There's no doubt in my mind that one day I'll save enough money to afford a property I can call my own. It's been a lifelong dream of mine to have a place I can truly call home. Right now, I'm renting a condo, and while it provides all the comfort I need, I can't shake the thought that the money I pay my landlord could be going towards my future house. Additionally, any money I spend on maintaining the condo won't be benefiting me in the long run. These are just a few reasons why I'm determined to buy my property.
So here's my question: if I had enough money, should I go for a condo or a landed property?
To answer this, let's compare the advantages and disadvantages of each option and see which one suits me better. I'll start with the benefits of a condo.
Having rented four condos over the past decade, I've seen both the good and the bad.
First, let's talk about the positives. In a condo, maintenance costs are shared among all unit owners. This includes amenities, parking, security, and the building management team. Essentially, everything outside your unit is well taken care of, and you don't have to worry about common area issues or defects. The perimeter fence and security personnel ensure a safe environment.
Then there are the amenities. Depending on the condo development, you might have access to playgrounds, swimming pools, gyms, saunas, study rooms, and function halls. Some condos even offer exclusive restaurants and private bars for unit owners.
Now, let's discuss the downsides. The high upfront cost is a major deterrent. Building a condo development requires significant funding, and the construction costs are high due to the included amenities. Maintenance fees are also billed monthly to the owner.
Another drawback is the limitation on remodeling. Condo owners can't make changes that affect other units or common areas. You're essentially trading freedom for security and peace of mind.
Moreover, when you own a condo, you don't own the land it's built on. If I buy a condo unit, I only own the unit, not the land title. It's like owning a house in the sky. There's no guarantee that future generations will inherit something lasting "forever."
Now, let's look at the pros and cons of owning a landed house.
The most obvious advantage is the complete freedom it offers. You can design your property as you like, within the regional building code regulations. You can have a barbecue area, garden plot, extra parking space, or a gazebo for visitors. Everything within your property is yours to customize.
Additionally, future generations can inherit the property and make it their own.
However, this freedom comes with responsibilities. As a landed house owner, you're responsible for the security and maintenance of your property. This includes insurance, repairs, and improvements, all of which you'll have to bear the cost of.
In the end, the decision between a condo and a landed property depends on my priorities and lifestyle preferences. While condos offer convenience and shared amenities, a landed property provides complete freedom and long-term security. Whichever path I choose, the ultimate goal is to create a place where I can truly feel at home and secure my future.
