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  • Pueblo De Oro Development Corporation
    17th Floor Robinsons Summit Center 6783 Ayala Avenue Makati City 1226 Philippines

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Buying vs Renting a House: What’s the Best Choice for Your Family

| by Apple Barretto

Buying vs Renting a House: What's the Best Choice for Your Family

Why is it better to buy a house instead of renting? 

  1. It’s cheaper to buy a house in the long run
  2. Your family can build wealth over time with your house as a valuable asset
  3. You provide your family with stability when buying a home
  4. Buying a home gives you independence
  5. You are a part of a community 

For many Filipinos, buying their own home for their family is a huge feat. However, many people are still hesitant in making the move because of the financial repercussions. That’s why many choose to rent a home instead. This article explores the pros and cons of buying vs renting a house, and how purchasing your own house and lot is worth the investment in the long run. Keep reading to learn more! 

 

It’s cheaper to buy a house in the long run

Investing in a home for yourself and your family is a major purchase. To many, it can be too expensive. The reality of buying a house is that you’ll probably need to take a housing loan. To many, this may seem more expensive compared to renting the property. However, it’s the exact opposite. 

Every month, a family pays off their housing loan. When they do this, they start to build equity for the property. This means you have a little more of the house and lot in each payment. When bought early on, you’ll also be able to see how the value of your property increases especially if you bought in a master-planned community like Pueblo de Oro. 

However, if you rent a property, the monthly payment you make does not return to you. It goes straight to the owner of the house you’re renting, making it look like you’re merely paying for the interest of the property. 

On top of that, when making the calculation, a monthly mortgage for a home comes out cheaper compared to renting a smaller apartment. 

 

Your family can build wealth over time with your house as a valuable asset

A home provides a family with a stable place to live in. However, it is more than that. This allows a family to have a foundation of lifelong wealth since a property comes out as a valuable asset. Why? It’s because the value of real estate properties increases over time, especially when built in a developing area or city. 

If you rent a home, you are not able to reap the benefits of the property since your monthly property goes to your landlord instead of yours. 

 

You provide your family with stability when buying a home

You provide your family with stability when buying a home

Building a home gives your family peace of mind that they have somewhere to go home every day. Along with the home, you pay for the privacy, peace, and stability a home provides you. That means that your entire family including your children will always have a place of their own. 

When purchasing a home in one of Pueblo de Oro’s safe and gated communities in Batangas or Cagayan, you are situated in a city with good schools, healthcare facilities, and many more. 

On the other hand, renting comes out as a short-term commitment to a certain place. You pay to stay in a house for a certain period of time until you need to move on to the next. To many, this is not an ideal situation, especially with a family. 

 

Buying a home gives you independence

For mothers who love to decorate their interiors, buying a home gives them the power they want to make the changes they want to the bathroom, kitchen, and all other rooms. Owning a home means you have more power when it comes to renovations and even simple repainting. You are given full control of how your home will look without worrying about contracts and leases. 

On the other hand, those who rent a home don’t have the same amount of freedom. This depends on the contract between you and your landlord. Oftentimes, you’ll need permission to make any changes to a rented home’s interior design. 

 

You are a part of a community 

You are a part of a community 

When living in a master-planned community permanently, you are able to build a relationship with the people in your neighborhood. You can get to know your neighbors and have your children play with other kids in its safe streets. Everyone will know each other, and your entire family will always have the feeling you belong somewhere. 

To those who rent homes, you can feel the same thing especially if you rent a home for a long time. However, it is not something permanent. Your stay in the home may be cut short depending on your landlord, having you leave a community you’ve grown to love. 

 

Key Takeaway

This article tackled buying vs renting a house. Despite the initial payment, buying a home is the best choice for a family in the long run. You are able to provide your family with a place of your own while building its value over time. 

If you’re looking to purchase a house and lot in Cebu or other provinces in the Philippines, contact us here at Pueblo de Oro. You can be a part of many of your communities. 

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