“God Bless Our Home.” That is what you will typically see on the door or by the doorway of a typical Filipino home.
According to the Philippine Statistics Authority, in 2019, 64.1% of Filipino families occupy houses and lots they own. Still, one in every three Filipino families doesn’t live in their own home and land.
Many people say real estate is one of the best investments you can make. The value of lands and properties appreciates annually. That is why most Filipinos aim to purchase their properties from real estate developers in the Philippines.
However, apart from the house and lot, many people see an opportunity in purchasing units from high-rise condominiums. Many best condo developers in the Philippines have sold thousands of condo units to families and individuals, from the wealthiest to the middle-income earners for the past years.
Today, there is a great debate between the two. Which real estate is better to invest in? A traditional house and lot or high-rise condominium unit?
Condominium Unit and Landed House
Before discussing the advantages and disadvantages of these two types of housing, let us tackle their definitions first.
Condominium
A condominium is a large property complex consisting of privately-owned individual units– condo units. The condominium management oversees the condominium. The condo unit owners make up the board in the condominium management. Think of it as its version of the homeowners association in residential areas.
Thebest condo developers in the Philippinesbuild these condominium complexes. Compared to residential areas where houses are divided by blocks, a condominium complex is usually a high-rise building.
Condominiums situate in the middle or near urban areas, such as central business districts.
Landed House
Basically, a landed house is a house or structure built on the land. Homes could be single or multiple-storey.
Landed houses are situated in residential areas, such as villages and subdivisions. Property developers in the Philippines usually divide these landed properties by block.
Similar to condominiums, homeowners association manages the residential areas. If some condominiums are in the heart of central business districts, residential areas are near the economic locations.
Condominiums and Landed Houses
After discussing the main differences between the two, let us divulge their basic similarities.
Condominiums and residential areas may or may not have facilities. Most condominiums have a swimming pool, gym area, and basketball court that condo unit owners use.
Similarly,property developers in the Philippines build these facilities in residential areas, including a swimming pool, basketball court, playground, and events hall.
The condo management oversees the maintenance of the entire condominium complex, from window cleaning to housekeeping of the hallways. They also make sure that the facilities are well-maintained as well. The condo management takes care of the security of the complex by hiring security agencies to guarantee the safety of the unit owners.
The condo management collects monthly payments from the unit owners to sustain these services.
On the other hand, the homeowners association with the local government ensures the cleanliness of the public spaces in the village or subdivision.
The homeowners association may employ housekeepers and a maintenance team to take care of the facilities, such as the playground, swimming pool, parks, and events hall.
They also hire security agencies to man the guardhouses in the residential areas.
Similarly, homeowners collect monthly contributions from the property owners or earn funds from gate passes collected from outsiders.
Now that you know the differences and similarities between a condominium and landed houses, the only remaining question is: which real estate should you invest in?
Advantages and Disadvantages of Condominium Units
ADVANTAGE #1: Location
The main advantage of condominium buildings is their location. The best condo developers in the Philippineschoose areas for condo buildings in the centre of the city and business districts. Usually, they are near malls, universities, restaurants, resorts, and other leisure areas. If you embrace urban living, condo units are the best for you.
ADVANTAGE #2: Safety and Security
Besides having security officers who check outsiders who enter the premises, most condominium units have emergency equipment in the entire building, such as fire exits, fire hoses and hydrants, water sprinklers, and emergency lights.
ADVANTAGE #3: Affordable
Condominiums have a wide price range. The price of each unit depends on the complex facilities available, the size of the unit, and the location of the building. They also have flexible payment arrangements.
DISADVANTAGE #1: Limited Renovation
Even the best condo developers in the Philippines have similar unit layouts. Altering the fixed layout could affect the integrity of the building. At the same time, it could be a disturbance to insanely close neighbours. Renovation may need approval from the condo management.
DISADVANTAGE #2: Rules and Restrictions
Most condos implement stricter rules such as limited visitors, no loud parties, and no renovation.
DISADVANTAGE #3: Fees
Unit owners must pay monthly maintenance fees to the condo management.
Advantages and Disadvantages of Land Houses
ADVANTAGE #1: Total Property Control
Homeowners have the freedom to callproperty developers in the Philippinesto develop their vacant lot or carry out home renovation anytime they want.
ADVANTAGE #2: Size
Landed homes have a larger floor space than condominium units have. Typical condominiums have two to three bedrooms with one bath, but houses could have multiple bedrooms, patio, terrace, and even lawn area. It could be open for the extension as well.
ADVANTAGE #3: Privacy
Gates, fences, and ample vacant land separate land houses from one another. Sometimes, a thick firewall separates two homes. Nevertheless, compared to thin walls of condos, land houses have better privacy.
DISADVANTAGE #1: Upfront Price
Generally, homes cost millions. Its price varies depending on the size and location of the house. The real estate market also offers limited payment arrangements for landed properties.
DISADVANTAGE #2: Security
Depending on the residential area, not all villages have roving security that guards the neighbourhood.
DISADVANTAGE #3: Facilities
Not all neighbourhoods have recreational facilities. It all depends on the subdivision’s property management developers and companies in the Philippines.
Conclusion
Nothing beats the security of living in your own home. Condominium or landed house, both are good investments. It lies on your hand on which one to choose.
Arthaland
Have you bought land and plants to build your own house? Arthaland is one of the best land developers in the Philippines. Build the home or the condo of your dreams with Arthaland.
