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House or condo, which is better?

The time has finally come, you have already planned to acquire a property, with this decision surely many doubts have arisen, the most common one is, which is better for me, house or apartment? The answer will depend on different factors, but don't worry, at Gova, we will help you make a better decision according to your needs. We will show you the advantages of investing in buying a house or an apartment. 

Investing in real estate is one of the smartest ways to protect your money in the long run, and you can even have an income in the future. This is a popular trend that many families are following in order to generate extra income without investing a lot of time. 

Investing in a house or in an apartment: Which is the best option?

To be able to take the right decision it is necessary that you know which are the benefits if you decide to buy a house or an apartment, here we list some of them: 

Advantages of investing in a house

Capital growth

In general terms, houses usually offer a higher long-term capital growth than apartments because land appreciates in value over time. 

Flexibility to renovate

Houses allow much greater control over renovations than apartments because it is not necessary to obtain approval from the corporate entity. 

At the same time, houses provide the opportunity to subdivide or build an extension, subject to board approval. Renovations will also add value to the property.

More reliable rental returns

If you wish to purchase to sub-lease, houses generally attract tenants such as families and couples, who are generally more reliable and are likely to stay for a longer period of time.

Tenants with pets generally prefer to rent a house because of the yard space and the lease terms are more flexible. Research shows that renters with pets on average have a longer tenancy than those without pets, probably because it can be very difficult to find pet-friendly rental housing. 

Advantages of investing in an apartment

Now that you know the benefits of investing in a house, you should know the advantages of choosing an apartment.

Affordable purchase as an investment

One of the best things about apartments is that (in general) they are more affordable than houses, which makes them a good entry point into the market if you are a first-time investor, or simply if your budget is smaller. 

Shared maintenance costs

Unlike houses, maintenance, insurance and upkeep costs are shared in apartments among all owners in the form of title deeds. A legal entity manages and maintains the common areas in the strata-titled properties and charges corporate fees.

Potentially easier to manage

Apartments generally don't have a lot, which means less work for you. Tasks like painting gutters and mowing the lawn will be a thing of the past. Since apartments are usually smaller, cleaning also takes less time, so it's beneficial for everyone.

Making the best decision in the investment world can be a little tricky, but it's worth it. Likewise, it's important that in addition to finding the best strategies for getting money, you think about your well-being and peace of mind.

If you are looking to buy a second home, consider Puerto Vallarta and Banderas Bay as a more than interesting option to invest in real estate in Mexico. And if you are interested in obtaining more information about our projects, please contact us, and we will be happy to help you get that second home you so desire.

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