Imagine yourself 10 years from now.

Where do you see yourself? What do you see yourself doing? Who are you with?

Visualizing the future may be exciting and inspiring for most people, but on the other hand, making decisions that will greatly influence your future can be generally overwhelming. Making life-changing decisions, such as choosing whether to get a condo or a house and lot, can get complicated because there are a lot of considerations.

In weighing the two options, you have to consider the lifestyle you are living as of the moment, and the lifestyle you would want to have in the future. Are you accustomed to living in urban or rural places? Where do you work? Where are you planning to settle down? And in the long run, where are you planning to retire? Then, you weigh the pros and cons of living in a condo and living in a house, matters regarding maintenance, accountability, affordability, convenience, security, privacy, and yes, even your "freedom".

Canada Mortgage and Housing Corporation define two kinds of ownership: freehold, where owning a house falls under, and of course, condominium. Freehold ownership means that a person or two "owns the land and house outright and that they can do what they want with their property — up to a point" while condominium ownership means "you own the unit you live in and share ownership rights for the common space of the building" and that they have to adhere to an association that "makes decisions about using and maintaining the common space".

According to the website of Condo Life Now, like in every other type of accommodation, there are various advantages and disadvantages in choosing to buy (or rent) a condominium unit. The pros of living in a condo unit would particularly be in terms of accountability, convenience, security and affordability.

Primarily, condos are more affordable than houses, and usually are located in urban areas, thus they are nearer commercial venues. If you like going to the mall, the proximity of the locations will be very convenient for you.

Also, condominiums have a strict security system. Condos have more advanced means of maintaining peace and order, by using entry buzzers and surveillance cameras, in comparison to subdivisions and the like. The condos have amenities that you may not be able to afford otherwise, like spas, gyms, and pools.

Shared responsibility or accountability is probably one of the most famous attributes of condo living. You are relieved of the burden of taking care of everything by yourself. Along with the other unit owners, together you are responsible for the upkeep of the facilities of the condo. When something needs to be cleaned or repaired, in one way or another, the maintenance staff is ready to attend to these needs. However, this shared responsibility also paves the way for a disadvantage of condo living, like limited privacy, additional fees, strict implementation of rules, and restrictions in expansion and renovation.

First and foremost, a glaring point would be that when you own a condo, your ownership is limited to the interior of your unit. This only includes the floor, ceiling, and walls of the unit itself. Technically speaking, you do not own any piece of land at all. Since other unit owners live in close proximity to you, your privacy might be constrained as well. Remodeling or renovating your unit is discouraged, meanwhile, because condos adhere to strict policies on the matter. Expansion, of course, is out of the question. According to Home Guides' website, some condos may also have "surprise fees" which increase annually.

• Some options for comparison would be:

  • A 368 sq. ft condominium for sale in Tumon Horizon Condo worth $55, 000.00, a well-maintained studio with services such as mail delivery and professional landscaping and amenities like a playground and a pool.
  • A 548 sq. ft condominium for sale in Condo Lane 402, Tamuning worth $130, 000.00, which is located close to everything and has 24-hour security.
  • A 415 sq. ft condominium for sale in Mangilao, Mangilao worth $28, 000.00, which is centrally located and has a nice pool onsite.

  On the other hand, choosing to acquire a House and Lot has its own advantages and disadvantages, too. If you have a creative and dynamic side that requires your own personal space, you generally have more freedom when you have your own house. Remodelling and renovation are also for you to decide upon. No one's going to stop you if you would like to paint the house in your favorite color of if you would like to add another floor to the house. Both inside and outside, you have more space, and more control of the said space as well.

  Living in your own house would guarantee more privacy as you live farther from your neighbors than when you live in a condo unit. There would also be fewer rules, for instance, there would be no restrictions as to allowable number of companions, thus you can invite anyone and everyone to visit you and even live with you, anytime you want.

• You may also consider the following properties:

  • An 824 sq. ft house for sale in Chalan Pale Duenas Lagu, Santa Rita worth $120, 000.00, which boasts of a beautiful tiered yard, and outside kitchen with bathroom.
  • A 1, 055 sq. ft house for sale in R.R. Cruz St., Agat worth $189, 950.00. This house, located in a quiet neighborhood, is newly-renovated and has a backyard with mature fruit-bearing trees.
  • A 1, 590 sq. ft house for sale in Chalan Pugua Machena Dededo priced at $250, 000.00 and comes with 2 carports and a granite kitchen countertop.

  After all that's been said, the decision is still yours to make. So whether you decide to buy a condo or a house, remember that it is your future and your hard-earned money that are at stake here. Choose wisely!