7 Reasons To Own Rather Than Rent A Property

Homeownership has been an option and a dream for most Filipino families with regular incomes. If you’re like most first-time home buyers, you’ve probably heard your friends’, family’s and co-workers’ advice encouraging you to buy a home.

Paying the monthly rent can be a burden so owning a home is certainly something to look forward to. Like many purchases, the decision may be driven by emotions but you still have to ask yourself if buying a home is really the right choice for you. To enlighten you,

Here are 7 reasons why you should own rather than rent a property

1. Establish emotional satisfaction from purchasing and owning your own home

Homeownership is wrapped up in so many layers of emotion. Owning a home makes people feel secure and provides a sense of independence, pride and fulfillment.

2. Avoid annual increases of rent

Unlike rent, which tends increases every year, your monthly amortization will remain the same for most of the duration of your loan.

3. Feel rooted knowing you live in your own home

When you live in apartments, you’ll always feel sort of shiftless and in limbo. Unlike when you own your own home, you start to feel a bit more rooted.

4. Take advantage of greater privacy and have control over who visits your home

Unlike with rent, you don’t ever have to worry about the owners checking up on you since you are the owner.

5. Enjoy control of space and layout options

Most apartments run in the 1-2 bedroom range, and are laid out in a very economical way. That’s fine for when you’re single or a couple, but once you have kids, it’s amazing how a place that once seemed decently roomy now feels like a confining hole. A house (and the backyard that typically accompanies it) gives the kids room to roam and parents space to breathe.

6. Benefit from the appreciation of your property over time

Although real estate moves in cycles, it has consistently appreciated. Appreciation is the largest measurable financial benefit to homeownership.

7. Gain a sense of community

Homeowners often are more involved in the well-being of their communities; they work together for better schools and less crime. There are also many neighborhood groups that you can become involved in, and if you have children it may be of benefit for schools and friends.

Before buying a condominium unit or a house and lot, it’s wise to consider how such a purchase will affect your finances and your lifestyle. It makes sense to review all of the advantages and disadvantages of becoming a homeowner before making this big commitment. Remember not to let emotions overrule a rational decision.

If you’ve made a decision to buy a new home, visit Hoppler now, where you can choose among premium Philippine properties with accurate and up-to-date details in one click.