Should One Rent an Apartment or Own a House?

 The decision to rent or buy a house is not as easy as it seems. Renting an apartment is seen as a short-term arrangement for most people. For these people, owning the land they live in is the only option, even though their situation may justify the opposite. People want safety and security because they know that both the physical structure and the earth are in their name. There are also those who believe that renting an apartment is conceptually the same as wasting money. Reality is far from being the simplification that people often have and the choice is worth careful consideration.

One consideration is price. Properties for sale and rent in Philippines, especially in more exclusive areas, can be exorbitant. Yes, home ownership offers a sense of security, but it can put a person in financial trouble for years. Most experts recommend saving money with a large down payment. In the long run, this must be taken into account when buying a home, and it means years of partial payments and interest on the loan. On the other hand, renting an apartment can seem a lot cheaper.



However, some analysts say that an apartment in Philippine could cost more than just a house in the long run. Rental costs are much lower than the monthly payments used to buy a home. By renting an apartment there is also no maintenance fee, because it is included in the cost of the client. This may seem interesting, but there are issues that need to be resolved. Unless in the apartment lease agreement specifies the lease limit, the owner has the right to increase the rent annually according to the property value in the apartment complex. Simply put, this means that the more people who want to move, the higher the rental fee he can charge.

The main advantage of owning a house over renting an apartment is appraisal. This is a real estate term used to describe the increase in property value over time. On average, an ordinary house - including the land and physical structure - will increase in value by an average of 4% per year. This means that if the house is resold, the owner will potentially benefit from the sale. This does not apply to homes and may be a consideration for some potential buyers. Apartments in Makati are also assessed annually, but depending on the area, they may not be as profitable as selling houses and land.

 

For More Details, Visit Us: Buying or Selling Real Estate Property in the Philippines

commercial property for sale in Philippines

Affordable Rent to Own Condo in the Philippines

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