subject: Why Houses Are Still Popular [print this page] Owning your own house is what every dreams of having. Unlike owning a condominium or a townhouse, having your own house gives you advantages which are usually not included in owning other types of housing. According to several philippine real estate experts, although buying a condominium unit or townhouse gives you ownership over a unit, there are still several disadvantages to it such as one cannot easily make changes on their units or townhouse without the consent of its committee. So what are the advantages of owning a house over other types of housing?
Freedom to make changes in one's property
Unlike owning a condominium unit or a townhouse, owning a house gives its owners the rights to modify the building and land as they please (although it may be subject to government, homeowner association, and deed restrictions, but usually not as restricting as owning a condominium or a townhouse).
Protection from eviction
Another advantage of owning your own home is it protects you from eviction. This is usually the case of owning an apartment or any other types of housing which is leased or rented to tenants. Tenancy, although allows people to have a place of residence without investing too much capital, could be easily evicted by its landlord. Having a house of your own protects you from eviction because you own the house and nobody (except maybe the government) could take you away from your own residence.
Can be inherited
Unlike owning an apartment, houses could be passed down from family to family as inheritance. According to philippine real estate experts, owning a your own house gives you the rights to occupation which can be inherited. Although it is advantageous to own your own house, there are several disadvantages to owning such a property. This includes its expenses.
Disadvantages of owning your own house
Houses and the land they sit on are expensive, and the combination of monthly mortgage, insurance, and property tax payments is greater than monthly rental costs. Buildings also gain and lose substantial value due with real estate market fluctuations, and selling a property can take a long time, depending on market conditions.
Also, according to many philippine real estate experts, compared to renters and absentee landlords, owner-occupiers are sometimes seen as more responsible toward property maintenance and community concerns, since they are more directly affected.
