When acquiring a property, buyers can purchase a traditional house or a condominium. Aside from location, one of the most crucial things you'll have to make is your home style. Condo ownership involves just the living space inside the condo unit and a share of the standard amenities of the condo building. In contrast, homeownership includes both the house and the land it stands on. Both forms of housing have advantages and disadvantages, and your lifestyle and budget can help you decide whether a tiny house or a condo is a better fit for your demands.
Benefits of a Tiny House
The best benefit of buying a tiny house is that it gives you a complete and exclusive right to the property. When you purchase a house and lot, you purchase a piece of property that is entirely yours. On the other hand, Condominium tenants share land ownership, which limits their independence compared to homeowners.
A tiny house is s more customizable than a condo. As a homeowner, you have the freedom to alter the color of your walls or add a room at any moment. You may create a tiny veranda, a garden, or a little playground for your children in the backyard. Nobody will be able to stop you from making the most of your indoor and outdoor area.
You are free to renovate, repair, or enlarge your home as you see fit. You may even build a second or third story if you want more room. However, the National Construction Code of the Philippines requires that you get a building permit from your city or municipal hall before beginning any home renovation project.
Of course, a tiny house is also an excellent long-term investment. A house and lot are long-term investments that may be passed down through the generations. Despite the fact that the structure's worth declines with time, the land on which it is built appreciates. This makes buying a tiny house an excellent long-term investment.
Difference between a Condo and a Tiny House
Disadvantages of Tiny House
Costly Maintenance
You have complete control over your property when you own a house and a lot. This also implies that you are responsible alone for its maintenance. You may employ someone to help you with various parts of house upkeep, but it can be costly. Condo owners split building maintenance costs with their neighbors, whereas homeowners are responsible for their property care.
Increased Utility Bills
Having more living space has a disadvantage: it uses more power and water. As a result, homeowners have more significant utility expenses than condo owners.
Commutes that are too long
Most of the available and cheap tiny houses and lots for sale are in the suburbs. It takes two to four hours to get to and from the core business areas, where most people work.
Due to the current status of our public transportation system, residents outside of Metro Manila would have to suffer long and exhausting daily trips.
Advantage of Condo
Relax and Not Worry about Maintenance.
One of the primary advantages of condo living is that you don't have to worry about repairs and exterior maintenance. Condo owners relax at the pool, go on weekend trips, or just relax at home while homeowners cut grass, repaint houses, trim plants, clean roofs, cut shrubs, rake leaves, and sweep yards.
The location is more suitable for your lifestyle.
Condos are frequently closer to amenities since they are smaller and more densely packed. This is especially true in urban areas, which provide diverse cultural activities, shopping, leisure, entertainment, and employment opportunities. Condo owners have shorter commutes than homeowners, who are more likely to reside in the suburbs or exurban areas.
You can make use of shared facilities.
Shared amenities are common in condominium communities. These can include the following: Swimming pools Spas Sauna Tennis courts Gymnasiums. Golf courses Parks for pets. Trails for jogging. Most people who live in households must commute to public facilities to access these services. These are accessible to the condo owners without having to leave the premises.
You might be able to form stronger social bonds.
Others may live above or below your unit, and other units actually encircle your property. There's also the matter of density. In a condominium, there might be 20 or 30 units per acre, compared to one home per acre in a detached home community. This generates an intimacy that is lacking in massive subdivisions. And, because condos tend to attract individuals with similar backgrounds and interests, there's a higher chance of social co-mingling. And yes! You've got built-in buddies!
Activities become even more pronounced when there are shared recreational amenities to assemble around, such as swimming pools and gymnasiums.
The condo is Better than a Tiny House
A condo is better than a tiny house and is a good investment whether you want to produce rental income or capital growth for the following reasons:
Condos are typically located in popular inner-city areas, and as the saying goes, location is everything in the real estate market. Investing in a condo can be the only option to invest in certain cities or areas without breaking the bank.
Condos may be beneficial if you wish to produce rental revenue in a broad and rising rental market. They cater to a wide range of tenants, including the growing student and youth market as well as the ever-increasing elderly market. With the development of Airbnb and the sharing economy, you might be able to make money renting out your condo for a short period of time.
Condos aren't simply efficient in size; they're also small in price. While investing in a desirable neighborhood will always be expensive, you'll need a considerably smaller down payment and pay a much lower monthly mortgage.
Depending on where you buy, condos can offer excellent long-term capital growth. The combination of a good location and a reasonable sale price attracts many investors.
Buying a condo unit provides a lot of advantages over tiny traditional housing. Condos are not only less expensive and easier to get for most homebuyers, but they also allow you to own property in the best locations you would not otherwise be able to afford.
Condos in Vista Residences Condo provide financial and lifestyle benefits that are far more than their size would seem, whether you're looking for a convenient area to reside, an attractive location to rent out, or a property to grow capital.
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.
