Are you considering to build a home extension yet still not entirely convinced whether it is a better alternative to moving? It is understandable that any construction work on your home is a significant investment. It would be best if you were set on your decision before any work as house prices continue to appreciate and with the pandemic restrictions in mind.
Let us know, “are house extensions worth it?”
Benefits of House Extension
Make Sure Your House Extensions Adds Value
For house extensions to make economic sense, you need to make sure the value-added is greater than the project’s cost. In terms of seeing a monetary return, a home extension is something you should consider as a medium or long-term investment – maybe five or more years.
As house costs continuously rise, in case you plan to live in your property long term, this extension will possibly become worth it in terms of monetary profit.
Does a home extension make financial sense? It’s an excellent question to ask. A house and lot are some of the most significant purchases many of us will take, so we need to think deeply about the money we invest into it.
Alternative To Moving
The extension is one of the best home renovations if you’re trying to extend your area without moving home. This costs considerably less and removes the hassle of house hunting, packing up your home, and moving into the next.
By staying within the same area, children can stick with their friends and continue their studies wherever they feel comfortable without disrupting having to start fresh.
Tailor The Design To Your Family Needs
You are free to tailor components of the design to suit the needs of your family. Make sure to follow the deed of restrictions. Your plan should also follow the theme of the subdivision.
Provides Additional Living Space
By far, one of the most sought-after benefits of constructing a house extension is its ability to provide additional living space instantly. A home extension is ideal if you are starting to outgrow your property.
If a house extension offers you the proper amount of area in the proper location and permits you to live your life as you want, then we assume it is absolutely worth it. Though the financial investment can be significant, the return on the investment is often greater still.
House and Lot vs. Lot Only: What’s best for you?
It’s a fact that real estate is a solid investment. Properties value appreciates over time, and you can live in the home or lease it. Another option can be to sell or pass it onto your kids.
Once you have the means and funds to invest in properties, it is just a matter of choosing what type of property you want to invest in.
Property specialists will usually suggest investing in a house and lot or vacant lot where you can build your own home. Coming up with the best choice is not easy since each type has its own set of compelling pros and cons.
House and Lot
On a limited budget and could only spend for affordable house and lots? Pre-selling should be the first thing on your mind. The prices of these properties are significantly lower than those of Ready for Occupancy (RFO) properties. In addition to exclusive discounts, buyers also are afforded extra flexible and affordable payment schedules.
The most incredible allure of a ready for occupancy unit, on the other hand, is that you may pack your bags and move in soon after all the documentations are finished. You don’t have to worry about how long the construction would be since a ready for occupancy house is already a finished product.
House and lot allow you to buy two significant investments in one package. Below are the various advantages and disadvantages of house and lot investment.
- It gives you the enjoyment and convenience of ready-to-move-in homes.
- You can choose from Lessandra Series to Camella Series to Crown Asia offerings in different areas nationwide, which allows you to pick one that caters to your specific needs the best.
- You get to enjoy having an assembled team of designers and workers. Hassle-free and worry-free.
- The appreciation of a house and lot property is much higher than lot only, yielding higher ROI.
- The price of many house and lot properties are mostly fixed, so you don’t need to spend anything on construction.
- You may spice up the home’s interior; changes to the exteriors are subject to approvals.
- A house and lot cost can be more upfront and high.
- Selling a house and lot property in the future can be challenging to the market since it can be much more expensive than lots only.
If your decision is not yet final, you can also veer your attention towards lot only properties. Lots allow investors to construct what they’d like on it, depending on its location. Suppose your hand is forced to follow predetermined designs since your lot is in a subdivision. In that case, you can console yourself that your neighborhood will be easy on the eyes.
“Everyone wants a piece of land. It’s the only sure investment. It can never depreciate like a car or washing machine. Land will only double its value in ten years.”– Sam Shepard
Lots give you the utmost flexibility and adaptability since they are essentially a blank slate. It also does not require caretakers to maintain, and you can act as one by visiting it often. If working abroad, you can assign a family or friend to watch over your lot periodically. Here are some advantages and disadvantages of lot only investments.
- Investing in a lot only package gives you the freedom to choose what to build on it, from an office for commercial purposes or a housing unit for tenants.
- It will give you the freedom to build your home from scratch, which allows you to create your own dream home as long as it follows your developers’ and the homeowners’ association rules.
- Lot-only properties are much cheaper since there is no structure on them. A lot only will allow you to buy time and conserve money.
- When you buy a residential lot, you’re not allowed to have it leased for commercial purposes.
- You have to create your personal design team, including contractors, architects, and workers.
- You have to find ways to connect the house unit to power or water supplies and sewage treatment.
- It can be more expensive than investing in a house and lot since the house’s construction will force you to spend approximately over 20% to 30% of your budget.
At the end of the day, if you are looking for a practical, convenient, and profitable investment, a house and lot unit is the best choice. Because in the long run, they provide you with better flexibility and the right to expand the property, adding more value to the home, which gives you a promising and lucrative return.
Key considerations when buying a home
Real estate properties provide a very rewarding return on investment if strategically planned. Still, there’s more to it than purchasing the first decent property that you see. See these most important factors to consider when you are shopping for a property:
Purchasing a property is a vast and long-term investment. That is why the first thing to consider before buying any property is your debt to income ratio.
It’s not a good idea to borrow the maximum amount that they offer because eligibility and affordability are two different things.
Ask yourself this: If you purchase that specific property, will you still have enough funds for your other financial obligations and daily essentials?
It is said that real estate is truly about location, location, location. It is common knowledge that the nearer a property to industrialized and business districts, the more expensive it will get.
Being strategically located near to everything you essentially need is what we offer. Imagine living in a highly accessible and serene community.
All of our communities offer amenities like pools, playgrounds, clubhouses, and so much more that you can’t find in most landed properties or subdivisions. We also provide tighter security as we have a 24-hour guarded gate and roving security guard.
If you’re looking for house and lot for sale in the Philippines, visit All Properties and start building your future.