Which Is Better: House & Lot or Condo Unit?

For sure, almost all of us dreamt of having our own place when we’re still “young”, as in “bata pa, nag-aaral pa, at umaasa pa sa magulang”. But now that we’re already part of the labour force and earning, isn’t it about time to fund our dreams by buying our own car and other cool stuff? While “car vs. house” is another great debate, “house & lot vs. condo” is just as interesting and certainly as hot of a topic.

Which do you think is better?

To help you, we’ve conducted surveys and interviews to a good number of working Filipinos and a few real estate experts, to identify which one they think is better, given the current economic climate and other domestic situations which are relatable to most of us, Pinoys. Below are a few of the listed comparison points.

	Condo Unit	House and Lot
Location	Likely seen in the city near shopping centers, restaurants, parks and other interesting places to go to. Most likely close to your workplace. Prone to noise and air pollution.	Usually seen in the village distant from shopping districts. Might be hours from your office.
Amenities	Usually with swimming pool and gym.	Less likely to have a shared pool/gym
Responsibilities	Commonly with monthly dues for the shared amenities, facilities, and security & maintenance personnel	You have full control of everything (maintenance, renovation, design, etc.).
Privacy	Possibly thin-walled, so noise from other units  or outside might reach your place	Depending on how proximal the other houses are, there is less likelihood of hearing external noise from a landed property. Unless you’re located next to a public road.
Value	Affordable, but depreciates over time	Less affordable, but appreciates over time
Security & Maintenance	Believed to be more stringent and thorough.	Believed to be dependent to village and/or neighborhood specifics/preference

Condo units if advantageously utilized as an investment can even self-amortize – eg. opening it for leasing with P15K/month rental fee vs. your P10K/month amort, generating P5K additional income to you However, we also know that life expectancy of condo units isn’t as high as those of houses & lots; ownership may not even be perpetual in majority of the cases.

So, have you figured it out yet? Which do you think is more fit for your needs and budget? If you have additional points for this debate, please add them to the comments section.

If you’re finally ready to move out and need a little assistance in finance for your condo or house & lot, just apply for a loan here.