To Rent Or To Own A Property?
Here are pieces of advice to help you decide
When looking for a place to live in, it is sometimes hard to determine whether renting is more practical than owning a property or vice versa. Let these answers to your possible questions guide you in deciding:
1. What are the advantages of renting versus buying a property?
If you want to move to another place, you can easily do so once your contract has ended. Also, if your job requires mobility and you get assigned elsewhere, you can move out and transfer if you’re renting.
2. How about its disadvantages?
Renting might be cheaper at first, but in the long run, you don’t get to own the place you’re paying for. On the other hand, buying a property is an investment and you can keep it and use it for a long time. Home improvements are also limited in a rented property depending on the rules set by the owners. If you have your own place, you can do anything you want with it.
3. What are the advantages of buying your own place?
You get to own the property and you’ll eventually get more than what you invested as the property value appreciates over time. You can also have a condo unit or house you own rented out, which can become an extra source of income.
4. Are there any disadvantages in buying a home?
If you cannot sustain paying for the monthly amortization, then buying a home becomes a disadvantage. You also pay for real estate taxes. But at the end of the day, deciding whether to rent or to buy depends on your needs, lifestyle, and income.
Read the original article (“To Rent or To Buy?”) in the November 2011 issue of Real Living magazine. Download your digital copy via the Real Living App. Log on to summitnewsstand.com.ph/real-living for more details.
PHOTOS: Michael Angelo Chua | Dairy Darilag
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