In most cases, people would prefer to buy a house, rather than house renting. This is because of the feeling of security that comes with ownership of the physical structure and the land that it stands on. There are many differences between having ownership of a house and simply renting it, with some aspects being more of an advantage than a problem. The primary factor in this is the financial burden that either option imposes. Renting might be a more viable option than ownership for some. In other cases, buying a house outright is an option, but they may save more in the long-term by house renting.
The reasons: income
One of the main reasons to rent a house in Makati, as opposed to simply purchasing it, is income. There are numerous factors that come into play under this. One is the possibility that the potential buyer cannot afford the house at the moment, but is willing to make rental payments that will help pay off the price of the house in the long-term. Another is that it gives a potential renter time to get his financial state in order without risking the loss of the property to a more stable potential buyer. If a house is considered prime Makati real estate or is in an exclusive area, then house renting could be an easy way to stake a “claim” on the property without making a sizable down payment immediately.
The reasons: space
A house offers one clear advantage over a condominium or apartment, and that is space. There is significantly more space available in a house than in any other option, which makes it ideal for families. For those who do not have families, the living space might be wasted. However, there is also the option of using the additional area for either storage or for setting up a home office.
The drawback: miscellaneous costs
One of the main problems with house renting, especially in prime Makati real estate, is the accumulation of other costs. The renter will most likely be responsible for purchasing or paying for any maintenance, replacements, or repairs that need to be made on the house. They are also responsible for the utility bills. This also means that the renter only has a severely limited ability to make changes to the physical structure. Finally, a rental means that they do not have the potential to profit from the house if the property value should increase over time.
House renting is a decision that should not be made lightly. There are financial advantages and drawbacks to it, but it can be difficult to deny that renting does not offer the same sense of security as ownership. However, it is possible to rent a house temporarily, while making arrangements to purchase it later on.
