Condo Or House & Lot
If you can buy only one piece of property and you are presented with a condominium or a house and lot package, what will you choose?
If location is not much of an issue, a wise move would be the latter. Being ‘wise’ is relative, though. It may be wise in terms of money for value but there are other considerations as well.
Commonly, condominiums are located in the heart of the city. The reason behind building a condominium is accomodating more people in less land space in the same area.
House and lot, on the other hand has more value because of the land you also own, but usually it is located farther and farther away from the community center because more likely than not, those within the center circle are already owned by someone.
That leaves two general ideas:
1. If you need to be within the center circle, buy a condo unless you can withstand the travel to and from your routine.
2. If you don’t have to be within the center circle, buy a house and lot which gives you real value and not mere air space.
Filed under: Decision Making by Carlo