rate(base on my personal experienced) while house and lot has a lot of things to consider.
You know yourself and your situations, nobody can tell what is best for you, only yourself. Any consultant can only give advice for you to realize the pros and cons of both properties. Think of where you are now and the future plans.