Being a homeowner is the dream of every Filipino. To this day, people are still debating on the preferred kind of real estate they should invest in. Some say that having a house and lot in the Philippines is a better option because of its spaciousness and the sense of ownership that it brings to the homeowner.
On the other hand, some individuals prefer a condo unit in the Philippines for modern living in the metro city. One of the factors that homeowners consider when moving into a new home is the expenses that come along. Usually, they take electricity, water, and monthly fees into consideration before moving.
One of the overlooked aspects of homeownership is maintenance and upkeep. Maintaining a home’s condition can cost money. Here are the maintenance and upkeep costs for a house, lot, and condo.
Maintenance and upkeep costs for house and lot
House maintenance costs
Homeowners might spend a hefty amount when it comes to maintaining their homes. Otherwise, filth and dirt can accumulate fast on the property. Regular mopping, dusting, and cleaning the inside of your home can be a lot of work. The Kasambahay Law requires homeowners to pay their domestic helper around PHP 2,500 a month plus SSS benefits if they hire a housemaid.
Another expense when cleaning your home is the materials you must use. Dishwashing soaps, multi-purpose cleaners, detergents, disinfectants, and other cleaning items can cost you regularly. Depending on the brands you use, house monthly maintenance fees cover around PHP 1,000 – PHP 3,000 of your personal finance.
If your house has a huge lot space, you would also have to trim your lot regularly. You can buy tools and do the yard work yourself. But if you hire someone to do yard work, that can cost hundreds of pesos. It will cost more if you have a garden to care for and maintain.
Repair costs
You would have to repair appliances and furniture from time to time, as nothing lasts forever. Once these items need repairs, you would have to spend some money to get them fixed if they don’t have a warranty. Electric and plumbing repairs can also cost you from time to time.
Aside from repairs, pest control is necessary to keep your home in good condition. Termites, rats, cockroaches, and ants can infest and destroy the foundations of your home. Pest control services are necessary to keep the property value of your home, and they can cost thousands of pesos depending on the severity of the infestation.
After a few years, your home would need renovations and general upkeep. These include roofing repairs, repainting, re-tiling bathrooms, and replacing floorboards. You would need these repairs less than available maintenance, but it would cost you a lot of money.
To have suitable finances for these repairs, saving around 1% of your total home value per year is best. Let’s say you have a Camella Cara unit that has a purchase price of PHP 6,000,000. You would need at least PHP 60,000 for annual maintenance costs.
Maintenance and upkeep costs for condo units
Cleaning and maintenance
House and lots and condo units in the Philippines have the exact needs regarding maintenance and upkeep. The only difference is that the monthly maintenance fee for condo units is generally cheaper than a house and lots because condo units usually have a smaller lot area than house and lots. The same goes for repair costs and pest control.
Condo dues and HOA fees
Condo owners do not have a lot to tend for themselves. However, they are paying homeowners association (HOA) and condo fees along with your mortgage payment to help maintain the whole real estate development. Exclusive subdivisions will also charge HOA fees to house and lot owners for the same purposes.
Condo units have exclusive amenities such as swimming pools, playgrounds, fitness gyms, and pocket parks that you can use. These amenities require maintenance and upkeep, and these fees maintain your amenities. Depending on the area, condo dues vary, but they can range from PHP 1,000 to PHP 5,000. A condo association takes care of these maintenance needs.
Which property will charge you more for maintenance and upkeep?
House and lots will charge you more for the maintenance and upkeep of your home. House and lots and condos generally have the exact needs. However, houses and lots are usually larger than condos, which require more internal repairs.
You don’t have to pay for gardening, roof repairs, and the exterior of your home when having a condo. All you have to do is maintain your property from the inside and pay a little bit for condo and HOA fees. On the other hand, having a house requires you to have these repairs, do all the work to maintain the property, and pay the same condominium association fees if you live in an exclusive community.
In terms of maintenance and upkeep, condo units are more budget-friendly than house and lots. A condo owner definitely saves more than a homeowner.
Why live in a condo today?
There are many reasons to buy a condo. One of the reasons to buy a condo today is it saves homeowners from the hassle of doing yard work, roof repairs, and even home repairs. Condo units also have exclusive amenities and are usually located at the heart of every city. Regarding security, condo units have 24/7 security personnel to keep you safe.
A condo at the heart of Lipa
Lipa is a relaxing home location like its neighboring towns and provinces in South Luzon. Since the city is elevated 1,025 ft. above sea level, residents get to enjoy the invigorating touch of its cool weather which is ideal to have a taste of Batangas’ signature Kapeng Barako and mouth-watering Lomi.
If you are looking for a condo in Lipa, Camella Manors Lipa is the best real estate development that the city has to offer in one of the prime locations near Metro Manila.
Camella Manors Lipa is a pine estate community in Batangas that offers a suburban environment in a community with verdant landscapes, 24/7 security, and exclusive amenities. This mid-rise condominium development is strategically located at a location near schools, hospitals, and other establishments a homeowner will need.
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