Rent or buy? This is the age-old dilemma of people looking for a new place to live in.
Logic, of course, defines the pros and cons for both renting and buying. But at the end of the day, the decision hinges largely on your needs and and resources.
With the boom in the real estate industry and the influx of expatriate employees from BPO and online gaming firms, the residential sector has become highly competitive. There has been an explosion of new developments in the various parts of the Metro, and other urban centers of the country. While there are many options available, there are very specific, and personal factors to consider.
One particular development on the rise is Tower E of the already thriving Valencia Hills community, a master-planned development located at the corner of N. Domingo and Valencia Streets in Quezon City. Owned by Topsphere Realty Development Company, Inc., the development is part of Federal Land’s growing real estate portfolio which includes GT Tower International in Makati and Grand Hyatt Manila Residences in Taguig.
Architect Esteban Y. Tan designed the 5th tower of Valencia Hills with three crucial decision-making factors in mind, taking into account that these factors define what a worthwhile investment should be.
Expense versus investment
The main decision factor is money, or lack thereof. This leads many condo-hunters to rent instead of buy. But if the plan is for a prolonged stay, then renting is not the better option, as it will turn out to be an expense that cannot be recovered. On the other hand, buying property will only be a worthwhile investment if both the unit bought and the area it is in, are marketable.
The first step is to assess what the property will be for. Buying the property will be more suitable for families who are ready to settle down and see the unit as a permanent home. Professionals with a stable career can also consider investing in the property as a home base in the short-term and an additional source of income in the long-term.
Those who are still exploring career opportunities or with no clear plans of settling down, however, will benefit from the flexibility of renting a unit.
Location, location, location
The importance of location does not only apply to commercial spaces, but also to residences. Living in a prime location means easy access to one’s place of work and to essential services like hospitals, schools, places of worship and key business hubs.
Location will also define a certain lifestyle —your choice of locale must afford you conveniences and a level of enjoyment. With the worsening traffic conditions in the metro, it’s ideal to live closer to your workplace and necessities.
Quality of Life
Some of the first questions of potential buyers are the amenities included in the property. Pools, gyms, and common areas are standard fare in high-quality compounds, but the difference lies in how innovative, well-designed and well-built these amenities are. On top of this, potential buyers should also consider the density of the property. In well-planned communities, residents enjoy privacy and personal space despite sharing facilities and amenities with other residents.
Whether renting or buying will cost more in the long run, is difficult to say, but it all boils down to what it will be used for, and what one can afford. Renting gives flexibility while owning builds equity with a possibility of future income. Owners have the freedom to design their units and transform them into homes that are to their liking, while renters are restricted by the terms of their lease.
Ultimately, whether it is to rent or to buy, the place still needs to feel like home.
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