11/03/2024
Condo or House & Lot?
Most of us usually look for properties for family dwelling residential, looking for a house & lot preferred in our desired location, such as near our workplace. Properties in Cebu City Proper are more expensive compared to remote areas. For those on a budget, cheaper properties are often farther away from the city proper, like in places such as Pit-os, Binaliw, Agsungot, and others. The budget-friendly option in Cebu City proper is usually a condo. So, the question arises, when do we need a condo versus a house & lot?
Condos become more practical than house and lot, especially for our children attending Cebu Universities and during times when we visit Cebu. Condos should ideally be close to schools to reduce transportation expenses or walking distance if possible. Instead of spending on boarding houses, we can allocate the monthly amortization for our Pag-IBIG or bank loan towards owning a condo. Once the students finish their studies, the unit can be sold, earning capital gains and interest. Moreover, rental expenses for the children become free, and you can even rent out the unit if you don't want to dispose of the property. Additionally, this strategy aligns with our retirement plans, providing greater returns than pensions, as real estate investments offer significant returns and also promote disciplined savings.
On the other hand, house and lot properties are suitable for retirement or family gatherings, considering the strong family ties among Filipinos, especially in single detached homes, provides comfort. You can buy in areas where property prices are still low, knowing that with time, all necessary establishments will become accessible from your purchased home.
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The author is not claiming to be an expert on his field, however, he is basing on his actual personal experience as a licensed broker, appraiser & environmental planner. You are all welcome to give feedback for educational purposes that would benefits us all.
