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  1. #1
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    Question Buying property: House vs condo

    When investing in a property, your options largely depend on your budget.

    But when funds are not an issue for you, your options are limitless.

    These days, you can see condominiums rising everywhere in light of growing demand. In the city outskirts and suburban towns, housing projects are also flourishing.

    The prices and payment terms are becoming more and more competitive, making it easier for Filipinos to acquire a home.

    One of the most common questions when buying a property is the difference between a house and a condominium unit.

    Here are things you should consider:

    Location

    Condominiums are often situated in prime locations – at city centers, near shopping malls, churches, marketplaces, restaurants, schools and major transportation hubs. The close proximity allows you to reduce commute time and costs.

    Space

    When you own a house, you have exclusive rights to your property. You may expand it any way you want.

    On the other hand, when you own a condo unit, you have to settle with maximizing your space and you share common areas with other unit owners.

    Maintenance, repairs and renovation

    You always have the last say on the maintenance and renovation of your house when you own it. You have full control of your property.

    For any construction, repairs or renovations in a condominium unit, you usually need to ask permission from the building’s administration office. The shared areas, though, are maintained by the building management.

    Price

    A house is usually more expensive than a condo. Condos have a very wide price range. Lower-range condominiums are often within the budget of first-time buyers and start-up families. You find a house with the same price in less desirable neighborhoods and suburban areas.

    Privacy and security

    Part of the condominium dues goes to ensuring the privacy and security of unit owners. Living in a condo promises a well-secured area where only residents can enter and visitors are screened. Houses can be as private and secured, but this depends on the location and the neighborhood.

    Amenities

    Condominiums have amenities such as a swimming pool, gym, tennis and basketball courts and reception area. Some of these amenities most of us cannot afford installing in our own homes. There are subdivisions, though, that have clubhouse areas.

    Resale

    Condominiums are more sensitive to resale compared to houses. The condominium sector is usually the first to be hit and the last to recover when the housing market declines.

    There are a lot more factors to consider when choosing between a house and a condominium unit. Ask yourself these questions to help you decide: Who will use it? Is it for investment or for residential purposes? Do you plan to rent it out or to have it as your primary residence? Will you live in it permanently or only while your kids are still studying?

    Source:-
    http://www.rappler.com/business/5645...e-versus-condo


  2. #2
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    Maybe not hugely informative, but more 'food for thought'

    Some good points.


  3. #3
    Trusted Member stevewool's Avatar
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    very good points, we looked at a condo once we had a few hours to kill, very nice but so small and no privacy unless you are in your condo, like anything lots of planning is needed before you sign away your millions


  4. #4
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    Not forgetting, unlike a house and lot, you can legally buy the condo in your own name...If space is an issue, there's nothing stopping you buying 2, side by side and knocking them through. It has been known


  5. #5
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    Quote Originally Posted by gWaPito View Post
    Not forgetting, unlike a house and lot, you can legally buy the condo in your own name...If space is an issue, there's nothing stopping you buying 2, side by side and knocking them through. It has been known
    Thats true but just to add that you are really only buying a lease with maintenance fees every month with no real guarantee that maintenance will be performed month in month out for the 50 odd year duration.
    In regards "knocking through",I have no idea if that's allowed in the terms of your contract or not?
    The most important thing is that the buildings ownership maintains its 60/40% status.
    Lots to consider when purchasing a lease for a Condo here..
    Its not something I would get involved with but I can see how it might suit others.


  6. #6
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    Hello, my wife and I are in the UK and we plan in a couple of years to build our own home. I'm aware that being a non filipino I cannot buy land or property and that I would need to apply for filipino passport in order to do so, I believe my wife can petition me for this, can anyone help me with this, thanks.


  7. #7
    Moderator fred's Avatar
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    Quote Originally Posted by Robert86 View Post
    Hello, my wife and I are in the UK and we plan in a couple of years to build our own home. I'm aware that being a non filipino I cannot buy land or property and that I would need to apply for filipino passport in order to do so, I believe my wife can petition me for this, can anyone help me with this, thanks.
    Id put that idea on the back burner if I were you..
    For starters you need to live here for at least 5 years without leaving..You also need to be able to show a good proficiency of speaking the language... They also ask you to swear allegiance to the Philippines and no other country.. Its absolutely ridiculous that they allow their own countrymen to hold dual nationality but will not allow foreigners to do the same..


  8. #8
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    Quote Originally Posted by Robert86 View Post
    Hello, my wife and I are in the UK and we plan in a couple of years to build our own home. I'm aware that being a non filipino I cannot buy land or property and that I would need to apply for filipino passport in order to do so, I believe my wife can petition me for this, can anyone help me with this, thanks.
    hi robert - cant the wife buy it in her name or jointly - then less of a problem


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