Property investment in Guam can be very exciting and rewarding. With so many real estate options available, the many decisions you have to make can get quite overwhelming.
Do you find yourself in a quandary whether to buy a house and lot or a condominium unit? Selecting a location, and deciding on your budget will perhaps help you narrow down your choices, but these don’t necessarily cover all factors. Here are 7 factors your buying decision will most likely depend on:
- COST. If both a house and lot and a condominium are located in the same prime area, the condo is usually cheaper. Developers have found way and means to significantly reduce construction costs, making condominium price points very comparable to the price of a low-cost house and lot. Although condos are known for their luxurious living themes, they are still more affordable than houses sold in most areas in Guam.
- LOCATION. In Guam, the trend for prime locations have benefitted condominium sales because they are the more reasonably priced residential property in the market. Condo living has also proved to be more practical for families or individuals, given the limited amount of space for development in the quaint island of Guam.
- ACCESSIBILITY AND CONVENIENCE. Business executives need to be located within the business districts, and living in a condo puts them closer to their place of work. This gives them the advantage of less travel time and transportation expenses. Condominiums also offer amenities like function rooms, gyms and pools which are likely too expensive to construct in one’s own house. The 24-hour security and on-call maintenance services are also a plus.
- FREEDOM OF SPACE. A house and lot, on the other hand, offers more freedom in terms of area. Unlike a condo, you don’t share ownership of the land. You are free to do as you please within the confines of the 4 walls of your house. Ownership of your house and lot is yours and yours alone, with no common corridors, elevators and stairwells. A house and lot is generally considered a long-term investment. The kind that is passed on to one’s children and grandchildren. Unlike condominiums, house and lots are significantly more spacious.
- PROTECTION FROM FLOODING. The rains in Guam can get pretty heavy that at times leads to some serious flooding in some areas. Condos, because of their vertical nature is rarely ever affected by floods.
- CURRENT STATUS. Couples whose kids are all grown up and have moved out will most likely purchase a condominium and either sell their houses or pass it on to their children. Young professionals are also likely to lean towards purchasing a condo. However, young couples who are just starting out might find it wiser to invest in a house and lot in order to enjoy the space it provides for their growing families.
The decision whether to invest in a condo or a house and lot would depend mostly on the factors stated here. Depending on your budget, needs and status in life your investment should always be practical and must suit your lifestyle.