Renting a Condo versus Owning One

Are you a millennial who can’t decide between buying a condo in Manila or renting a space for the time being? Have you gone through the grueling process of googling words like “real estate Philippines,” “property for sale manila,” “manila property” and the like, but to no avail? Making a major decision can indeed be daunting and scary. But with enough information and a little help from family, friends, and the Internet, you’re bound to make the right decision. Below are a few things to take into consideration:

Renting a Condo

Here’s why renting a condo is a practical choice.

1. It’s a short-term contract

If you’re on the fence about buying your own unit, renting one will be a good way to help you reach a decision. It can also be a stepping stone to living on your own. You can find out just how ready you are to finally get your own place by testing it out without tying yourself down to a long-term payment plan. When you rent a condo unit, you are entering a short-term contract with your landlord, offering you lighter financial commitment.

2. It’s more flexible

Since you’re not completely tied to a mortgage, renting a condo will make it easier for you to move out. Need to switch locations to be closer to a new job? You have until your end of contract (usually a year) to decide—a relatively short amount of time.

3. It’s easy to get help

When something goes wrong in your rented unit such as the roof leaking or the toilet not working properly, you can give your landlord a call to ask for some help. He or she can get in touch with the property management office or an accredited repair service to get the problem fixed. Even if the space isn’t your own, taking care of it and treating it as if it were, such as keeping an eye out for things that are in need of repair, are part and parcel of being a responsible renter. At the same time, make sure you check what the fine print on your contract says about repairs.

4. It’s practical

Moving into a new place can be expensive. Not only will you shell out cash for rent, you also need to spend on new furniture and appliances. If you find and rent a furnished unit, however, you won’t have to scour the mall to make your new place livable. Now that’s a practical move.

Buying a Condo

Five reasons that prove buying a condo is a smart choice.

1. Fulfilment

While it feels good to have a rented place to come home to, nothing beats the feeling of fulfilment from owning your space, especially when you have a loved one or family to share it with. Imagine having a place that you not only call your own thanks to all the hard work you put in to be able to buy it, but one that is a testament to how much you have achieved in life as well.

2. Protection

When you take out a home loan, you also get mortgage redemption insurance (MRI) that protects your family in case of your untimely demise. The MRI is a one-time premium that you pay so that if you die or become completely disabled, your remaining home loan will be fully settled, and your family members will always have a roof over their heads.

3. Investment you can enjoy

Usually, when investments come to mind, these are payments you make for something you can enjoy in the future. A condo, however, is something you can use once you’re ready to move in. What’s more, its value increases over time too. Just make sure you get a home in a development that’s strategically located and maintained well.

4. Rental yield

Some consider it forced savings while others call it an investment—either way, buying a condo means your money goes somewhere that’s beneficial for you in the long run. If you’re buying it at the pre-selling stage, you can sell it later at a higher amount or rent it out and turn it into a self-liquidating asset, having it pay for itself. Just make sure you choose a condo in a good location by a developer with a proven track record.

5. Customize your space

Being able to renovate and tailor fit your space according to your needs and lifestyle is one of the major advantages of buying a condo. Although it comes with a price, nothing compares to the feeling of living in your own condo with everything customized just for you and your family’s needs—from appliances and furniture down to the functions and layout. You don’t need to rush so take your time picking out and investing on key pieces you’d like to have in your home. Make it your own #CondoGoals.

While each choice has its own set of advantages and disadvantages, at the end of the day, it all boils down to how much you’re willing to spend, your way of living, and future plans—AKA the things that will make the most impact on your decision. But make sure to keep in mind the tiny little details, too. For example, the Acqua Private Residences’ lush greenery and breath taking rainforest design allows a calm and serene living experience. If comfort, design, and functionality is your priority, the Century Spire is ideal for you. Meanwhile, if you prefer a unique living experience, you might want to have a look at this vertical village called The Residences at Commonwealth by Century—it’s ready for occupancy at only a minimum of 2.5% down payment.

If you can’t decide just yet, you can book a Siglo Suites staycation first to get a taste of the Century Properties lifestyle. They offer accommodations ranging from a one-night to a three-month stay at their serviced residences in the following locations: The Milano Residences Makati, The Knightsbridge Residences Makati, The Gramercy Residences Makati, The Residences at Commonwealth by Century Quezon City, Azure Urban Resort Residences Paranaque, and Acqua Private Residences Mandaluyong.

Photos courtesy of Unsplash and @thestylehobbyist

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