Are you considering purchasing a new property in Visayas and Mindanao? Real estate investment is a huge commitment. You should weigh your options carefully before signing the dotted line. If you’re still on the fence about which one to go for, read on as we’ll discuss the key financial differences between condo vs. house.
Due diligence before signing the dotted line
Read along for a more detailed comparison of condo vs house and the monetary aspect of choosing a condo or house and lot for sale by Johndorf Ventures.Monthly maintenance
If you live in a condominium unit, you’ll have to pay for association fees on top of your monthly mortgage payment. This amount will be higher if you need a parking spot or more for your vehicles. However, the building has maintenance staff, so you don’t have to worry about that.
Meanwhile, if you invest in a house, it comes with a designated parking spot. While buying a house in a village may incur association fees, it’s not as expensive as monthly association fees in a condominium property. However, you’ll be liable for any household maintenance expenses. Overall, when it comes to monthly maintenance of condo vs. house, buying a house is a better deal if you take care of your property well.
All about space
Generally speaking, condominium units are more affordable than buying a house. However, you will have limited space. While you may be allowed to renovate your place, you’ll still be restricted by how big your condo unit is.
While a house and lot for sale may be more expensive, it gives property owners more space. Moreover, the property can be renovated in the future for more space, which is optimal for people who are starting a family. In terms of condo vs. house space, a house provides property owners more freedom in the long run.
Utility Bills
Living in a condo usually doesn’t have to pay much for utilities because you have limited space. Moreover, you’re given access to amenities within the condominium property. Living on a strict budget will make it easier to manage while living in a condo.
A house and lot occupy a bigger space than a condo unit. In turn, you’ll have to pay more for utilities. In terms of condo vs. house utility expenses, a condo would be much cheaper.
Long Term Investment
Contrary to what some people might think, your condo ownership doesn’t end after fifty years. However, your property value will depend on the building’s upkeep and market demand. Moreover, you can opt to have your condo unit leased if you don’t intend on living there. This makes condo living a significant investment, especially for those located in urban areas.
A house and lot is a lifetime asset that can be passed down through generations. Even if the house structure deteriorates, the land where the property is constructed will increase in value over time. If you purchase a house in a burgeoning area, your investment’s value may even increase exponentially. You can also opt to have your property or a room rented for extra money.
Regarding condo vs. house long-term investment, a house and lot is the better option because there are various ways to make money. Moreover, you’re assured that its value will appreciate over time.
If you’re looking for quality housing in Visayas and Mindanao, you should consider buying a property from Johndorf Ventures. We are the best real estate developer for excellent value, livable communities.
Johndorf Ventures has projects in Cebu, Davao, Cagayan de Oro, Iligan and Butuan. Whether you’re looking for your forever home or a stellar long-term investment, we can help you find the best deals in growing areas. Find your perfect home by reserving an available unit at Johndorf Ventures today.
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