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Condominium vs Car - Which is a Smarter Investment for Millennials?

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After several years of working and having been able to set aside a portion of your salary each month, you have finally saved a good amount of money to invest in something major - a milestone that each millennial aspires and hopes to achieve.

We want to use our hard-earned money to buy things that would be beneficial for us and invest in assets that promote our lifestyle. For some, buying a condo or a car would be something to decide on.

Some people will obviously opt to get a car because it is more affordable, simpler to maintain, and easily accessible. Having a car also gives you a sense of independence and freedom, knowing that you can easily go wherever you want to be without relying on anything or anyone.

But with today’s market situation, the rising gas prices, and worsening traffic conditions, is investing in a car really the more practical choice?

There are others who would prefer to invest in a condominium because of the long-term financial benefits it can provide, its stability, and rental opportunities.

Before even deciding on which investment to take, it is best to know the external factors as well the pros and cons of investing between a condo and a car to be able to come up with an informed decision.

A condominium unit or a car – which is a smarter investment for you?

Condominium

Most condominiums have high quality and modern amenities and features. When you invest in a condo unit, you are also investing in leisure and recreation.

Condo amenities such as the swimming pool, fitness gym, and function room can elevate one’s lifestyle and bring convenience and accessibility to the residents. Condo unit owners can use them anytime without having to leave the property, thereby saving time and money.

One of the benefits of condo living is that other people do the property maintenance for you. The responsibility for the upkeep of the unit is not entirely on the owner. In case of property maintenance or concerns, these can be coursed through the Facilities and Property Management team, who are in-charge of addressing the condo residents’ concerns. Also, you can choose a perfect condo design that fits your preference.

Most people consider real estate property such as a condominium as one of the best investments one could ever make. It is cheaper than a house and lot, it is easier to maintain, provides 24/7 security, located in proximity to city life, and grows its value over time. That’s why a lot of young professionals and starting families prefer to live in a condominium unit.

Nowadays, many condo developers also offer big discounts and flexible payment schemes to help first-time investors acquire a real estate property that they can definitely call their own. These discounts include parking space for your cars.

Just like any real estate property, the value of a condominium unit appreciates over time. Condominiums are typically located in strategic areas near universities, business districts, and other key establishments. When these CBDs become further developed, the value of real estate properties within its proximity becomes more valuable. These are just some of the reasons why condominium is one of the preferred homes of starting and growing families.

While there are a lot of benefits of condo living, there are also disadvantages that one has to consider.

Condo unit owners pay monthly for association fees. These condo association fees go to the upkeep of the property, the amenities, and the people who ensure that condo residents are safe and comfortable.

Condo association fees are not cheap and they also vary. When you buy a condominium unit, you always need to allocate a part of your income to be able to pay these monthly fees.

As experts say, the value of a condominium unit appreciates slower than that of a house and lot. This is because condo living does not provide you land ownership, only a living space. It is also quite challenging and difficult to resell a unit since every unit found in a condominium community looks the same unless it is interior designed.

A condominium unit is also not for people who value privacy. Condo unit owners share walls and chances are you will hear the music your neighbor is listening to. If you are not the type, it is best for you to rethink investing in a condominium unit.

Car

A car enables its owner to enjoy the freedom to travel conveniently from one place to another. You don’t have to wait for the bus or other public transportation to arrive; you can use your car to go to any place. You can even go to areas where there is limited or no access to public transportation.

Owning a car can also save you time and money. During rainy days, you feel safe and comfortable because you have a sheltered vehicle to protect you from the unpleasant weather conditions. A car can also keep you safe and away from harm and difficulty of commuting.

It is a valuable investment that truly promotes well-being and convenience. Nowadays, car manufacturers help buyers acquire a new car easily through flexible payments schemes or low to no downpayment promos.

However, you also have to consider that there are inevitable expenses that come with car ownership. Cars are high maintenance and require occasional fine-tuning. If you bring a car to work, paid parking can also be expensive.

Moreover, secure parking in some locations can be way more expensive. Not to mention the car registration cost, insurance, and servicing that are also a few of the expenses that you need to consider before you buy a car.

Traffic can significantly affect the way you manage your day and it is terrible to let traffic waste your precious time. Obviously, it is better to be stuck in traffic while you are inside your car, however, if you already want to walk to escape the dreadful traffic congestion, you cannot just leave your car.

One should also think about the value of the car, which depreciates eventually. Innovations in cars often leave old cars ineffective and the introduction of new cars in the market decreases the value of the old models. As expensive as they can be when launched, cars easily lose their value after three to five years of being in the market.

Now that you know the pros and cons of investing in a condominium and a car, you have to think about your preferences, needs, and financial capability to be able to arrive at a smart decision. Determine what would be most beneficial to you to avoid putting your hard-earned money to waste.

If you have decided that a condo is a smarter investment for you, we invite you to explore the condo properties of Vista Residences.

Vista Residences, the condominium arm of the country’s largest homebuilder, Vista Land & Lifescapes, Inc., offers ready for occupancy and pre-selling condominium projects in Manila and Quezon City that are strategically located within inner-city areas, in close proximity to premium universities and developed business districts.

Vista Residences has ready for occupancy condo projects in Manila such as Vista Taft, Vista Heights, Vista GL Taft, 878 Espana, and Crown Tower University Belt. It also has pre selling projects in the said area which include Vista Recto, Plumeria Heights, Tennyson Heights, Bradbury Heights, Sky Arts Manila, and Kizuna Heights.

Meanwhile, its ready for occupancy projects in Quezon City include Wil Tower, the Symphony Towers, Pine Crest, and Vista 309 Katipunan. It also has pre selling condo projects in the said city such as Hawthorne Heights and Vista Pointe.

For more information on Vista Residences, email [email protected], follow @VistaResidencesOfficial on Facebook, Twitter, Instagram, and YouTube, or call the Marketing Office at 0999 886 4262 / 0917 582 5167.