Condo vs. House: Which is the Better Real Estate Investment for You? | Nowadays, real estate is fast becoming a popular investment option. Despite the current setback caused by the global pandemic, the “new normal” presents new opportunities to potential investors eyeing the residential and property market for more affordable terms.
There are two common real estate investment options: house and lots and condominium units. Knowing the key differences between the two, as well as their benefits and disadvantages, can help you determine which investment best suits your needs.
When investing in a house and lot, you are guaranteed full ownership and exclusive rights to the land the house stands on. This allows you a wide range of options to develop and improve your property and gives you access to large interior and outdoor spaces for additional features. Residential areas are also situated in quieter and more peaceful areas, making it ideal for a more relaxed pace of living.
However, a house and lot can cost a hefty sum upfront and require additional spending for repairs and upkeep. This maintenance is also wholly dependent on you as the owner. Other disadvantages include less security for your property and a possible lack of amenities and common areas.
For condominiums, you are guaranteed full ownership of the unit and allowed access to shared facilities and amenities within the condominium property. Maintenance and renovations of the building itself are covered by association fees paid to the condo administration—owners only need to maintain their unit. Condos are also often located in more strategic, urban locations with essential establishments nearby.
Disadvantages include having limited interior space and no exterior space, very few options for renovations, and dealing with urban noise pollution and crowd density.
Learn more about the differences between these two real estate properties and how you can make the right decision on the right real estate investment for you from the infographic below.
Better Real Estate Investment for You Better Real Estate Investment for You