I am still debating in my mind whether it makes sense to buy a house or a condo.  Both has its pros and cons.  Here’s a quick list I made up.

House and Lot:

Pros:

1. SPACE, OPEN SPACES!
2. You can live away from the city where there is fresh air
3. Your can have a garden
4. Use your backyard for anything you want
5. The property will still be there after a long long time
6. You can have pets
7. You can freely modify your house and surroundings without the need for approval or compromise with neighbors

Cons:

1. You need to commute to work everyday (which translates to fuel, car payments or public transportation expense)
2. Risk of theft and petty crime due to unreliable security system
3. It is not practical to leave it without a caretaker
4. High maintenance bills
5. Can feel too big for only 2 people to live in

Condo:

Pros:

1. Security
2. Usually close to work, entertainment, school and shopping
3. Maintenance is shared among the occupants
4. You usually can easily leave the condo for longer period of time without any worries

Con:

1. You don’t know how long the building will stand and how much it will be refurbished or maintained
2. Earthquake and fire
3. You have to be sure your property management company maintains the condo well otherwise, the place will eventually look worn and shabby
4. Values do not appreciate well unless you are in a great location and with good developer/property management company
5. You have to pay Association dues monthly — and it’s not exactly cheap!

Let’s show a good example of this comparison.  Looking at classified ads, with a hypothetical 4 to 6 million budget we can either buy:
170 sqm 2 floor, 3 BR Quezon City Residential townhouse

100+  sqm 3 bedroom brand new condominium unit in Dansalan Gardens (we are not being paid to advertise but yes we saw this property and it was quite impressive)

122 sqm 3 bedroom, 5+ years old condominium in Pioneer Mandaluyong

210 sqm house and lot, 2 storey 3 bedrooms in Quezon City

350+ sqm LOT in Alabang (and build your own house)

220 sqm 3 BR+DEN, 4 T&B, maid’s rm w/ t&b newly renovated good as new house and lot in BF Homes Paranaque

294 sqm Foreclosed house and lot in Alabang (San Jose Subdivision)

Of course, there are many many ways one can spend 4 to 6 million pesos, like for example going farther north or farther south to buy a lot. You will definitely spend less but I am just trying to anticipate the type of properties people that have this budget might be interested in.   Feel free to share any suggestions.