Should you buy or rent a property - Carousell Property Blog

Having a home is one of the basic necessities in life. The good thing about the Philippines’ real estate arena is, you have a choice to either buy a property or rent one. So which should you do, buy your own house or simply rent a place? Before rushing to a decision, let us settle the great debate and see the pros and cons of getting a roof on top of your heads.

 

Buying a House

Should you buy a property instead of renting - Carousell Property Blog

It’s a dream most of us want: you get a house, a lot, and an investment all in one.

Pros:

  • You are fully in charge. Be it the decors or what paint to color your walls, you do not have anyone to answer to.
  • It is an appreciating asset. Every year, the value of your house and lot increases depending on its location and even the upgrades that you’ve done over the years.
  • You build a sense of belongingness in a community. Having a home means settling into a community with neighbors and eventually people who could become your friends.

Cons:

  • You are in charge of the maintenance among other things. Household repairs are on your shoulders. You have to keep an emergency budget to tend to broken pipes, leaking roofs, among other things.
  • Selling your property is an option because it could lose value over time. Other reasons for selling your property could be due to job relocation among other things.

 

Renting

Should you rent a property instead of buying - Carousell Property Blog

Renting has dominated the scene in the market today. With rising condominiums and skyscrapers at cheaper costs, most yuppies and Filipinos opt for renting condos.

Pros:

  • Moving is easy. For individuals whose jobs require them to travel frequently, renting offers the best solution. Renting makes you flexible, you could go for an apartment, bed space, or even a condominium depending on your choice.
  • Maintenance is provided. There are maintenance personnel in charge for plumbing, electrical, garbage disposal, and even security.
  • Amenities like swimming pools, gym are made available for commercial leasing rental areas.

Cons:

  • Decorations and design are all under the landlord’s approval. As a tenant, you have to run every change through your landlord before doing it.
  • Monthly charges increase every time.
  • You are bound by a lease agreement.
  • You may not be allowed to have pets or plants in your home.

So, have you decided yet? When looking for an apartment or house for sale, make sure to do a background check considering the price, location, and amenities. Ask around for referrals or go online. Remember, before renting an apartment or buying a house, take these key points with you and you’ll surely arrive at the best decision for you and your family.

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