Should you buy a condo, get a new house, or renovate your current home?

As you head towards 2024, you may wonder if it’s time to finally have a place you can call your own. Should you buy a condo, get a new house, or renovate your current home? Big life decisions like these can’t be made on a whim. You need the right information. Let’s weigh your options.

Buying a condo unit

With few houses and lots available in Metro Manila, your best choice is to buy a condo. Opting to purchase your own condo unit in the city is beneficial if your work calls for you to stay late or if you have no plans of migrating any time soon.

A condo unit is usually near a commercial business district, accessible to malls, and within walking distance from most offices. Aside from security, condos also usually have amenities like a pool, an events place for parties, and a gym. However, expect to pay a price for all this convenience. Monthly association dues, unit turnover fees, and parking (whether rented or owned) can be expensive.

You may want to take note that getting a condo unit at its preselling price can save you more than when buying a ready-for-occupancy unit.

If you're buying a condo unit, you should also look into the track record of the developer in property management. You don't want to live in a poorly maintained building 10 years later.

Getting a new house

Compared to condos, a house is more conducive to raising a family. Being able to renovate and expand your home lets you provide a space for your children to grow, study, and play.

On the downside, it can be challenging to look for an available house and lot in Metro Manila. Most of the available and more affordable properties near NCR are already in Rizal, Cavite, Batangas, and Laguna. The same goes for trying to find a home in other urban centers. The only homes available are likely to already be in one of the surrounding provinces. Take this into consideration, especially if you’re not up for a semi-rural kind of life, this might affect your decision to get a new house.

On top of this, property maintenance solely becomes your responsibility as the homeowner. Unlike condos that have property managers to care for the building, you will have to take care of all the repairs yourself.

Renovating your home

If your home is a place of beautiful memories you would like to treasure for a long time, you can opt to renovate the place instead of purchasing a condo unit or buying a new house. Doing this means you won’t have to change your lifestyle very much. You can stay in touch with your friends and neighbors, take the same routes to and from work, eat at your usual spots, and shop at the same stores.

Still, take the costs into consideration. If your home is already in a worn-down state, you have to weigh whether the structure can still be fixed or should be completely torn down as construction costs can also be quite expensive.

The big decision

So should you buy a condo, get a new house, or renovate your current home? The answer really depends on your personal preferences, circumstances, and capabilities.

Most plans will also require bank financing, so you’ll need to apply for a bank loan that makes your plan affordable for you. Whichever you decide, make sure to look for a reliable bank that will help you with the financing.

BDO Home Loan currently offers waived fees of up to ₱25,000 when you apply online until Dec. 31, 2023. Apart from saving on fees, BDO Home Loan provides low-interest rates and an extended loan term.

Through BDO Home Loan, borrowers can buy a house and lot, a condo, or a townhouse. It also allows clients to buy a vacant lot and even construct or renovate a home.