House vs. condo

Residential

The population in the Philippines is at a steady increase which means there is a never-ending need for families to find their own home.  With many options available in the real estate market, it is often a question of what type of property is better—a condominium or a house? Making an informed purchase is always the utmost priority for any homeowner so here is a guide to help you compare the two options. 

Condominiums 

 

Affordability

Land properties can be quite expensive, especially in prime locations which is why a condominium can shine as they usually come at a fraction of the house’s cost if compared within the same location.

Urban lifestyle 

One big draw to condominiums is the convenience it offers through its prime locations near known establishments like malls, supermarkets, transportation hubs, schools, hospitals, and more. This means significantly less time on commuting and transportation expenses. There is also the fact that condominium developers offer amenities that the typical homeowner would not have access to, such as pools, gyms, playgrounds, and more. 

Maintenance 

It can be cumbersome handling all maintenance on your own but luckily condominium owners need only pay a monthly maintenance fee to keep the common areas such as the gym and pool areas regularly maintained. The only thing they need to take care of is the interior of their rooms. 

Security 

Condominiums have the luxury of having 24/7 security monitoring, CCTV cameras, smoke detectors, and fire sprinklers. Security is often stricter particularly in high-rise and resort-style condominiums as compared to those of exclusive subdivisions. 

House and lot 

 

Larger spaces 

The biggest difference is that owners of houses can enjoy bigger space, including having a bigger outdoor lot or garden. They have the luxury to have their own garage, extra space for rooms they otherwise might not get in a condo such as a dirty kitchen, storage rooms, guest bedrooms, a garden and a maid’s quarters. 

Privacy and flexibility

Homeowners can enjoy greater privacy and flexibility. Whereas some condominiums restrict pets, an owner of a house can freely have that option. Bungalows also provide more privacy versus vertical residential developments whose units are adjacent with one another. While there are still rules to be followed especially within residential villages, owners of houses have far greater flexibility in the design and maintenance of their properties.

Long-term investment 

A house and lot can be passed down to generations. While the structure will deteriorate over time, the land will appreciate on its own. In contrast, a condo usually has a lifespan of 50 years. 

The verdict 

Having laid out the main characteristics of both, the right decision ultimately lies on what is the best one for your family—what fits your lifestyle, budget, and plans. Once you have made the decision, you can reach out to a real estate services company to help you look for that house or condominium for sale. Santos Knight Frank is a renowned real estate brokerage company that offers services ranging from consultancy, property management, appraisal, and more. Learn more by visiting https://santosknightfrank.com/

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About Santos Knight Frank

Santos Knight Frank provides global real estate services. Since the company first opened its doors in 1994, it has become the Philippines’ first and largest fully integrated real estate services provider, with clients that include multinational corporations and institutional investors, as well as occupiers, owners and developers of real estate locally and across the globe.

The company’s partner, Knight Frank, is the largest independent global real estate consultancy. Founded in 1896 and headquartered in London, Knight Frank operates in more than 523 offices in 60 countries across the globe, including the strategically important partnership with Newmark Knight Frank in the U.S. (with Newmark Cornish & Carey in the West Coast).