When buying a property or choosing a place of residence, you can either pick a house and lot and a condominium unit. Each residential piece of real estate has its unique set of upsides, but the former is more advantageous for many reasons.
If you have the luxury of having them at your disposal, here’s why you should put your money in a house and lot.
House and lot packages come in different sizes, but they’re generally larger than most condos. A single-family detached home lends itself to addition. You can add another floor to gain more space and make room for your growing family.
If you have extra yard area, you can build an extension to carry out the same goal. The same isn’t an option in a condo. You may be able to do a variety of home improvements, but there’s no way to increase its floor area.
Any Lancaster review from reputable websites such as Property Survey would attest that buying a house and lot in the province close to Metro Manila is more budget-friendly than a condo located in the heart of the city.
The cost of renting, let alone buying, a condo in Makati or Mandaluyong is usually greater than the monthly repayment of buying a house and lot in Cavite. If you want to get more bang for your buck, a townhouse or a single-family detached home is the way to go.
Safer in Case of Market Crash
Most lenders consider condos to be riskier than houses. In case of a real estate market crash, it’s easier to resell a house and lot to absorb little or no losses. Although you’re not buying a property for the sake of investment, it’s a thought you should keep in your back pocket.
Despite the many advantages of house and lot packages over condos, the most suitable property for you entirely depends on your unique situation. Weigh the pros with the cons of each choice to see which one makes more sense to your life goals.