If you have the budget to buy property, are you willing to take that leap right away?
While there are many options for a home, considering how real estate has performed in the last year, it will not be easy. Many have decided to let go and look for new homes, but many are also debating whether now is the right time to settle into a new home.
To rent or to buy—that’s always been the question. Here are some guidelines to help you out.
A lot of people think that buying a house is like throwing money away. Well, this is not necessarily true. After all, you need a place to live, and that always costs money in one way or another.
Renting a place to live is an option because you can get a place to live by paying the owner rent on a monthly basis. Remember that just because you’ve rented a house for a long time doesn’t make you the owner.
When you buy a house, things will be different. After all the payments are made and the paperwork is done, you become the owner of the house. Whether you pay for it in installments or all at once, it will be all yours. This means you can sell it or rent it out.
Why should you rent first?
When your lease is up for renewal, you may have to pay more rent. If you live in some parts of town, these rent hikes can be even bigger. This might not be the case if you live in an area with rent ceilings and rent control, which limit how much a landlord can raise the rent, if at all.
If you rent, you can move whenever your lease is up. But it also means that you might have to move quickly if your landlord decides to sell the building or turn it into condos. They could also just raise the rent so high that you can’t pay it.
When buying a home is the perfect time
Having a place to call your own gives you a sense of stability, knowing that you can stay there for as long as you want (or can afford to).
You can change the paint or the sink whenever you want because you own the house. You don’t have to ask anyone’s permission to make improvements to your home.
When you own a house, you decide who can go in and out of it. Unlike when you rent a house, the landlord can just let you know when they’ll be dropping by to make sure you’re taking care of the house.
If you put your money into real estate, like a house, it might go up in value over time.
Whether you buy or rent a house depends a lot on how much money you have. But there are other things to think about before deciding. Here are some questions that can help:
- Is it possible for me to buy a house?
- How long am I going to stay in this place?
- Do I owe money from a long time ago?
- Do I want to be flexible or do I want to be stable?
If you’re around Cavite or Laguna, you might be interested in inquiring about homes with Elanvital Enclaves. You can browse our website or contact +63 9271440196 for more.
