Condo vs. House and Lot: 5 Things to Consider Before Taking Out a Home Loan

For many Filipinos, the idea of coming home to a space one truly owns represents more than security; it’s success, freedom, and a legacy in the making. And behind every home ownership journey is one big question: What’s the right move for me?

There’s no one-size-fits-all answer. This is why EastWest offers home loan solutions for all types of residential properties: already-built condos, townhouses, or single-detached homes, as well as vacant lots or a future house you plan to build from the ground up. Moreover, you can choose from fixed-rate terms that shield you from fluctuating interest rates or extend your loan period up to 30 years for lighter monthly payments. 

Because we offer so many choices, our clients often ask us for advice. And among the most common dilemmas we hear from clients is this: Should I buy a condo or a house and lot? Both have their advantages and disadvantages, and the decision boils down to something deeply personal. It’s about understanding your lifestyle, your goals, and what kind of life you want to build. Here are five key factors to help you make the best choice for your future.

1. Purchase Price and Hidden Costs

More often than not, condos tend to be more affordable than house and lot options. Plus, many are drawn to condos because of their location and lifestyle perks. This often translates to access to amenities like gyms and pools, proximity to one’s workplace, restaurants, and malls, and even the bonus of short commutes or none at all. But with these perks come monthly condo dues that can take a toll on your budget. These fees cover building maintenance, security, and shared facilities, and they don’t go away. 

On the other hand, going for a house and lot may potentially be more expensive upfront. Plus, your options may be limited to suburbs or nearby provinces. But it may come with fewer recurring fees and more long-term freedom to expand or renovate. 

So, which one do you choose? Think beyond just the purchase price. Consider the total cost of ownership, including utilities, transportation, association dues, and the value of your time spent commuting.

2. Future Plans and Family Growth

Your first home might not be your last, but it should fit where your life is headed. To illustrate, a house and lot offers the space to grow if you're newly married or planning to start a family. You’ll have the extra bedrooms, a yard, and even space for pets or future home offices. 

Property appreciation is another factor in favor of a house and lot. Land tends to increase in value over time, making it a good long-term investment. It’s also easier to pass down to your children, which is a priority for many Filipino families. 

On the other hand, if you’re more mobile or plan to invest in multiple properties over time, a condo might offer the flexibility you need. It’s easier to rent out or resell, and EastWest’s Top-Up Loan lets you access equity in your current property to fund other goals.

3. Maintenance and Personalization

If you’re the kind of person who loves having control over your space--choosing paint colors, hanging art, adding storage, or planting a garden--a house and lot gives you that freedom. But with that freedom comes full responsibility. Repairs, upkeep, and even pest control are yours to manage.

Condos, by contrast, simplify a lot of those burdens. Shared spaces are maintained by building management. So, you won’t have to worry about fixing leaky roofs or repainting hallways. This is perfect if you have a busy lifestyle or just don’t want the hassle of home repairs. Still, condo living has limits. You might need permission to drill a tiny hole in your unit’s wall. And rules around pets, noise, or decorations can feel restrictive.

4. Security and Privacy

Condominiums typically come with strong security measures: CCTV, 24/7 guards, and secure lobbies. If you live alone or travel often, peace of mind from that type of security is a huge plus. Also, the presence of neighbors very close by can be comforting during emergencies. But that closeness has its downsides. You may hear hallway noise, elevator traffic, or even the occasional karaoke music from the unit next door.

On the other hand, a house and lot offers more privacy and distance from neighbors, even if you choose a row house. You can also enjoy some level of security if you choose a property in a gated community. 

5. Lifestyle and Commute

How you live shapes where you live. If your job, social life, and family are centered in the city, a condo can make everyday life more efficient. In fact, many say living near work improves their health, stress levels, and overall happiness. But if you work remotely or prefer a quieter environment, a house in a suburban or provincial area might align better with your lifestyle. 

Let’s Get You Started with EastWest

Whether you're leaning toward a high-rise condo or a sprawling house and lot, the most important thing is to be financially and emotionally prepared. EastWest offers home loan solutions tailored to every kind of homeowner, from first-time buyers to long-time investors. You can even apply for reimbursement loans if you’ve already purchased a property, or tap into your equity to fund education, emergencies, or even business needs.

Applying is also quick and straightforward. Pick your rate, submit your documents, and let us walk you through every step of the journey--no unnecessary complications, just the support you need to move forward.

So, whether you’re after convenience, space, flexibility, or long-term value, take your time and weigh your options carefully. And when you’re ready to take the leap, EastWest will be here to help you turn that house or condo into a home.