Which property should you get: Condo or House and Lot?

Welcoming the new year with the ultimate decision to acquire a new property is a huge and brave step to take, but the rigorous decision-making does not end there. For those who want to get a new home, there are a lot more important things to consider especially when choosing the type of property that best suits their needs.

Whether you are looking for a place to move in permanently, or a place where you and your family can spend time during a long trip away from home, choosing between a condo or a house and lot is a common dilemma among aspiring property owners. Considering condominium establishments’ top-notch facilities and amenities, versus the comfort and privacy you can have with your own house and lot, it becomes an endless comparison when choosing between the two, as aspiring property owners often look for a balance between both properties’ best features.

To help you choose between a condo unit or a house and lot, here are a few things you can take note of before deciding on which property you should get.

Buy a condo if..

1. You want all the facilities and amenities in one place

One of the main reasons why owners choose to buy a condo is the overall experience it brings, given its facilities and features that would be expensive to include in a house and lot. These amenities include spas, a pool, a gym, and other recreational spaces that residents of a condo establishment can access. If you decide on getting a condo unit, you would pretty much have everything you need without going outside, and spending time at home will be more interesting and productive.

2. You want extra security

Since you will be living in an establishment where a significant number of residents are also staying, condominium security is much stricter as most of these establishments have security cameras all over the place and security guards are also present, along with desk people and other staff members.

3. You want a low-maintenance property

If you don’t have ample time maintaining your property, especially if you are planning to get a home just so you can live close to your workplace or school, where you spend most of your day at, a condo unit is the perfect choice for you. Considering the size of your unit and other aspects, all you need to keep your home clean is a vacuum and some basic cleaning materials. Plus, most of the condos that you can get are already furnished and have the basic appliances you would need.

4. You want a cozier place

With the size of space being mentioned, condo units are usually less spacious than a house and lot as some outdoor areas such as a private gardens or a private garages will not be part of your property. If you will not need such spaces for your home and all you want is a place where you can eat, sleep, and do indoor household activities, a condo unit would be a better choice. It would also be ideal if you will be living alone, or you will be sharing the unit with one or two others, depending on the size of the unit.

5. You want easy access to commercial establishments

A condo is definitely the better option if you are looking for a place that has an easy access to commercial establishments such as malls, schools, banks and such. Since most condo establishments are strategically located near commercial hubs and business centers, living in a condo would be more convenient for you as these establishments would usually be a walking distance from your home.

Buy a house and lot if..

1. Comfort and privacy is your priority

Having your own house and lot means that you have the whole place to yourself or with your loved ones only. Thus, you can do whatever you want while at your own property. You can walk around in your silly yet comfortable clothes, you can laugh as loud as you can as long as you’re not disturbing anyone from the neighborhood, or you can hold a party with your friends and stay up all night long. Those are some of the things that are difficult to do if you’re living in a condo unit as you have to be mindful of your neighbors who live just a wall apart from you. If you want to have that kind of freedom and privacy at the same time, you might want to opt for a house and lot.

2. You want more control over your property

While there are condo units that are spacious enough to renovate and redesign, having your own house and lot will let you decide on what you want to do with all the space you have. This can be more convenient and fulfilling for hands-on property owners who want to be part of the construction and designing per se. You can put your own touch to the house and the lot itself as you get to make use of the spaces based on your own preferences. You can have your own garage if you need one for your vehicle, you can make use of that extra space in front of your house and make a mini garden, or you can extend your second floor a bit and add a balcony— something you cannot do with a condo unit which is technically part of a bigger establishment that is owned by someone else.

3. You already have a specific design in mind

Speaking of hands-on property owners, some already know how they want their dream house to look like. If you want to achieve that home you’ve always pictured in your mind, a house and lot would be a better option for you. However, this means that you need to consult an architect, an engineer, and other professionals in the construction field to know if the house you have envisioned would work with the lot and the available materials you have for your property.

4. “My house, my rules” is your mantra

If you want to set your own rules at your own property, especially if you will be living with your kids or your loved ones, you might want to get your own house and lot. Living in a condo unit would require you to follow certain rules set by the establishment’s owner and some of it might not be favorable for you for some reason. With your own house and lot, you get to decide when to accept visitors, or when to allow the kids to play outside without being called out by a guard.

5. You’re looking for a place to live in for a long time

If what you’re looking for is a property where you want to live in for good, no questions asked— getting a house and lot is the best choice. This is a more worthy investment if you want a place your kids will grow up loving, or a property that you plan to hand over to a loved one.

For an easier acquisition of your dream property, whether a condo unit or a house and lot, apply for a home loan online with AQWIRE powered by Nook and get pre-qualified in minutes!