Sunday, January 15, 2017

To Rent or Not to Rent? Here are Questions to Help you Find out!

Buying or paying for a property is a crucial decision no matter what. In today’s time, more people are looking for opportunities to own houses, preferably on strategic locations that offer excellent transportation.

Unfortunately, ready-made homes are costly, and the typical income by the majority may not be enough to pay for all the expenses. It’s why many people choose to rent. Aside from the absence of the need for maintenance fee, it’s also quite flexible as you can just leave anytime you want.

Whether or not you buy a new home or rent depends mainly on your needs. Here are questions that can help you make the assessment.

How is the stability of my current income?

This is more like a question of your job’s nature. A full-time worker on a renowned company for instance has more stability compared to employees who take on job orders or freelance gigs. Your income matters because it’s what you use for daily expense.

Buying an entire home may not be the best move if you have unstable income as you might have serious issues when it comes to paying taxes above the property’s base pay. Also, real estate companies who sell fully furnished house and lot will likely question your capacity to pay for the property with your current mode of income.

Renting on the other hand allows you more flexibility since you get the chance to choose your own space in relation to its price. Moreover, there are also lots of available rental spaces just within the city.

What type of lifestyle do I have?

Are you the minimalist type or one who likes accessorizing his personal space? Rental and brand new homes cater to both but there is a huge difference when it comes to freedom of space redesign. Renting might prohibit you from using lots of furniture or electrical equipment as this would mean increase in electricity charge for the apartment’s owner.

Also, there are rental spaces that implement curfew and gender rules for its tenants. If you don’t do well with curfew and if you’re expecting guests of the opposite sex, these policies may be a hassle. Having your own home may seem like a better choice but even if you have the money, but can’t find the time to take responsibility on the property’s maintenance, then better rethink your choice.

Will someone else be living with me?

There isn’t much of a hassle in rentals as long as you are living solo. But if you want to live with your siblings or parents and maybe the whole family, renting a bigger space, even a house is a better way. Of course, this would mean bigger payment, something which is not always available to some.

If you plan on living with your family for long-terms basis and have some members who are willing to help you with the expenses, then buying a new home might be better.

Will I be spending much time at home?

This is an issue not only to freelancers but also to anyone whose work involves moving around different places. If you don’t intend to stay in one location in the first place, then there is no point in buying a property that one would eventually leave.

Aside from the huge price in real estate, keeping the place well maintained will also cost you, something which is a disadvantage granted all the other expense you incur on your travels. For those who keeps on moving around, renting spaces is a better call.

What needs do I have for accessibility of location?

With the discomfort and waste of time traffic has brought us, location of residence has become more important than ever. If you wish to live somewhere near your office, then buying a new home on a specific location might be difficult since most available house and are not necessarily found in major cities.

Rental apartments on the other hand are more in numbers and might offer you better access to public transport.

Renting and buying a home both have their own pros and cons. Evaluate your needs and make the right choice. Properties like the condo unit for rent in Makati can be found anywhere. Canvass the best options before you make the choice.

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