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Friday, March 29, 2024

Condo 101: To rent or to buy

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Some look at condominiums as a temporary home, a half-way or a short-term place to live in. Others consider it a permanent property or a long-term source of income. Architect Esteban Y. Tan has kept the following crucial factors in mind in designing the Tower E of Valencia Hills community in Quezon City to help prospective condo owners with their decisions. 

Expense versus investment

Condo 101: To rent or to buy
Determine whether the condo unit will be used as a temporary or permanent home.

The main decision factor in renting or buying a condo is money, or lack thereof. The lack of available funds leads many condo-hunters to rent instead of buy. 

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If, however, the plan is for a prolonged stay, experts say renting is not the better option as rent will turn out to be an expense that cannot be recovered. On the other hand, buying property will only be a worthwhile investment if the unit and the area it is in are marketable.

Hence, 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 use 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

Condo 101: To rent or to buy
Proximity to establishments and transportation hubs is important.

In the real estate game, this is the foremost consideration—perhaps that’s why it is repeated three times. 

Living in a prime location means easy access to one’s place of work and 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 reside closer to one’s workplace and necessities.

For instance, the Architect Tan-designed Valencia Hills Tower E affords residents proximity to lifestyle centers like Robinsons Magnolia and Greenhills Shopping Center, hospitals such as St. Luke’s and Cardinal Santos, various educational establishments such as Immaculate Conception Academy, La Salle Greenhills, and Xavier School within a 3-kilometer radius. 

LRT2 Gilmore Station and several transport options are also available within a few blocks of the property. 

Quality of life

Condo 101: To rent or to buy
Well-designed swimming pool and other amenities determine the quality of life.

Swimming pools, gyms, and common areas are a standard 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. The soon-to-rise, 28-story Valencia Hills Tower E, for instance, only has six to eight units on every floor.

Bottom line

Experts say the decision to whether rent or buy all boils down to how the property will be used and how much one can afford to spend. 

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 have the freedom to move easily according to their plans. 

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