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Condo Unit Or House & Lot?


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  • 4 weeks later...

each choice has its advantages and dis advantages...

 

house and lot..

adv - may lupa ka, may free hand ka of your design.

dis adv - security, maintenance.

 

condo unit

adv - maganda amenities. security is better. instant maintenance pag may sira unit mo babayaran mo na lang.

dis adv - la ka free hand to choose the design of your house. no room for expansion.

 

kaya 4 me, i would really love to hve a house and lot but i wldnt sacrifice the security of my family. but obviously, i dont have the money 4 both.

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I prefer buying a house and lot instead of a condo unit. Why? Because I've got two instead of one. What do I mean? With a house and lot I got a house plus the lot, that means that if ever the house got destroyed or something I still got the lot and I could still have another house built on it but with a condo unit you got the condo unit and nothing else. If the building collapsed or destroyed or something all you got now are memories. That's the way it is.

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Geography and several other factors should play a big role in your condo vs. family-home decision.

 

If you live in such property-constrained markets,condos are the home of choice for many urban dwellers, and the good units are always in high demand. But in many other metro areas, the number of traditional homes dwarfs the number of condo units. And, when it's time to sell, you'll likely find potential buyers of traditional homes will dwarf the number looking for condos.

 

Lifestyle is another issue.

 

If having a family isn't in the offing for you and you'd like to simplify your existence while minimizing time spent on yard work and other maintenance, a condo could be for you. But those fees you pay go toward the day-to-day upkeep of common areas such as swimming pools, tennis courts, exercise rooms, courtyards, clubhouses, storage areas, parking lots, hallways, etc. You have to decide if you'll use those amenities you're paying to support, if they're worth the money and whether you could pay the same fees or less to look after your family house in the burbs.

 

If you plan to go the condo route, do your homework thoroughly. If the condo complex needs a lot of work, the condo board (which is made up of residents such as you) may stick you with an extra assessment at some point in the year if it can't fully cover major maintenance problems.

 

Talk with residents, including a condo-board member, if possible. Ask about the association's budget and reserve fund and whether the majority of the complex's maintenance liabilities are funded. Find out about recent capital improvements or plans for future ones. Ask whether some or all utilities are included in the fees.

 

And make sure the condo covenants don't restrict your freedoms. Get a really good idea of who lives at the complex. Like in an apartment, your solitude may only be as good as the quality of your neighbor.

 

Condos can also be volatile in pricing. New ones stand to gain in value more quickly but may also lose value more quickly if the surrounding community doesn't develop like owners thought. Existing ones are a little more stable. But note: There were a few years, since 1990, in which condos actually lost value nationally, but there were no years when family homes lost value.

 

Some of the fastest appreciating condo units are located in so-called New Urban areas of a city where residents have access to restaurants, nightclubs, light-rail transit and other street-level amenities.

 

A compromise may be a stand-alone "zero-lot-line home" or a townhome, which will probably have a minimal yard and a neighborhood association that handles maintenance. These have become increasingly popular among young professionals and medium to high-earning parents.

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