So you are browsing through different propertylisting sites and you see a lot of properties with different features andsquare footage, from different locations. You might be asking yourself what tobuy.
When buying a property, there is always achoice between a traditional house and lot or a condominium. While location is the most importantthing to consider when buying a property, deciding on which property type isalso necessary. Would you want a bigger space for you and your family or wouldyou rather live in a more compact space in the middle of the city? The answerlies on your lifestyle needs and budget.
AMENITIES
A condominium is similar to an apartment. It is a privateresidential unit located in a shared building or complex and it is usuallysmaller in square footage than a house. A condo board or homeowners association (HOA) ownsand maintains the exterior of the building and all the common areas like theswimming pool, clubhouse, fitness gym, and even parking areas. Different condo complexes orbuildings have different amenities and features depending on their size andlocation.
Condos are very popular among first-timehomebuyers, millennials, downsizers, and investors because of theirstate-of-the-art amenities and features which include granite counters,stainless appliances, an open floor plan, and modern common areas. Some of the condominium propertieseven house clubhouse, jogging trails, and recreation rooms that the condo residents canenjoy. Living in a condolets you experience 24/7 security with gated complex and lobby staffed withsecurity guards.
PRICE
Condominiums are typically less expensive thanhouse and lot, but you have to pay attention to condo dues set by the HOA. A condo is usually lessexpensive than a house since it is much smaller in square footage andmaintenance is typically cheaper because you are only responsible for theinterior of your unit. You do not have to worry about landscaping, the roof orexterior walls because the condoboard or HOA covers them.
MAINTENANCE
One of the fees you should take note of whenbuying a condo unit is the HOA fees. This is one area where the costs of a condo can reallyincrease. You have to keep in mind that the fewer amenities the condo complex has, thelower the HOA fees should be. Remember that maintaining the amenities likefitness gym, clubhouse, parking garages, storage units as well as the securityof the whole property cost money and these are covered by the HOA fees.
Meanwhile, homeowner’s insurance typically costless in a condothan in a standard house since you are just responsible for the interior ofyour own unit. The HOA often covers the insurance of the building exterior.
As to the cost of a house and lot, it isusually more expensive than a condo because they are bigger in size and when you own a house,it is obvious that you own the whole area, inside and out. Insurance is alsomore expensive for a house because you are insuring the whole house and theproperty it sits on. As to the maintenance and beautification of the house, youwill also be responsible for those. Think about landscaping, maintaininggutters, and the roof. If you also own a house, you probably own a lot moreproperty, which means higher property taxes too.
COMMUNITY
Before even making that decision to buy, itwould be best for you to know and understand the advantages and disadvantagesof buying a condoas compared to a house and lot.
Condos are smaller and part of a communitywhile houses are in neighborhoods. In a condominium, you are going to be a lot closer toyour neighbors when you share walls. You will also have more opportunities tointeract with them since you have communal mail room, shared parking spaces,clubhouse, swimming pool area as well as meetings with the HOA or condo board.
This is why it is best to buy a unit in a condo property that iswell-managed and with people that are like you. The good thing about condo living is thatthere are a lot of chances to make friends. However, there is a chance that youmay not want to be with friends with these people.
GOOD INVESTMENT
People nowadays are keen to explore the idea ofpurchasing a condo unitover a house and lot because condosare usually located in city centers, within walking distance to restaurants,shopping centers, and other places of interest. Condos also have amenities like pools and fitnesscenters that you do not usually find in standard homes. This makes them a veryattractive and popular choice for most people, especially the millennials whoare after ultimate convenience and low-maintenance lifestyle.
However, the condos are usually smaller in sizeand outdoor space is limited because of the density of the community. In livingin a condo, you cannot expect to have a private garden, a private driveway, oryour own yard.
When it comes to repairs and maintenance, condo association feesusually cover the exterior, common areas, and other components of the buildingstructure, so maintenance is limited to the interior of the condo unit.
However, when it comes to the disadvantages of buying a condo, one ofthe drawbacks is the additional monthly expense because of the above-mentioned condo dues. Condo dues are collectedto be used in building maintenance and common areas. These fees can be high andthey can increase when extra money is needed for maintenance of the property.
If the condo building is older, it could require morereserves to pay for the exterior maintenance which usually means higher feesand special assessments.
Meanwhile, for house and lot, the homeowner is completelyresponsible for the maintenance of the property, both exterior and interior.Although improvements will likely increase the home’s resale value, theyrequire an investmentof time and money. Another disadvantage is that utility bills are generallyhigher because of the bigger space of the house as compared to a condo unit.
SECURITY
On the other hand, buying a house gives you thetotal control over the property to do whatever changes you want to make withoutthe need to ask permission from others.
Aside from this, you can also have a lot ofprivacy in a house, depending on the neighborhood, the size of your property,and size of your house. However, this increased privacy could come at anincreased cost because you have to pay for the luxury of owning those fourwalls of the house.
With a house and lot, you also get to enjoyyour own indoor and outdoor space, which is best for families, children, andeven pets. Owning a house also means having more storage space, more privacy,and more sense of ownership.
While many owners want the sense of communityand strict security found in condos,others do not like all the rules and policies set by the condo association.
You have to read the condo rules and get familiar with the rulesand regulations of the property. Some condo HOAs have rules even on what color yourcurtains should be. As a condoowner, having a good HOA who runs the property will make your condo life easierand can help increase the value of your property. Before you buy a condo unit, do yourresearch. Make sure the units are mostly occupied by owners, check also thepercentage of renters because if there are many renters, chances are, you willbe living in a place where there are a lot of temporary occupants who do notreally have similar concern when it comes to taking care of the common areas inthe condo complexor building.
You may also encounter a HOA when you buy ahouse in a planned community but they are typically less authoritarian and theyare just basically in charge of the common areas in the community like theplayground and clubhouse amenities. The HOA fees for a housing development areusually cheaper except in very high-end villages.
If you are looking to invest in a condominium, VistaResidences, the condominiumarm of the country’s largest homebuilder, Vista Land & Lifescapes, Inc.offers ready for occupancyand preselling condominium projects in Manila and Quezon City that arestrategically located within inner-city areas, in close proximity to developedbusiness districts and prestigious universities.
Whether you are considering moving for work,for a condo spaceyou can grow or simply for your second home in the city, Vista Residences has ready for occupancy condominiumprojects in Quezon City that you should consider moving and investing in. These condominium projects willsurely let you enjoy the opportunity to create new beginnings in a convenientlynew location.
Move-in ready condominium projects of Vista Residences includePine Crest, The Symphony Towers, and Wil Tower which are located in QuezonCity.
Pine Crest
PineCrest is a condominium development that offers the luxury ofliving in a serene, green, and secure community while still having access tothe comforts of the metro.
PineCrest features three mid to low-rise towers in a Swiss-inspired enclave tuckedin the serene neighborhood of New Manila. Towers 1 and 2 consist of 5-storeyswhile Tower 3 is a 15-story structure. Each of the towers is named after famousSwiss cities Geneva, Zurich and Lucerne.
The condounits in Pine Crest are fitted with a balcony, which offers a serene view ofthe verdant landscape surrounding the area.At Pine Crest, you can enjoy the fresh and crisp morning air with yourcup of coffee or have a glass of wine, feeling the cool nighttime breeze as youwind down from your busy day.
Locatedalong the corner of Aurora Boulevard and Balete Drive, the said condominium property sits right beside Robinsons Magnolia andis just a few minutes away from Greenhills Shopping Center, Ortigas BusinessCenter, and Tomas Morato, where a whole range of lifestyle activities as wellas a multitude of retail and dining establishments, prestigious schools, and premier medical facilities surroundthe community.
The Symphony Towers
Bringing a whole new groove and beat to cityliving is The Symphony Towers which is located along Sgt. Esguerra avenuecorner Timog avenue in Quezon City.
The Symphony Towers is a two-tower mixed-usecomplex that offers exclusive residences as well as commercial and businessestablishments. Two floors in each tower are dedicated to offices while theremaining floors are allotted for residences complete with amenities and a roofdeck that offers the best view of the city.
As it sits in the middle of Quezon City, TheSymphony Towers is just a few minutes away from the country’s largest TVnetworks such as GMA 7 and ABS-CBN, transport hubs such as GMA-Kamuning MRTstation and some of the most prominent schools in the metro such as theUniversity of the Philippines, Ateneo de Manila University, and Miriam College,among others.
Wil Tower
Located in the same city, just across ABS-CBNalong Eugenio Lopez Drive, Diliman is Wil Tower, a 42-storey ready for occupancy condominiumproject of Vista Residences that offers an ideal urban sanctuary in the city.
Wil Tower is just a few minutes away from theMRT3 Quezon Avenue station and is in close proximity to several shopping andcommercial centers such as SM City North EDSA and Trinoma.
There are also some prestigious schools locatednear the said property which include Ateneo de Manila University, University ofthe Philippines – Diliman, and Miriam College as well as hospitals like CapitolMedical Center of the Philippines, St. Luke’s Medical Center, Heart Center ofthe Philippines, and Lung Center of the Philippines, among others.
Wil Tower offers well-thought out features andamenities as well as exclusive residential units that will surely make you feellike a celebrity. You can lounge in the pool, enjoy sauna, try al frescodining, shop for amazing home décor atAllHome or simply hit the gym – all without leaving the comforts of yourown condo unit.
For more information on Vista Residences, visit www.vistaresidences.com.ph, follow @VistaResidencesOfficial on Facebook, or call theMarketing Office at 0999 886 4262 / 0917 582 5167.
