When buying your first property, there is always a surfacing debate: is it better to invest for a condominium unit, or a full house and lot? For those who still cannot decide, we have outlined some of the advantages and disadvantages for each.
Going for a condo unit comes with a lot of perks. As all condominiums are normally situated in the urban areas, accessibility to all places are ensured. Your home is within short distance to the malls, restaurants, and shops. You might even be lucky and live just across the building of your job. Condos also come with amenities, so you won’t have to worry about your occasional swimming and gym sessions. However, with these advantages come drawbacks.
Suppose that you own a car. Condominiums have provisions for parking, but their costs differ. You might have to frequently rent for a space, or buy your own, which certainly would raise your investment.
Condos also have rules and regulations. Some won’t allow you to own pets, because the buildings are shared.
These rules and regulations do not come when you actually own a separate house and lot. You have total control over land and the property, which even enables you to save a parking space for your vehicle. You can own a dog or a cat at the same time because you have complete responsibility to your home. Renovations are also an advantage to having your own house, as this is inapplicable for condos. In certain subdivisions, however, homeowners are bound by certain rules that limit their options when it comes to the external style of their house, including color schemes.
No matter which you choose, however, it will all come down to how you manage and take care of the property you live in.
Both options are not free from possible misfortune such as incidents of theft, fires, and earthquakes. It is better to think ahead and have your property insured in case the need for such arise.
Contact FGen at (02) 706 3959 and get a quote for property insurance to secure your cherished homes.