21/10/2020
Advantages of Buying a House and Lot
Source: https://www.moneymax.ph/personal-finance/articles/condo-vs-house #:~:text=The%20biggest%20advantage%20of%20owning,for%20laundry%20and%20dirty%20kitchen.
1. Bigger Spaces
The biggest advantage of owning a house is having a larger interior space, plus an outdoor space of your own.
Houses have more spacious living rooms, kitchens, dining areas, and bedrooms. Unlike condo owners, homeowners typically have their own garage and space for laundry and dirty kitchen.
2. Full and Exclusive Rights to the Property
When you buy a house and lot, you own a piece of land that’s exclusively yours. In contrast, condominium residents share ownership of the land, which is why they don’t enjoy as much freedom as homeowners do.
A house is easier to customize than a condo. As a homeowner, you’re free to change your wall paint any time or create an additional room. You may construct a veranda, start a garden, or build a small playground for your kids in the backyard. Nobody can stop you from maximizing your indoor and outdoor space.
You may renovate, repair, or expand your house to your liking. You can even add a second or third floor if you need a larger space. But before starting your home improvement project, you must secure a building permit from your city or municipal hall—it’s mandated by the National Building Code of the Philippines.
Related: Home Improvement Loans: Finding the Best Fit for You
3. Greater Privacy
Condo vs House - Advantages of House and Lot
In general, subdivisions have more peaceful neighborhoods than condo communities. Homeowners live quite farther away from each other.
In a detached house, you’re not sharing the same wall, floor, or building with your neighbors. Even if you live in a townhouse or duplex, you still enjoy more privacy than condo dwellers. Despite sharing walls, you and your neighbors have your own separate space.
Noise won’t bother you as much as you would in a condo, except when your neighbors hold late-night videoke sessions.
4. Good Long-Term Investment
A house and lot is a lifetime asset that can be passed on from one generation to the next. Even though the value of the structure decreases, the land where it’s constructed steadily appreciates over time. This makes a house purchase a better long-term investment than a condo, which has a lifespan of only 50 years.
Related: Tips When Buying Your First Real Estate Property
5. Development in the Suburbs
Condo vs House - Advantages of House and Lot
Explore options outside Metro Manila, and you’ll find house and lots around four times cheaper than those in the metro.
Aside from affordable housing prices, suburban areas—particularly Bulacan, Cavite, Laguna, and Rizal—have been undergoing rapid urbanization in the last decade. There are now more roads, highways, commercial areas, and of course, residential developments in these provinces near Manila.
Buying a house in the suburbs now while developments are underway is a smart investment. When these areas get fully developed, the prices of houses and lots will certainly go up.
