Which Is Better: A Lot Only or House and Lot?

By: Ingrid Cañete

These days people have a high interest in looking for a property for sale around the area or in cities. It is mainly because of the reason that properties are in trend right now, whether it is for personal use or business use. Real estate properties are everywhere and a lot of companies are offering a variety of designs and sizes. There are also a lot of real estate developers, fortunately, Crown Asia is one of the most known companies out there that offers premium quality properties that have a different feel and designs coming from all over the world. Not only that, property for sale is guaranteed to be crafted to perfection by professionals and they have their own design team for the interior part so that your experience will be better compared to before.

Crown Asia has a lot of properties available, investors and Filipinos can choose from a house and lot, a condo for sale, and RFO properties. This is a long-term investment, especially if the property is a commercial property and the market value is guaranteed to increase over time. It’s hard to choose what to pick and what to consider. There are also pre-selling properties and pre-selling condos that exist in the market. So, here are some reasons why lot-only property is good or why choose a house and lot.

What to Consider First?

It’s important to consider the location of the property, may it be a lot only or a house and lot. Real estate investments are tricky to understand and to get by, fraud is all over the country which is why it is important to do your own research first before deciding. People should consider their budget to decide if the property they are getting is a rent-to-own type, purchase an affordable house, invest in preselling properties, or have a solid own house. It all depends on the funds on hand since a dream home is from hard-earned money savings over the years.

Pros and Cons of Buying a Lot-Only Property

Pros of Buying a Lot-Only Property

  • Lower Price and the Freedom to Choose any Designs – It is typically sold at lower prices in the market since people have the option to alter the designs and layout of the property. They have the freedom to choose what not to include and this is good for people who are on a tight budget.
  • Could be Turn Into an Opportunity – It is flexible in the first stage, it could be a property meant for business purposes or built for a family home.

Cons of Buying a Lot-Only Property

  • Costly Process – The construction process may be pricey since it would have additional construction requirements which lead to more costly needed materials and installments such as the water supply and purchasing furniture pieces.
  • Preparing for the Permits – A ton of building permits will occupy mostly your time and effort to build your dream home or for your future business since all the paperwork will be required beforehand and after the building is built.
  • Longer Waiting Time – The future construction would take a while to build meaning people has to wait for it, maybe more than a year. Meaning an owner will have additional costs to rent a place first before settling in since they have to wait, along with other expenses.

Read more: Why You Should Invest in a Lot Property

Pros and Cons of Buying a House and Lot Property

Pros of Buying a House and Lot Property

  • Easily Available – Buyers who will purchase houses and lot investments are readily available in the market. After just a few meetings with the real estate developers or brokers, it is already good to go and ready for use.
  • Market Value Increases Overtime – May it be for your commercial businesses or for your own home, the house will increase its value in the future especially if the location is nearby business districts and the center of a city. All the land that surrounds your property will also increase since the place is already a commercial place.

Cons of Buying a House and Lot Property

  • The Property is no Longer Flexible for Changes – Since it is bought at a fixed cost, the property is already built as it is. No more altercations since it depends on the developers if they will allow people to change the property such as installing new swimming pools or having an additional property next to it. It may be possible but it will be expensive.
  • Higher Amortization – Since having a huge loan from the bank means expensive monthly amortization that needed to be paid. It may damage your savings and funds along the way which might have more complications in the future.

Read more: The Advantages of Owning a House and Lot Property

So, Which One is Better?

The investment in a property will vary depending on your financial situation and your stage in life. It is important not to spend all your savings on one property since everything is uncertain, it’s always good to consider your budget and where people stand in the market. Real estate investment is a good choice since it is a tangible asset that could be sold in the market. But always consider the amount of money people want to spend on a property, always think more than twice about your decision, and make sure to have backup plans just in case plan A doesn’t work.

Before purchasing a house and lot or lot-only properties, consider the place and the real estate developer since not all properties are guaranteed to have a good return on investment. It’s better to have a longer time planning everything out compared to a quick purchase with no assurances and plans behind it. Not only it would be costly on your end but it will also waste your time along the way. To ensure that the property is worth it, use the internet and do your research and never hesitate to ask for advice.

Read more: Real Estate Investments and Its Types

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