buying a condo or house and lot

@meticulo (1286)
United States
May 25, 2011 8:09pm CST
I wanted to have a place to stay in Manila if we go there some times. My two daughters are still in high school. I want them to study in Manila when they reach college but it is still 3 years from now. Should I look for a place there this early? Or should I wait until they graduate in high school. By the way I am from Mindanao. And what is good to purchase a condo or a house and lot? And then which is better in Metro Manila or in the nearby places like Carmona, Cavite? I saw this cypress house model in Carmona Cavite and I found it affordable. I would really appreciate if you can share with me some of your ideas. Thanks mylotters!!
3 people like this
10 responses
@shattered (1731)
• Philippines
26 May 11
If you buy early you could save a lot especially of you are going to buy a house/condo in the Laguna and Cavite area where the units are still being constructed. But you would have to consider where your children will be studying. Chances are you want them in the Quezon City area where Atene de Manila University and the University of the Philippines are located, or the univeversity belt where De La Salle Uniersity (Taft) and the University of Sto. Tomas are. If these are the Colleges/Universities you are considering, I would suggest buying a condo in the Metro Manila area, nearer to the schools for shorter commute time and traffic. If you prefer the Laguna (Carmona) and Cavite area, I would suggest a house and lot. Hope this helps!
@meticulo (1286)
• United States
29 May 11
Thanks shattered for your direct to the point advice. It will be my children who will decide where and what school they would go in college. But if ever I can purchase a condo or house and lot now which is far from where they will study in college, I just have to think of it as an investment rather than the one for them to use. Happy mylotting!
@shattered (1731)
• Philippines
30 May 11
Well, if thats the case, I'd say buy a house and lot in Laguna. Access to Laguna is by SLEX and faster than the access to Cavite which need much work. House and lot is better than a condo as an investment as you are not limited (too much) by the improvement you can make on the property. In addition to the fact that its refreshing to have open space than be boxed in a condo unit
@meticulo (1286)
• United States
31 May 11
I heard there's a new express road to be made connecting Cavite and Manila, the Cavitex but anyway, I'm not really familiar with both Cavite and Laguna. I am still making my research through net.I am thankful also I have you guys in mylot to give me advices. Thanks for your time shattered!!
@laydee (12814)
• Philippines
26 May 11
I think it's better to buy now than when you 'need' it because real estates would never really go down but always up! Further, the thought that you're looking 'now' means that you have some money and can afford to do the payments or premiums. But of course it depends on how much you are willing to invest. Further, as for choosing between Condo and House and lot, these are far two different types of homes and of course it would be obviously more expensive to buy a house and lot than a condo unit in the area. There's also the thought of 'how many times are you there in the first place?' because there are maintenances that you need to consider when buying homes in another city. All in all, I think the budget is most important. I'd probably say that if you could well afford, you buy where it's nearer to the potential schools because if you buy in a location that is way way far, then there's no point because you'd have to rent apartments still for your kids when they go there for school because the home would be too far to go to and fro the school. However, there's also a point of 'do you really like living there?' because when my brother was doing his medical school he opted to rent nearer the school. The condo was fully furnished and had air conditioning and there was security in the building and the best part was the fact that it was walking distance. Was it worth it? Well, yeah though my father faced a monthly rent but at least when he was done, we didn't have anything to 'maintain' there anymore. Still I think it's important to weigh the facts and the preferences. But still in the end, it's all about the money.
1 person likes this
@meticulo (1286)
• United States
29 May 11
Thanks Laydee for your thoughts regarding my post. I bet you are right buying now is better than wait till I need it because prices in real estates will always go up as time continues to go. We'll my children are still in high school. Whatever their decision on where they want to study in college it really depends on them. But if ever I purchase a house there in Manila and they will prefer to study here in Cagayan de oro we'll I guess I still made a wise investment since house and lot in Manila is even more expensive than here. In case I want to sell it, it would be a good price even better than the prices of a house and lot here. mmm, I hope I am right in my own point of view.. Any comments on what I have said? Thanks!
1 person likes this
@laydee (12814)
• Philippines
30 May 11
I tell you if you're going to wait to sell it when they're already in college and decided to stay for college you'll have higher yield - yes, however it'll be difficult to sell properties and since you would need your money for college then you'll tend to be in a rush to sell it and may sell it at a lower price than what you expect - thus in the end, you'll still not get a good yield. Perhaps you could try to save up for your children's college. If you invested and saved money properly then perhaps you won't need the house in Manila, but rather have enough money for them to just stay at an apartment and have more choices for college.
1 person likes this
@meticulo (1286)
• United States
31 May 11
You have a point there laydee! Thanks for your opinion! God bless!
• Philippines
26 May 11
hi! when looking for a place to stay in manila, some of the considerations are convenience, accessibility and cost. the closer you are to the metro the higher the cost is, but that's the trade-off you have to live with for the convenience and accessibility. where do your kids plan to study? perhaps it should be your starting point. if for example they would be going to ateneo de manila, the traffic will be a killer if you live in carmona, cavite. there are many housing projects just in the outskirts of the metro, challenge is the distance and traffic if your activities revolve in the metro itself. now, you won't find affordable houses in the heart of manila. so many people would opt for the convenience of condo units. but there isn't much of space unlike in the house. but it is still a good investment whether or not you decided to stay in it or rent it out 3 years from now. we have the same dilemma a few months ago. it took us a long time to decide between a house and a condo unit. finally, we got a condo. we were preparing for the summer for when our nephews and nieces would be on vacation. but while we were in the process of moving in, an expat approached us and really liked our unit and wanted to rent it out for 2 years and was prepared to advance the 1st year rental. the family is really nice so we had agreed to have it leased. that way, a big chunk of the investment was already taken cared of. now, we are once again in the look out for a nice place to invest in. but also to stay in this time. hehe just plan for now and weigh your options. in your case, time isn't really against you. goodluck!
@meticulo (1286)
• United States
29 May 11
Thank you for your reply myles! It's so tempting to go for condo units since there are a lot of it in Metro area but I am thinking of the benefits in the future. Like for example, if the building is no longer livable. How will the owners of condo units get their share unlike the house and lot you will have your lot title after paying the full amount. If in any case, your house will get ruin you can fix it anytime. We'll these are just things that pop up my mind right now. I have to weigh things right to be fully satisfied. Thanks for your time myles!!
@meticulo (1286)
• United States
29 May 11
Thanks for the very informative reply myles. You gave me a lot of ideas. Thanks!!!
• Pasig, Philippines
26 May 11
That's a big decision. Well, I suggest that you should find for a place now instead of waiting after three years because the value of a property gets higher in time. You can find low rates in Cavite. However, it can be far from your daughters' school. You can search in other locations like Pasig or Rizal area. I suggest that you buy a house instead of a condo. In a house and lot, you have your own property. What will happen if the condo is old? I think the owner of the building will totally destroy it? What will happen to your money? Or if the condo crashed by the earthquake, where will you go? You can consider things like that.
@meticulo (1286)
• United States
26 May 11
Thanks for your reply angelmoonlyt! I was looking for an affordable house and lot in Manila but only the Cypress house model in Cavite appeared in my screen, the others were expensive though some were not but the monthly amortizations were shorten which made it too expensive. I am not familiar in Pasig and Rizal. I have concerns also about flood if typhoon comes.
• Pasig, Philippines
26 May 11
You can also check Eastwood residences. Not all Pasig and Rizal areas are affected by flood.
1 person likes this
@meticulo (1286)
• United States
26 May 11
Oh yes I forgot. I have seen Eastwood residences too but their 2 storey houses were a lot more expensive than the cypress though I like the lot area because it's bigger. I'll look more into it angel. It's so difficult to choose. Yeah it's really a big decision. There are so many things to consider.
• Philippines
26 May 11
i think go for a house. why? cause it's way safer. buy a house incavite but not in carmona. for me, i live in cavite, carmona is far. try here in dasmarinas but i could say that prices in dasma got higher since 2000 but it's really worth it. other good thing about dasma is that we do have a 2 la salle schools here, one for the medical courses and the other for those other courses. we also have lyceum, feu, eac campuses here. =)
1 person likes this
@meticulo (1286)
• United States
29 May 11
Hi jm! Yes, that's true. Prices of house and lot in Dasmarinas are soaring real high. I guess I'd go for the one in Lancaster in Imus, Kawit, Cavite. Is it far better than in Carmona or the same..I mean the distance from Manila? Heard there's a new expressway to be build in Cavite to Manila so probably it will be good in Imus, Kawit? I'm not familiar with the place. Please advice! Thanks jm!
• Philippines
26 May 11
I say you buy one now while prices are lower than wait 3 years from now when the prices would triple or quadruple. As to whether it is better to buy a house and lot or a condo... a house and lot is always a good investment however in the metro a house and lot is very expensive. But if you have the money and can afford to buy a house and lot in the metro go for it. But on the practical side a condo is a good choice if you have a limited budget. There are condos that are built for students and are located very close to the schools. It is already fully furnished.
1 person likes this
@bobmnu (8160)
• United States
26 May 11
I read where one family bought a house in a college town so that when their children went to college they would have a place to stay. They also rented out a couple of rooms to make the monthly payment and taxes. They had 4 children and they would be in college for a combined 12 years. At the end the parents would have a nice nest egg for their retirement.
1 person likes this
@meticulo (1286)
• United States
29 May 11
Thanks for your thoughts in this post bob!!
@JOIEMARVIC (2342)
• Philippines
26 May 11
I prefer buying a house and lot rather than a condo. Condo are usually leased for a specific period of time. After 50 years or so, the condo is not fit enough to be lived at by its owner. On the contrary, a house and lot is a wiser investment rather than a condo. Land prices acummulates in time while condos deteriorates. In your case, if you plan to live here in Cavite, buying a house and lot is much better than a condo. Their cheaper and you have a lot of model houses and developers to choose from.
@meticulo (1286)
• United States
29 May 11
Thanks Joie for the short but very well said reply to my post! Happy mylotting!
• Philippines
26 May 11
house and lot ofcourse
1 person likes this
@meticulo (1286)
• United States
31 May 11
Thanks Rubelyn!
@samrie29 (112)
• Philippines
26 May 11
This would really depend on the accessibility of your kids who needs to go to school. If they settle for a University within Metro Manila, then you would have to opt to get a condo since this is more accessible. However you also have to consider the rates and it would be best to start looking for one as early as now. Rates will definitely go high by the time they have graduated from High School. Plus the more that's near the city, the more expensive the property will be. A house and lot is also a good investment if your kids prefer to study somewhere in Cavite. Proximity should always be your main concern and it would be best to start searching for a place as early as now. Good luck on your house search! :)
1 person likes this
@meticulo (1286)
• United States
29 May 11
Yes Sam,accessibility is very important. While I was posting this topic here I have asked the help also of some real estate agents. One agent has said if I ever get a house and lot in Cavite,she offered me the lot in Lancaster at Imus, Kawit, Cavite rather than the one in Carmona since there will be a new coastal road extension to be build there connecting Manila and Cavite so it would be easier to reach Manila but I still have to see the area good thing we will be going there next week. Anyway, thanks for your time in replying my post. Happy mylotting Sam!!