The choice between purchasing a house versus a condominium unit may seem straightforward, but making the right decision requires a closer look at the unique advantages and considerations of each option.
In this article, we’ll break down the key benefits and essential factors to help you find the perfect condo unit or the ideal lot to build your dream home.
House vs. Condo: Pros vs.Cons
Advantages of a house
When you purchase a piece of land, one major advantage is the greater space available for building your dream home. This means a larger property compared to most three-bedroom condominium units. With a house, you have the freedom to customize every aspect of your home—from the number of bedrooms to how many cars your garage can accommodate, to the design of your home garden or backyard—all within the prescribed standards.
Furthermore, you have greater control over home renovations. In the future, should you intend to renovate or expand your home, you have more freedom to do so as you own the entire property.
Like any real estate investment, owning a house can generate rental income if you choose to lease it out. Houses, however, tend to attract tenants with larger households, such as families, and renting out a house can potentially yield higher rental income compared to a condo unit.
Considerations when choosing a house
That being said, the cost of purchasing a lot, plus the subsequent construction costs, can significantly add up compared to buying a condo. Furthermore, buying land means you will have to plan and wait for construction to be completed—the timeline of which depends on the size and design of the home.
However, this also means greater property appreciation over time, should you choose to re-sell your property. Additionally, houses often provide better rental potential, especially if located in a prime location.
Maintaining a house demands more of its owners. Beyond periodic interior repairs, exterior maintenance is essential. This includes tasks such as roof inspections, deck refinishing, exterior repainting, and landscape upkeep.
Finally, houses are typically located in subdivisions, meaning they are farther from commercial and business centers. However, this seclusion provides a peaceful living experience—with more privacy and a quieter neighborhood compared to condos.
Advantages of a condo unit
When comparing houses and condominium units, condos are generally more affordable. Offered in a variety of cuts and sizes, condos cater to a wide range of buyers. First-time homeowners or those with smaller budgets might find a studio unit ideal, while growing families may prefer two-bedroom units, and larger families can settle comfortably into a three-bedroom condo.
The cost and responsibility for repairs in condos are limited to the interior of your unit. Condo association dues cover the maintenance of common areas, such as lobbies and outdoor spaces. Association dues are computed per square meter of your unit as well as your parking slot if you also have one.
Similar to houses, you can certainly rent out your condo unit for passive income. Condos tend to be strategically located in prime areas near shopping centers and offices. Master-planned communities, in particular, allow residents to easily walk to nearby grocery stores, restaurants, and workplaces—making condos highly accessible and convenient.
Considerations for condo dwellers
Condos perhaps do not provide the same level of privacy as a subdivision. Elevators and shared hallways mean you’ll frequently encounter neighbors. Therefore, selecting a development that emphasizes privacy and security is vital to an elevated condo living experience.
Moreover, if you are planning any interior renovation, you will need to consider the building’s structural limitations, as some features cannot be altered. That isn’t to say that you have less freedom with design upgrades. Remember, however small your space is, the only limit to your interior design vision is your imagination.
House versus condo? Find the right property at Nara Residences
Whether you opt for Nara Residences’ selection of 123 condominium units, ranging from studio to three-bedroom layouts, or the limited inventory of 110 Nara Residential Lots, each spanning 250 to 400 square meters, you will experience the best of Bacolod living.
Nara Residences delivers laid-back living coupled with the signature Rockwell lifestyle, known for its distinct safety, security, and exclusivity.
The development features wide open spaces, lush greenery, and tree-lined streets coupled with generous amenities including an exclusive pool and clubhouse designed for lounging and socializing.
Spanning 11 hectares along GM Cordova Avenue, Nara Residences allows you to enjoy Bacolod’s unique and vibrant culture while remaining connected to the city’s main thoroughfares, commercial hubs, and business landmarks.
To learn more about the right Nara Residence property for you, visit our page today.