Commuting plays an essential role in your decision whether or not to move closer to your workplace. If you are considering to relocate near your office, you might be asking yourself whether to rent or buy a condo nearby that fits your lifestyle.
However, choosing a move-in ready unit and deciding whether to rent it or buy it has its own set of considerations.
If you are thinking of buying a property, you will be forced to stay in one place for a few years and the amount of money placed in your deposit will be illiquid capital. On the other hand, if you are planning on leasing a unit, you will keep on paying and spending money on someone else’s property, instead of yours.
Here’s a quick guide to help you make an informed decision on whether to rent or buy your own condo unit in Manila.
1. Your Budget vs. Upfront Costs
Your budget can definitely affect your decision on renting or buying a property. Buying comes with upfront expenses like down payment, bank and title fees, as well as miscellaneous fees, which add up quickly.
Renting, on the other hand, requires paying the first and last month’s rent and a security deposit, depending on the agreement with the owner.
2. Your Job
How is your job? How long have you been staying with the company?
If you think you are secure with your job, the company is stable and you see a progress in your career, then it might be good for you to invest in a nearby condo unit. Living in a condo near your workplace will give you the comfort and convenience that you deserve after a long day’s work.
Meanwhile, if you are into a job that requires travelling or has opportunities to be assigned abroad or be relocated, you might want to keep your options open and rent instead of buying a condo.
One of the benefits of renting is that it is easy to move in and out without worrying about selling the property or buying somewhere else.
3. Short-term vs. Long-term goal
If you are planning long term and thinking of buying a condo, the best approach is to look for inner-city condo properties with positive growth potential. Look for areas that are likely to be redeveloped or those with infrastructure improvements and business opportunities that will likely contribute to the increase in property value.
However, if you are looking at addressing a short-term need like the necessity of living near your workplace, then you might consider renting a unit.
There are a number of condominiums in Manila that you can buy or lease. Aside from providing convenience, comfort, security, and accessibility, condominium living can also give you the access to various amenities like swimming pool, fitness center, lounge, and function hall.
The main benefit of leasing a condo property is flexibility especially when your need for space andlocation might change in the next few years. However, if the thought of paying off somebody else’s mortgage instead of your own makes you feel anxious, you might need to look for a condo unit that you can afford to pay your loan on.
Buying a condo property, whether new or pre-owned, will give you a good opportunity to grow your hard-earned money as its value increases over time. You can also enjoy the freedom to upgrade the look and add value to the property over the years so you can sell it for a profit and move when circumstances change.
Whether you are focused on achieving more in terms of your career or want to get the best value out of your money, you have to consider your condo property options carefully as well as your financial security, job prospects, personal preferences, and priorities.