Condo Vs House: Which is the Better Real Estate Investment for You? | Despite the ongoing pandemic, it’s good to know that the Philippine real estate industry is heading in the right direction. While the nationwide lockdowns and closure of public establishments have dealt a massive blow to the market, the Philippine Central Bank expects the real estate sector to recover at a 7.8% growth rate.
If you’re looking to invest your hard-earned money, purchasing real estate should be on your list of options. Due to the unforeseen health crisis, developers now have an oversupply of properties, both inside and outside the metro. With people becoming more frugal due to economic uncertainty, real estate companies have been motivated to offer more flexible terms.
Options for Real Estate Investing
Keeping this factor in mind, this is precisely the reason why now is the best time to purchase a property. But given that there are so many options to choose from, you may be wondering which is the perfect real estate investment for you.
Investing in real estate starts by knowing the options you have. There are three main types of real estate you can purchase:
- House and Lots: In terms of residential use, house and lots are the most spacious. Investors can choose to purchase a barren plot of land to build their dream home or purchase a house that’s already built.
- Condominium: Condos are residential structures designed to house thousands of people. The building comprises several units owned by different people, but all tenants share public spaces and amenities.
- Commercial: Commercial properties comprise office buildings, industrial facilities, and towers. Investors who purchase commercial property may generate profit by leasing them to other companies who need office spaces.
There’s no one-size-fits-all solution to real estate investing. Since many factors can affect how well your investment goes, you should take note of the opportunities and risks that come with your options. To help you determine which property type will be best for you, the guide we’ve prepared will give you an in-depth comparison of condo units and houses.