Condo VS Car – Which is a Better Investment?

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We use our hard-earned money to buy what would be beneficial for us and we invest in things that promote our lifestyle. Nowadays, many people invest in a condominium unit or a car. Both can absolutely provide convenience and affect how we live and it is not easy to choose one. However, Knowing their pros and cons can help you decide.

A condominium unit vs. a car – which would you prefer?

Condominium

Pros:

  1. Almost all condominiums have top-quality amenities. When you invest in a unit, you also invest in leisure and recreation. Recreational facilities can absolutely elevate a lifestyleand bring convenience. At an affordable price, unit owners can use necessary-to-modern-living facilities like swimming pools and a fitness and sports gym. These accessible amenities can save anyone time and money.
  1. The responsibility for the upkeep of a condominium unit is not entirely on the unit owner. If there are pipe leakages, you can contact your Facilities Manager immediately and he will take care of the trouble.
  1. It is true that a real estate property is possibly the best investment one could ever make. Moreover, a condominium unit is often cheaper than a house and lot. Hence, many young professionals and starting families prefer to live in a condominium unit. Nowadays, many developers offer everyone affordable payment schemes to help them acquire a real estate property they can call definitely their own.
  1. Just like any real estate property, the value of a condominium unit appreciates over time. Condominium communities are typically located in or nearby business districts. When these business districts become further developed, the value of real estate properties within its proximity becomes more valuable.

Cons:

  1. Unit owners pay monthly for association fees. These fees go to the upkeep of the property, the amenities, and the people who ensure that you are safe and comfortable. Association fees are not cheap and it varies. When you buy a condominium unit, you always need to apportion a part of your income to be able to pay the monthly fee.
  1. Unlike a house and lot, the value of a condominium unit appreciates slowly. This is because there is no land ownership, only a living space. It is also difficult to resell a unit since every unit found in a condominium community looks the same unless it is thoroughly interior designed.
  1. A condominium unit is not for people who value privacy. Unit owners share walls and chances are you will hear the horrible music your neighbor is listening to. If you are not the neighborly type, it is preferable not to invest in a condominium unit.

Car

Pros:

  1. A car offers its owner the freedom to travel conveniently from one place to another. You no longer have to wait for the bus or train to arrive; you can use your car to go to any place. You can also go to areas where public transportation is non-existent.
  1. You will not see a public transportation on the road if everyone has the capability to own a car. Owning a car can save anyone time and money. During rainy days, you have a sheltered vehicle to protect you from the unpleasant weather condition. A car can also keep you safe and away from impolite and selfish commuters.
  1. A car is a valuable investment that truly promotes well-being and provides convenience. Currently, car manufacturers help buyers acquire a new car easily through inexpensive payments schemes.

Cons:

  1. There are inevitable expenses that come with car ownership. Cars are apparently high maintenance and it requires fine-tuning occasionally. Paid parking can also be expensive if you pay for parking at work. Moreover, secure parking in some locations can be way more pricey. Car registration cost, insurance, and servicing are also a few of the expenses that you need to consider before you buy a car.
  1. Traffic can significantly affect the way you manage your day and it is terrible to let traffic waste your precious time. Of course, it is better to be stuck in traffic while you are inside your car; however, if you already want to walk to escape the dreadful road congestion, you cannot just leave your car.
  1. The value of a car depreciates eventually. Innovations in cars often leave old cars ineffective. The introduction of new cars in the market decreases the value of the old models. As expensive as they can be when launched, cars easily lose its value after three to five years of being in the marketplace.

Base your decision on your preferences and needs and do not decide out of a whim. Determine what would be most beneficial to you to avoid putting your hard-earned money to waste.

Source: https://www.hoppler.com.ph/blog/real-estate-investment-tips/condo-vs-car-which-is-a-better-investment

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