Owning real estate is one of the ultimate dreams of many Filipinos. Whether it be for building their dream home in the future or as an investment property, it is a wise choice because it appreciates over time.
The question is, should you buy a lot and build on it later or go with a house and lot?
In this article, we look into the advantages of buying a lot first. These are some points you might want to take into consideration when weighing your first real estate purchase.
It is more affordable
Buying a vacant lot allows you to enter the market at a lower cost. It is a smart choice for those who want an investment property or those who would want to build on it later. You’ll pay lower monthly amortizations, thus requiring lesser income qualifications for a loan. Additionally, buying a lot only at a more affordable price ensures that you won’t be priced out of the property market in the future.
You can customize it in whatever way you want
Buying a lot offers you flexibility in building. You can use your preferred design and building layout as long as it abides by the rules and regulations of the developer or council (if applicable). Do you want a pool, an alfresco deck, a garden, or a playground? Go for it!
It requires less maintenance
Lots can be left untouched and still appreciate. You don’t have to fix utility issues, deal with renters, and so on. Hiring grass cutters to make sure the property is presentable can do the trick. Lower maintenance costs mean higher profit when you decide to sell it in the future.
Long-term appreciation
Investing in a lot is a safe bet as it surely would appreciate over time. Unlike owning one that has already been built on, where you’ll have to deal with maintenance, deterioration, and the like, your vacant lot would not give you a headache.
Ideally, you’ll have to get a lot that’s on up-and-coming development areas and growth centers so it would appreciate quickly.
Putting it all together, buying a vacant lot puts you at an advantage through affordability and flexibility. Just make sure that you do proper research and assess the lot’s potential. You wouldn’t want to buy land that’s in the middle of nowhere, only to find out that you cannot sell or build on it later because of its undesirable location.
We’ve got over 300 lots for sale in Antipolo’s best villages that are great for investment or for your dream home! Contact us at 0927 957 2503 or email us at dan@danielalleje.com and we’ll help you get a property for a great deal!
References
4 Fantastic Pros of Owning a Vacant Lot. (2018). In Santa Cruz Properties. Retrieved from https://scprgv.com/2018/11/06/4-fantastic-pros-of-owning-a-vacant-lot/
House And Lot Vs. Lot Only. (2021). House And Lot Vs. Lot Only: Which Is The Perfect Property For You? In Camella. Retrieved from https://www.camella.com.ph/house-and-lot-vs-lot-only-which-is-the-perfect-property-for-you/
Stanowich, M. (2017). 7 Great Advantages Of Buying Vacant Land. Retrieved from https://www.ibuynew.com.au/industry-outlooks/commentary/7-great-advantages-of-buying-vacant-land