To Buy or To Rent? Know What's Ideal For You
The rent versus buy debate has been a never-ending discussion among Filipinos who consider a house a hallmark of the ‘Filipino Dream.’ With market volatility at its peak, it may be hard to decide which path to take on your residential journey. Here are key questions that might help you figure out the best option for you and your current situation.
[ ](https://assets.onepropertee.com/0x1000/forum-attachments/mimi-thian-u7lwyav-am8-unsplash.sQAj8wBc96J4mafJ6.jpg)Question 1: How do you plan to build your wealth?
BUYING: Residential property will always be a good investment with promising returns. With the right location and development potential, the value of any residential property will certainly rise. If you have available funds for upfront and maintenance costs, buying now is definitely a good step. And if you are disciplined in making monthly loan payments, it can even be a way of enforcing you to save rather than spend.
RENTING: If you have limited funds but still want to save up, a rental is going to be your ideal route. With low upkeep costs and zero interests to settle, it will allow you to save enough money until such time you find the right real estate investment.
Question 2: Are you itching for stability or flexibility?
BUYING: Owning a home can give you a strong sense of security and stability. No one can force you to move out when you have your own property due to unforeseeable circumstances such as career change, rental disagreements, or rental increases. Buying a home may also precede all your life decisions which are good if you are the decisive and determined type who doesn’t really want to make life more complicated.
RENTING: Renting gives you the freedom to choose the kind of life you’d like to live at present without the pressure of staying put in one place. With renting, you can choose and live in a property you love but might not be able to afford or even move houses or locations whenever you want. Renting is also an advantage as you progress to different life seasons or grow your family. In short, renting a house suits all your changing needs and evolving pursuits.
Question 3: Do you yearn to make a house your own?
BUYING: If you’re the type who is inclined to renovate or fix up a space to match your personality, it’s smarter to buy your own home. With your own home, you can do whatever you like to do without any set of restrictions.
RENTING: Although renting offers flexibility on location or type of house to live in, it may limit you to design the kind of living space you like and need. Modifying your space may take a step back until you finally have your own home. Restrictions on rentals may include modifying, painting, or even owning a pet to live with you in the property.
OnePropertee lists both for sale and rental properties. With its network of brokers and salespersons, you can easily start your real estate journey anytime you choose. For more listings, check out onepropertee.com.
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The main pros of renting are:
Flexibility - If you’re still in the early stages of your career life, or if your lifestyle requires lots of mobility, then subletting a unit offers more financial, work, and location flexibility than buying.
Predictable expenses - When you sublet a condo unit, all you need to worry about are your monthly fees, utilities, and association dues. You won’t have to worry about mortgage loans, down payments, or closing costs - all of which can be stressful financial burdens for homeowners.
Meanwhile, the main cons are:
No sense of ownership - As a renter, you’re less likely to be able to make changes, upgrades, or renovations to the property. Since the condo unit isn’t yours, you won't have the same sense of ownership that a buyer might have over their own residence.
Landlords have final say - Refer back to the guide for Philippine real estate laws. While landlords are still responsible for their tenants, they still have final say for things like fee increases or property sales, based on the coverage of the contract you signed prior to turnover. This means that they could be within their rights to sell your unit and put you out of a home without your input.
As for buying, the main pros of owning are:
A sense of ownership and stability. As a homeowner, you have full power over the decisions made for your condo unit. You can do all the upgrades and renovations you want, since the unit is yours to do with as you please.
Builds equity and improves net worth. Because you bought the property, you can build equity and ultimately improve your credit score by paying monthly mortgage fees or by subletting your personal property to other tenants.
Meanwhile, the main cons are:
Higher costs overall. As you’d expect, buying a unit incurs more costs than renting one. Not only do you have to pay an upfront down payment for the property, but you also have to pay off your mortgage and condo tax fees too.
Repairs and maintenance. Since you own the property, you’ll be wholly responsible for repairs and maintenance. You’ll be in charge of handling renovations in case anything breaks, which can be both time-consuming and expensive.
Read more from this article here: https://leasing.dmcihomes.com/blog/philippine-real-estate-condo-buy-rent/I don’t think it should be BUY VS RENT. It really depends on your financial status, priorities, lifestyle, etc. Condo suits me for now and I have arranged some plans to have some rented out. Vertical real estate like in SG is really a thing.
Another question to ask: How much?