Condo Unit Or House & Lot?

[spencerd]

As a person who used to work at a real estate development company, if you want short term, go for condo. If you want stability and asset that you can acquire and sell in the future, go for house and lot.

Many might not know that when you acquire a condo unit, you only have 49 years to “own” it. Afterwards, the condo developer has the rights to do whatever they want to that property. In short, it’s like a long term lease and not actually owning that propery. So go for a good path of having an actual title that is named on your behalf.

[Deepshit27]

House and lot. Mahal nga lang depends on how big it is pero its worth it rather than a condo unit 

[angang]

Condo, location is right in the middle of main cities

[Waknert]

House and lot value cannot be matched

[hubsnswitches]

depends...location matters most....

[Revan]

9 hours ago, spencerd said:

As a person who used to work at a real estate development company, if you want short term, go for condo. If you want stability and asset that you can acquire and sell in the future, go for house and lot.

Many might not know that when you acquire a condo unit, you only have 49 years to “own” it. Afterwards, the condo developer has the rights to do whatever they want to that property. In short, it’s like a long term lease and not actually owning that propery. So go for a good path of having an actual title that is named on your behalf.

Good point. Also with condo's may routine association dues that you have to pay. Seems like you're renting still.

[Dark_Knight0816]

short term gains condo but long term gains house and lot.

[felixthedog]

House and Lot

[Globalsin]

Bahay at lupa single detached

[horonite]

House and Lot

[pofe123]

I don't think condo is a good option for those planning to have a family. Parang ang sikip.

For house and lot, with or without family, its a good option. Wag lang sa bahain na location

[kramlac]

House and Lot

[jedimaster]

23 hours ago, spencerd said:

As a person who used to work at a real estate development company, if you want short term, go for condo. If you want stability and asset that you can acquire and sell in the future, go for house and lot.

Many might not know that when you acquire a condo unit, you only have 49 years to “own” it. Afterwards, the condo developer has the rights to do whatever they want to that property. In short, it’s like a long term lease and not actually owning that propery. So go for a good path of having an actual title that is named on your behalf.

That's leasehold.   Solution - don't buy leasehold.

[jedimaster]

How many times do I have to say this before some of you guys can understand it.  

Lot ownership is not tied to condo vs house.  It's tied to lot ownership.  This means a house can be constructed on a lot that you don't own.  It's called leasehold.  Read that slowly guys.  

Vice versa.  A condo can be constructed on a lot that you can own.   It's called freehold.  Read that slowly guys. 

It works both ways.  Not that you learned it, next time, do not assume a condo lot is not owned by the homeowners.  It may but also may be not.     Similarly, do not assume a house lot is owned by the homeowner.  It may but also may be not.  Lot ownership it not tie to the structure constructed upon it but only to the ownership of it. 

[jedimaster]

Some developers prefer just selling units instead of units and lot.   Think about it.  if you're the landowner, why not keep your land, build a structure on it and sell units (notice I'm not saying house or condo, but units, which can either be a house or condo).  

I worked with property construction and management firms in various countries.  Main reason for developers to keep the land is not to dismante it but to incrrease the lease Iwhich in turn, increases the HOA.  This is why certain properties are cheap to buy but has high HOA.  So always check for lot owneship.

Now, I'm not saying don't do leasehold.   Some of the best properties out there are on leasehold lot.  Who are the target market of these?  Foreigners.   This is because foreigners can't own land.  So if a foreigner really prefers having a house instead of a condo, then a house with leased lot is the answer.  We built some of these in Pampanga before next to the golf course.  

I wonder how many of you guys who prefers house and lot over a condo actually do not own the lot simply because you assumed house and lot means you own the lot?  You might be surprised after 25 years that the landlord is claiming back his lot already and you need to leave because the lease contract is up. 

The other thing that muddies this are the agents.  Their goal is to sell and would keep quiet on who owns the land.   The worst ones even lie and say you own it even if not.  Heck, as long as they get their commission and no recorded evidence of them lying, the scums will do it.  Be warned guys.


 

Edited 4 hours ago by jedimaster